Agricultural income

1133 views 5 replies

 

Dear Sir,

               Please Tell me whether i correctly file return of my relative return for AY 2011-12 &  2012-13 in ITR 4

 

For AY 2011-12

Non Agri. Income :           75,852  ( from truck business TDS deducted Rs 758.52)

other sources                   31,512

Agri income          :           1,60,000

Total                                   2,67,364

Less   80C                        1,00,000

Taxable income                1,67,364

 

TAX    paid 768

 

For AY 2012-13

Non Agri. Income :          1,03,707  ( from truck business TDS deducted Rs 1037.07)

other sources                   25361

Agri income          :           1,61,000

Total                                   2,90,068

Less   80C                        1,00,000

Taxable income                1,90,068

 

TAX    paid 1037

my other question is that there is no need of aggrigation of agri. income bacause other non agri.  income doesnot exceed minimum amount chargeable to tax and i file the correct itr -4.

Replies (5)

i will let you know tomorrow.

this is incorrect

the calculation of tax is as follows:

GTI (incl. agri. income)

LESS: Deduction u/Chapter VI

TI

(A)Tax on TI

(B) Tax on Agricultural Income

Tax will be (A-B)

 

Mukul sir, my friend ajay told me that In Both Assessment years the aggregation of agricultural income does not apply because my relative Non- Agricultural has not  exceeded your basic exemption limit therefore my uncle agricultural income is fully exempt and if he wants to show then he can file the return

 

Calculation of tax in case of agricultural & non agricultural income depends on two criterias:-

1. Agricultural income exceeds 5,000/-

2. Total income exceeds the basic exemption limit.

please tell me whether i filled the correct itr

 

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