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Showing posts with label How to calculate Income Tax having agricultural income. Show all posts
Showing posts with label How to calculate Income Tax having agricultural income. Show all posts

Saturday, November 3, 2012

Extension of time limit for filing of ITR-V forms

Extension of time limit for filing of ITR-V forms 2011-2012

Extension of time limit for filing of ITR-V forms 2011-2012


The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 2011. issued as per C B D T Notification No. SO16(E) dated 4.1.2012, has decided to extend the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y.2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These ITR-V forms can now be filed upto 31st December, 2012 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later.

2. The Relaxation has been mode since there are still a large number of electronic returns relating to A.Y. 2011-12 which had been tiled on or before due date but for which the ITR-V forms have not yet been received at the Centralized Processing Centre(CPC), Bengaluru. These taxpayers are being given on opportunity to send ITR-V forms to the CPC. Bengaluru by the date mentioned in para 1 above.
3. Taxpayers can also verify their status of receipt of ITR-V at e-filing website https://incometaxindiaefiling.gov.in. They con also download the ITR-V from the some website from sub-menu My Return under main-menu of My account after login into above mentioned website.
4. The ITR-V forms should be sent by ordinary post or speed post addressed to CPC, Post Bag No.1. Electronic City Post Office, Bengaluru-560 100.
Source: www.incometaxindia.gov.in

Tuesday, March 6, 2012

How to calculate Income Tax having agricultural income

How to calculate Income Tax having agricultural income

For calculating income tax having agricultural income initially we have to calculate income tax on other income+ agricultural income, and then threshold limit of
income tax+ agricultural income.
Example in detail is given as under :-
Calculate your Income
Calculate exemption of H.R.A.

Example :-
Your other income is Rs. 7,00,000.00
Your Agricultrual Income is Rs. 1,25,000.00
Individual Status is Women
Calculation Method for Assessment Year 2010-11:-
a) Calculate Income Tax on Rs. 8,25,000 (7,00,000+1,25,000) =
(Other income+Agricultural income)
b) Calculate Income Tax on Rs. 3,15,000 (1,90,000+1,25,000) =
(Threshold limit+ Agricultural income)
Threshold Limits of Income Tax are given as under :-
Senior Citizen = 2,40,0000
Women (Not Senior Citizen) = 1,90,000
Man(HUF, Trust etc.) =1,60,000
Calculate your Income Tax
Income Tax in above example will be as under : -
on Rs. 8,25,000 (7,00,000+1,25,000) = 1,48,500.00 (excluding cess)
on Rs. 3,15,000 (1,90,000+1,25,000) = 14,000.00 (excluding cess)
on Rs. 7,00,000 (other income) = = 1,11,000.00 (excluding cess)

Now, you have to pay income tax Rs. 1,48,500- 14,000 = 1,34,500=00
Extra tax due to Agricultural Income is Rs. 23,500 (134500-111000)
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