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Tax on agriculture income
Dear All,For AY-2014-15.
If Agriculture Income. =800,000
Non AgricultureIncome=400,000
Total Income for tax calculation =12,00,000
Tax on total income =190,000
Less:tax on agriculture income
(800000+200000) =130,000
Net Tax on the above =60,000
(190,000-130,000)
But if I calculate tax on non agriculture income directly on
400,000/- it will come only 20,000/-
Why the extra tax 40,000(60,000-20,000)
coming on agriculture income ?
Replies (1)
agriculture income is not treated as exempt income rather tax on agriculture income is given as rebate, thus if there is change in slab rate due to inclusion of agriculture income then net tax liability increases... in your case, other income is taxable at 10% but when agriculture income is included slab rate changes to 30%, so there is an extra burden in your tax liab.
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