From the Following information. find our whether X (age: 56 years) is liable to pay income tax for the assessment year 2011-12.
Non-agricultural income for the year ending March 31, 2010 Rs 1,80,000
Agricultural income for the previous year ending March 31, 2011 Rs 52,00,000
Non agricultural income for the year ending March 31,2011 Rs 1,60,000
The Assessee cannot come into tax brackets as the income is less than/equal to basic exemption limit of Rs. 1,60,000/-. Agricultural Income is taxable only when the Non-agricultural income exceeds the basic exmeption limit.
For the Assessment year 2011-12 as the Basic exemption limit is Rs.160000. And Agricultural Income is included for Tax computation (For Rate Purposes only) when the income other than agricultural income is above the basic exemption limit. So the Agri income is not included for computation of Tax. and the Tax for the Assyear 2011-12 is nill.
| Originally posted by : M. ANUPAMA | ||
 |
The Assessee cannot come into tax brackets as the income is less than/equal to basic exemption limit of Rs. 1,60,000/-. Agricultural Income is taxable only when the Non-agricultural income exceeds the basic exmeption limit. |
 |
agred
What will be the solution if Non Agricultural income is 300000/- and agricultural income is 5600000?
CAclubindia
