Little doubt tax

Others 703 views 10 replies

I have doubt is about during partial integration of agriculture...
dont we charge tax on normal income...


Means.. I got confused in this Q :


Mr. X has agriculture income of Rs. 1 lakh
Salary Income Rs. 255000
LTCG Rs. 10 lakh
Casual Income Rs. 1 lakh
Age 60 yrs.

I did partial integration
Which is Rs. 500, okay then..

During computation of tax liability
1. Partial Integration tax              Rs.        500
2. Tax on LTCG @ 20%              Rs. 200000
3. Tax o casual income @ 30% Rs.    30000
4. Tax on Normal Income           Rs.         500
{as per slab rate 255000-250000
= 5000 @ 10%} 


So this tax on normal income is not charged in my notes... 
So should we charge it or not???? 
And if not... then why??? 

ASAP

 

Replies (10)

tax computation ir wrong you shoul charges on 1,00,000.00 included in normal computation 

 

as per my tax calcualtion on normal income is15965 (26265-10300)

calculation on LTCG IS CORRECT

 

TOTAL TAX CALCUALTION IS 36565 

 

I TREATED CASUAL INCOME AS NORMAL INCOME 

Originally posted by : umesh sharma
 I TREATED CASUAL INCOME AS NORMAL INCOME 

As per my knowledge.. casual income can never be treated as normal income....indecisionindecisioncrying

Urvashi,

 

I think...the act does not distinguish between incomes and as such, even casual income will come under the catagory of normal income

Casual is included in Computation of taotal income... but liability me toh alag se  hi charge hoga na uspe
tax...

i did not get you...can u pls elaborate thoda sa...pls

I mean during computation of total income

Income from salary                                   255000
Income from capital gains(LTCG)        1000000
Income from other sources (Casual)    100000
                              Gross Total Income      1355000
Less: Deduction under ch VI A                  Nil
                               Net total income           1355000

So its included in computation of total income but not during copmputation of tax liability...   

No Urvashi,

 

I dont think that is the case....all the income is to be taken....

 

agri income to be taken for the tax rate and then an exemption is given....

 

but tax is to be paid on the total income from all sources less agri income

Didnt get you.. can you plz give the solution to this Q... according to you..., 

gti is 1355000 (incl agri income) so the rate of tax is 30%

now u have to pay 30% tax on the income without the agri income...i.e 1255000

What about provision of partial integration... and Sec 112 of LTCG?????


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