Hi.
How would the tax relief on Agricultural Income calculated. My colleague has a net taxable income (after all deductions, exemptions, etc.) of Rs.587636/- and a tax of Rs.48,953.00 is calculated. He has an agricultural income of about Rs.1.5 lakh. If that is added to the total income, will the tax increase? Can I please have the workings of such calculation?
yes tax will increase, i am giving calculation for f.y 2010-11
|
Income Taxable at Normal Rate |
|
|
|
487540 |
|
Income Taxable at Special Rate |
|
|
|
0 |
|
Agricultural Income |
|
|
|
150000 |
|
Basic Exemption Limit Rs. |
|
|
160000 |
|
|
|
Tax at Normal Rates |
|
|
61508 |
|
|
|
Total Tax |
|
|
|
|
61508 |
|
Less : Tax Rebate on Agriculture Income |
|
|
15000 |
|
|
|
Tax Payable |
|
|
|
|
46508 |
|
Add : Education Cess |
|
|
|
|
930 |
|
Total |
|
|
|
|
47438 |
|
Add : Secondary & Higher Education Cess |
|
|
|
|
465 |
hi friend use the link to calculate tax liability
https://finotax.com/itax/itaxcalc1.htm
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