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Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.
compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000?
compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000?
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Mr.' X'. a resident in India aged 62 years earned agriculture income i...
Understanding Mr. X's Tax Liability
Mr. X, a 62-year-old resident of India, has earned agricultural income of ₹500,000 in the financial year 2020-21. Agricultural income is exempt from tax in India, but it is considered for calculating the tax rate applicable to non-agricultural income. Let's calculate his tax liability based on different non-agricultural income scenarios.
Scenario (a): Non-Agricultural Income of ₹250,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹250,000
- Total Income = ₹500,000 + ₹250,000 = ₹750,000
- Taxable Income:
- Since the total income exceeds ₹2,50,000, Mr. X will be taxed on the non-agricultural income.
- Tax Calculation:
- Non-Agricultural Income: ₹250,000
- Tax Payable: ₹0 (as it falls under the exempt limit).
Scenario (b): Non-Agricultural Income of ₹300,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹300,000
- Total Income = ₹500,000 + ₹300,000 = ₹800,000
- Taxable Income:
- Non-Agricultural Income: ₹300,000
- Tax Calculation:
- Tax on ₹300,000 = ₹0 (on the first ₹250,000) + 5% on ₹50,000 = ₹2,500.
Scenario (c): Non-Agricultural Income of ₹380,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹380,000
- Total Income = ₹500,000 + ₹380,000 = ₹880,000
- Taxable Income:
- Non-Agricultural Income: ₹380,000
- Tax Calculation:
- Tax on ₹380,000 = ₹0 (on the first ₹250,000) + 5% on ₹50,000 + 20% on ₹80,000 = ₹2,500 + ₹16,000 = ₹18,500.
Summary of Tax Liability
- Non-Agricultural Income of ₹250,000: Tax Liability = ₹0
- Non-Agricultural Income of ₹300,000: Tax Liability = ₹2,500
- Non-Agricultural Income of ₹380,000: Tax Liability = ₹18,500
Mr. X, a 62-year-old resident of India, has earned agricultural income of ₹500,000 in the financial year 2020-21. Agricultural income is exempt from tax in India, but it is considered for calculating the tax rate applicable to non-agricultural income. Let's calculate his tax liability based on different non-agricultural income scenarios.
Scenario (a): Non-Agricultural Income of ₹250,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹250,000
- Total Income = ₹500,000 + ₹250,000 = ₹750,000
- Taxable Income:
- Since the total income exceeds ₹2,50,000, Mr. X will be taxed on the non-agricultural income.
- Tax Calculation:
- Non-Agricultural Income: ₹250,000
- Tax Payable: ₹0 (as it falls under the exempt limit).
Scenario (b): Non-Agricultural Income of ₹300,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹300,000
- Total Income = ₹500,000 + ₹300,000 = ₹800,000
- Taxable Income:
- Non-Agricultural Income: ₹300,000
- Tax Calculation:
- Tax on ₹300,000 = ₹0 (on the first ₹250,000) + 5% on ₹50,000 = ₹2,500.
Scenario (c): Non-Agricultural Income of ₹380,000
- Total Income:
- Agricultural Income: ₹500,000
- Non-Agricultural Income: ₹380,000
- Total Income = ₹500,000 + ₹380,000 = ₹880,000
- Taxable Income:
- Non-Agricultural Income: ₹380,000
- Tax Calculation:
- Tax on ₹380,000 = ₹0 (on the first ₹250,000) + 5% on ₹50,000 + 20% on ₹80,000 = ₹2,500 + ₹16,000 = ₹18,500.
Summary of Tax Liability
- Non-Agricultural Income of ₹250,000: Tax Liability = ₹0
- Non-Agricultural Income of ₹300,000: Tax Liability = ₹2,500
- Non-Agricultural Income of ₹380,000: Tax Liability = ₹18,500
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Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000?
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Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000?.
Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr.' X'. a resident in India aged 62 years earned agriculture income in 2020-21 -500000.compute his tax liability when he has non-agriculture income (a) rs 250000; (b) 300000;( c) 380000?.
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