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Agriculture income
Explain the concept of the agriculture income how to compute the tax liability of agriculture income
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If you have only Agriculture income than, it's totally Exempt from tax..NO TAX liability.
How to compute the tax liability of agriculture income and Bussiness income
1. Compute tax on total income (i.e Agriculture + Non Agriculture)
2. Compute tax on (Agriculture income + Exemption limit i.e 2,50,000)
3. Step 1 tax - Step 2 tax = Tax payable
4. Surcharge and cess, if applicable
2. Compute tax on (Agriculture income + Exemption limit i.e 2,50,000)
3. Step 1 tax - Step 2 tax = Tax payable
4. Surcharge and cess, if applicable
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