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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

Replies (4)

CA ANUPAMA

CMA CA

142 Points Posted on 22 March 2011

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.

Senthilraja

Chartered Accountant

44 Points Posted on 22 March 2011

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.

Abhishek Jain

RisK Manger

254 Points Posted on 23 March 2011

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.