Income tax incl agricultural income

Please find attached here with the Excel file containing the Calculation of IT Liability.

Regards,

Devendra

tax liability is 4120 (other than women and senior citizen)

Computation of Total income

Income under the head Capital Gain-   Rs 120000

Income under the head other sources-Rs 60000

(other than gambling activities)

                                              Total Income-Rs180000

Agricultural income-Rs 20000

Computation of tax liab

capital gain @ 20% -Rs 24000

ed cess @ 3%         -Rs 720

            Total tax-Rs 24720

Note- 1)assumed not a case of partnership or a company.

2)in this case partial integration is not applicable becoz non agricultual income(other sources income) is up to limit not chargeable to tax                     

For AY 2012-13 FOR ANY INDIVIDUAL   

TAX PAYABLE - NIL

FOR AY 2011-12 FOR MALE<65 YEARS

Long Term Capital Gain   120000

IFOS                                        60000

TOTAL INCOME                    180000 

TAX AT SPECIAL RATE  @ 20% ON 20000    .....    4000

TAX AT NORMAL RATE      ON 160000       NIL

Here Agriculture Income will not be added for rate purpose as Normal Tax Rate Income is less than 160000/-

Sorry Paras sir

Computation of Total income(Asst year- 2011-12)Male Assessee <65 years

Income under the head Capital Gain-  120000

Income under the head other sources-Rs 60000

(other than gambling activities)

                                              Total Income-Rs180000

Agricultural income-Rs 20000

Computation of tax liab

capital gain @ 20% [120000-100000{160000-60000}]on20000-Rs 4000

ed cess @ 3%         -Rs 120

            Total tax-Rs 4120

Note- 1)assumed not a case of partnership or a company.

2)in this case partial integration is not applicable becoz non agricultual income(other sources income) is up to limit not chargeable to tax  

Dear all 

thanks a lot ...So the answer is Rs4120 (Incl of Cess)..

In the above LTCG is subject to Sec 112 right?

and Agricultural Income will be included only if the Normal tax rate income exceeds 1,60,000..So the rule will be the same even if LTCG = 1,60,000 i.e

CG @ 20%[160,000-{1,60,000-60,000}]=12000+Cess

(For Individual Male not being a senior Citizen)

Section u/s 112  tax on LTCG-in case of Resident individual or resident HUF

if the normal income is less than exemption limit ,in such case any deficiency shall be allowed from LTCG, But if LTCG are not sufficient , deficiency shall be allowed from STCG u/s 111A .However no such deficiency is allowed from casual income.

https://www.vakilno1.com/bareacts/incometaxact/s112.htm

Please ref above link 

Thanks

agree with all...

here sec 112 (1) is applicable...

you have income :

LTCG - 1,20,000

other sources -60,000 

and Agricultural income = 20,000

[ 120000-(160000-60000)*20%]

i.e. 20000*20%

= 4000 (excluding cess)

can anybody tell me that is there any requirments to submmit any documentary proof for agriculture income ?