Tuesday, 16 February 2016

CALCULATION OF INCOME TAX IF A PERSON HAVING AGRICULTURE INCOME AND SALLARY/OTHER INCOME BOTH.
DETAIL:-
                 IF A HAS AGRICULTURE INCOME  RS 100000/-AND OTHER INCOME RS 500000/- TOTAL INCOME RS 600000/-

CALCULATION         TOTAL INCOME RS 600000/-

LESS EXCEMPTION                                RS 250000/-
                            BALANCE INCOME    RS 350000/-

INCOME TAX     250000 TO 500000  10% RS 25000/-
                             500000 TO 600000   20%RS  20000/-
                                 TOTAL INCOME TAX RS 45000/-
LESS  AGRICUTURE INCOME EXCEMPTED  100000/- 10% I.E  RS 10000
                                                                                  




TOTAL INCOME TAX PAYABLE RS45000
LESS EXCEMTED                          RS10000/-
FINAL INCOME TAX PAYABLE RS 35000-
ADD 3% SURCHARGE                       1050/-
TOTAL PAYABLE                          RS 36050/-

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