a total income of person age 76 years. computed for ay 14-15 rs 9 lac which includes a long term capital gain of rs 90000 and winnig from lotteries rs 60000. he contributed rs 180000 towards ppf during the py. compute the tax payable assuming its agricultural income for the py as rs 150000.....
kindly answer...thanks in anticipation...
Agriculture income = 1,50,000
Other normal income = 6,00,000
LTCG = 90,000
Winning from lotteries = 60,000
Gross total income = 9,00,000
less : 80c = 1,00,000
Total income = 8,00,000 ( out of this 90,000 & 60,000 are special rate)
Balance Normal Income = 6,50,000
Upto 2,50,000 = 0
2,50,001 to 5L= 25000
On balance 1.5L= 30,000
Tax with special rate =36,000 (90,000*.2+60,000*.3)
Total Tax will be = 25000+30000+36000=91,000+2730(3%) =93,730
Tax on maximum exemption limit + agricultural Income = 15,000
Net tax payable after partial integration of agriculture income with other income= 93,730-15000=78,730
Tax computation when you have agriculture income
Step 1: compute non-agricultural income as if it was only income of the assessee.
Step 2: Aggregate agricultural income and non-agricultural income and compute tax on it.
Step3: Add basic exemption limit with agricultural income and compute tax on it.
Step 4: Step 2-Step3=tax payable
Step 5: Add surcharge and education cess on the tax payable determined by step 4.
Note: Above exemption is not available to company or firm.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
View Details
CCI
Pro
CAclubindia
