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Agricultural income tax
I have agricultural income of rs 1,00,000/-, business income of rs 240000/- and deduction under 80c 20000/- How will be the computation of tax
Replies (2)
Indian Agri income is expempt from income tax. As ur total income income is (240000-20000) 220000 which below the slab of 250000/- so ur tax liability is nill..
Agricultural income is considered for the purpose of determining tax rate while computing the income tax liability, if following two conditions are cumulatively satisfied:
- Net Agricultural income exceeds Rs. 5,000/- for previous year, and
- Total income, excluding net Agricultural income, exceeds the basic exemption limit.
Now since the second condition is not met here (total income being less than the basic exemption limit of Rs. 250000) , the partial integration method is not applicable in your case and hence, the income is tax free.
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