Aggregation procedure

Tax queries 729 views 6 replies

 

Calculate Tax Payable by Mr. X (age 45 years) for A.Y. 2012-13

  a) Total Income Rs. 7, 00,000 (Including winning income Rs. 6, 00,000)

        Agricultural Income Rs. 50,000

    b) Total Income Rs. 7, 00,000 (Including LTCG Rs. 6, 00,000)

         Agricultural Income Rs. 50,000

     c) Total Income Rs. 1, 90,000 (Including LTCG Rs. 50,000)

         Agricultural Income Rs. 1, 00,000

     d) Total Income Rs. 1, 90,000 (Including winning income Rs. 50,000)

         Agricultural Income Rs. 1, 00,000

(Note: Please give calculation procedure with explanation wherever necessary)

Thanks

Replies (6)

may be u can use the following tax calculators

https://taxbykk.blogspot.com/2011/07/computation-of-tax-on-partial.html

Actually sir I have confusion regarding the aggregation procedure when there is special income included in total income viz. income u/s. 111A, 112, 115BB and short fall as well. Case. 1 Total income is 1,90,000 included 70,000 winning income. AI 50,000 TI+AI =2,40,000 Less: S.I. 70,000 =1,70,000 Short fall of Rs. 10,000 Tax on winning income @ 30% =21000 Now should we deduct the tax on basic exemption +AI which comes to Rs. 5000 from the tax. Case. 2 Total income is 1,90,000 included 70,000 LTCG AI 50,000 TI+AI =2,40,000 Less: S.I. 70,000 =1,70,000 Short fall for Rs. 10,000 short fall adjusted out of LTCG Tax on balance LTCG @ 20% =12000 Now should we deduct the tax on basic exemption +AI which comes to Rs. 5000 from the tax. Case. 3 Total income is 1,90,000 included 70,000 winning income. AI 1,00,000 TI+AI =2,90,000 Less: S.I. 70,000 =2,20,000 Tax =4,000 Tax on winning income @ 30% =21000 Now should we deduct the tax on basic exemption +AI which comes to Rs. 5000 from the tax. Help me please ,,,,,,,,,,

your example 1

Normal income is 1,20,000

winning 70,000

Total income 1,90,000

AI 50,000

Tax on winning will be paid.

Other income exempt.

Your example 2

Normal income is 1,20,000

LTCG 70,000

TOtal income 1,90,000

AI 50,000

Partial integration not applicable. Claim exemption of 1,80,000. pay tax on 10,000 @ 20%

your example 3

 

 

Normal Income Rs. 1,00,000

 


winning Rs. 6,00,000


Total Income 7,00,000


Agricultural Income Rs. 50,000

Pay tax only on winning on Rs. 6,00,000 @ 30%. partial integration not applicable.


that means Sir partial integration is applicable on the Total Income after deducting the incomes which are chargeable at a specific rate.

yes nitin now u understand, all the best

Thanks a lot sir,,,,,,,,,


CCI Pro

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