Partial taxation Scheme of Agricultural Income

1063 views 1 replies
I would like to ask the learned members the method of calculation of Tax for the AY 2006- 07 if an individual has Agricultural Income of Say 1.50 Lacs and Business Income of 2.75 Lacs. Further, the individual invests Rs, 1.00 Lacs in securities coverd U/s 80C.
Replies (1)
Businees Income 2.75 Less: Sec 80-C 1.00 Total Taxable Income 1.75 Add Agr Income 1.50 Total Income 3.25 Tax On total Income Rs 47,500 Rebate On agricultural Income Rs.25,000 Total tax Payable 22,500 Add Education cess @ 2 % 450 Tax Payable 22,950


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register