what are the income tax slabs for agricultural income in india for 2005-06?

Question

up to what limit is income tax exempted on agricultural income in india for 2005-2006

Answer 1

Till to day there is not tax on agriculture income. If you have other taxable income along with the agriculture income, then the tax slab will be raised for tax purpose. With this you have to pay more tax depending on your tax slam.

Example in short:(for Male <65 years-Tax Exemption 1 lakh.)

Example-1
Net tot. taxable income Rs.1,00,000 (w/o Ag.In)= Tax Rs. NIL
Taxable income 1 Lakh+Ag.Income 1 Crore......= Tax Rs. NIL

Example-2
Net tot. taxable income Rs.2,50,000 (w/o Ag.In)= Tax Rs. 15,000
Taxable income 2.5 Lakh+Ag.Income 1 lak.......= Tax Rs. 40,000

In the above example, you will find that the Ag.income has raised the tax from Rs.15,000 to Rs.40,000/- by way of tax slab increased from 20% to 30%.

Answer 2

there r no slab for agriclutral tax in india but whle diong computation of income tax laibilty increases slightly as comutation methos differ's as first total tax laibilty is computed in normal manner and thn in second step tax laiblity in computed with agriclutral income plus slab rate of individaul or women assesee or senoir citizen tht is 100,000 /135,000/185,000 thn in third step take diff to two . this will b ur total tax laibilty after addition of agricultral income

Answer 3

Agricultural income in india is totally exempt from income tax lest some conditions. for further information please check in.taxes.yahoo.com and www.incometaxindia.gov.in

Answer 4

AGRI BUSINESS IS TAX FREE IN INDIA>>>
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