Mr. X has agricultural income of Rs. 2,30,000 and business income of Rs. 2,45,000. Which of the following statements are correct?
A. Agricultural income has to be ag-gregated with business income for tax rate purposes.
B. No aggregation is required since agricultural income is less than basic exemption limit.
C. No aggregation is required since business income is less than basic exemption limit.
D. Agricultural income is exempt under section 10(1) but the same has to be aggregated with business income, since it exceeds Rs.5,000.
Answer:C
Mr. X has agricultural income of Rs. 2,30,000 and business income of Rs. 2,45,000. Which of the following statements are correct?
A. Agricultural income has to be ag-gregated with business income for tax rate purposes. B. No aggregation is required since agricultural income is less than basic exemption limit. C. No aggregation is required since business income is less than basic exemption limit. D. Agricultural income is exempt under section 10(1) but the same has to be aggregated with business income, since it exceeds Rs.5,000.