Taxable income

This query is : Resolved

siva (Querist)
Follow

22 March 2012 while calculating Taxable income, income from Indian agricultural land is taxable? he is a resident of India and the age is 60 yrs

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

22 March 2012 Yes, It would be included in Taxable Income for the purpose of computation of tax.
Tax calculation for having agricultural income is as follows.
Step 1: Calculate Tax including agricultural income to the total income.
Step 2: Now add the agricultural income to the basic exemption limit and compute tax on it
Step 3: step 1- step 2

Step 4: step 3 is tax payable

Step 5: Total Tax payable = step 3+ e.cess+she cess. on it

OM SAI SRI SAI JAI JAI SAI

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

NISHANT SIPANI

Amit Bhatkar

MAHESHA RAMANNA

J.Vijai

vinod

Subscribe Now

Taxable income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

GST CONSULTANT

GST CONSULTANCY

Accountant