14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 14 tax-free incomes for FY 2009-10 Last updated on: November 4, 2009 20:57 IST Email this <http://invite.rediff.com/index.php?url=http%3A%2F%2Fbusiness.rediff.com%2Fslide-show%2F2009%2Fnov%2F04%2Fslide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm&service=Rediff%20Money&title=14%20tax-free%20incomes%20for%20FY%202009-10&tpath=&msgid=money&rurl=http%3A%2F%2Fworld1.rediff.com%2Finvite%2Fothers%3Furl%3Dhttp%3A%2F%2Fbusiness.rediff.com%2Fslide-show%2F2009%2Fnov%2F04%2Fslide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm%26title%3D14%20tax-free%20incomes%20for%20FY%202009-10&contentid=2f15ea839169430f1780fd1854d5cd5d> Save to My Page <http://world1.rediff.com/bookmark/addbookmark?title=14%20tax-free%20incomes%20for%20FY%202009-10&bookmarkurl=http%3A%2F%2Fbusiness.rediff.com%2Fslide-show%2F2009%2Fnov%2F04%2Fslide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm&tags=&topic=slide-show> Ask Users <http://world1.rediff.com/qna?article_url=http%3A%2F%2Fbusiness.rediff.com%2Fslide-show%2F2009%2Fnov%2F04%2Fslide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm&article_title=14%20tax-free%20incomes%20for%20FY%202009-10> Write a Comment <http://business.rediff.com/slide-show/2009/nov/04/slide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm#write> *Next* <javascript:;;>
In a few months' time the taxman will coming knocking on your door. However, he cannot tax you on the following 14 important items of income and receipts, as they are fully exempt from income tax and which a resident individual Indian assessee can use with profit for the purpose of tax planning. *1. Agricultural income * Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals or HUFs when agricultural income is in excess of Rs 5,000, it is aggregated with the total income for the purposes of computing tax on the total income in a manner which results into "no" tax on agricultural income but an increased income tax on the other income. Agricultural income which fulfils the above conditions is completely exempt from tax. The manner of calculating tax on total income and agricultural income, is explained in the following illustration: *Illustration* For the assessment year 2010-2011 a male individual has a total income from trading in cloth amounting to Rs 162,000 besides, he has earned Rs 40,000 as income from agriculture. The income tax payable by him will be computed as under: On the first Rs 1,60,000 of taxable non-agricultural income: *Nil* On the next Rs 40,000 of agricultural income (falling under 10% slab): *Nil* On the next Rs 2,000 of taxable non-agricultural income @ 10%: *Rs 200* IT on aggregated income of Rs 202,000 (Rs 162,000 + Rs 40,000): *Rs 200* http://business.rediff.com/slide-show/2009/nov/04/slide-show-1-fourteen-tax-free-incomes-for-fy-2009-10.htm --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
