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    Ag 2

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    Hemant Kumar Ahirwar
    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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    Ag 2

    Uploaded by

    Hemant Kumar Ahirwar
    50 views6 pages
    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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    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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    50 views6 pages

    Ag 2

    Uploaded by

    Hemant Kumar Ahirwar
    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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    © All Rights Reserved
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    of 6

    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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