Tax on Business Income + Agriculture Income

Share
Share This Thread
  1. bhanuchander

    bhanuchander New Member

    am an individual having businees income & agriculture income agri incmoe-800,000rs & business income-400,000rs net taxliability how much plz confirm me sir
     
  2. Raunak Gupta

    Raunak Gupta New Member

    Hi,

    In this case, at first you have to compute your Income from both business and calculate tax thereon as follows:-
    Tax on Rs 12,00,000 (Rs 8L + Rs4L) is Rs 195700 as per the applicable slab rates.
    Then, you have to compute tax on Agricultural Income as follows:-
    Tax on Rs10,00,000 (Rs8L agri + Rs2L basic exemp. limit) is Rs133900

    So, your net tax liability would be Rs195700-Rs133900 = Rs 61800/-

    Hope it is clear now..
     
Draft saved Draft deleted
Loading...