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Partial taxation Scheme of Agricultural Income
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
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