Hi,
Would like to know what will be the Income Tax Liability of a Individual if his business income is 10 lacs and Agricultural Income is 5 lack per annum.
Thanks
Prashant Rathi
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Business income and agriculcutral income
Replies (2)
income tax liability is as follows:-
1. tax on aggregation of both (ie:on 15 lakh):-302000
2. Tax on agri.income+basic exemption(ie:5 lakh+1.80 lakh) :-68000
3.net tax liablility(1-2)ie(3.02-.68):-2.34 lakh
4.Add cess 3% :- 0.0702
5.total tax laibility :- 2.41520 lakh
Please see the attachment to calculate any amount by putting agricultural income and non agricultural income. Automated excel sheet.
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