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Tax Computation for Non-Agricultural Income

Mr. X has a total income of Rs. 850,000 consisting of Rs. 760,000 of non-agricultural income and Rs. 90,000 of agricultural income. His total tax liability is Rs. 81,120 including a health and education cess of Rs. 3,120. Mr. Rahul has a total income of Rs. 730,000 consisting of Rs. 644,000 of non-agricultural income and Rs. 86,000 of agricultural income. His total tax liability is Rs. 56,368 including a health and education cess of Rs. 2,168.

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Hemant Kumar Ahirwar
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797 views6 pages

Tax Computation for Non-Agricultural Income

Mr. X has a total income of Rs. 850,000 consisting of Rs. 760,000 of non-agricultural income and Rs. 90,000 of agricultural income. His total tax liability is Rs. 81,120 including a health and education cess of Rs. 3,120. Mr. Rahul has a total income of Rs. 730,000 consisting of Rs. 644,000 of non-agricultural income and Rs. 86,000 of agricultural income. His total tax liability is Rs. 56,368 including a health and education cess of Rs. 2,168.

Uploaded by

Hemant Kumar Ahirwar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd

Computation of Tax Liability of Mr.

X
(for the A.Y. 2022-23)

Non-Agricultural Income 760000


Add : Agricultural Income 90000
Aggregate Income 850000

Tax on 8,50,000 :

On ₹ 2,50,000 Nil
Next ₹ 2,50,000 12500
Next ₹ 3,50,000 70000
82500
less : Tax on Agri. Income (250000+90000)
On 2,50,000 Nil
Next 90,000 4500 ( 4500 )
78000
Add : Health & Education Cess @4% 3120
Tax Liability 81120
Computation of Tax Liability of Mr. Rahul
(for the A.Y. 2022-23)

Non-Agricultural Income 6,44,000


Add : Agricultural Income 86,000
Aggregate Income 7,30,000

Tax on 7,30,000 :

On ₹ 2,50,000 Nil
Next ₹ 2,50,000 12,500
Next ₹ 2,30,000 46,000
58,500
less : Tax on Agri. Income (2,50,000+86,000)
On 2,50,000 Nil
Next 86,000 4,300 ( 4,300 )
54,200
Add : Health & Education Cess @4% 2,168
Tax Liability 56,368
Computation of Agricultural Income
Sale of agricultural produce 1,60,000
Less : Depreciation of equipment (6,000)
Labour charges (24,000)
Cost of seeds (6,000)
Cost of fertilizer (3,000)
Electricity Charges (12,000)

1,09,000
Computation of Agricultural Income

Rent of agricultural land 1,20,000


Less : land revenue (12,000)
interest on loan (20,000)
collection charges (2,000)

86,000
Particulars Agricultural Income Non-Agricultural Income

1. Manufacture of rubber 4,71,250 ( 65% ) 2,53,750 ( 35% )

2. Manufacture of Coffee Grown and Cured 3,80,625 ( 75% ) 1,26,875 ( 25% )

3. Manufacture of Tea 6,09,000 ( 60% ) 4,06,000 ( 40% )

4. Sale of plants 1,37,000 -

5. Income from mango gardens 6,70,000 -

Total 22,67,875 7,86,625

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