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For tax year 2023-24, what are Agriculture income tax slab rates for Punjab?

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in General & Community Guidelines by (130 points)
What are tax slabs and rates for Agriculture income in Punjab for tax years 2023-24 and 2024-25 please?

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by (3.2k points)

  The rate of tax on total agricultural income was as under:

(1)           

Where the total income does not exceed Rs.400,000/-

0%

(2)           

Where the total income exceeds Rs.400,000/- but does not exceed Rs.800,000/-

Rs.1,000/-

(3)           

Where the total income exceeds Rs.800,000/- but does not exceed Rs.12,00,000/-

Rs.2,000/-

(4)           

Where the total income exceeds Rs.12,00,000/- but does not exceed Rs.24,00,000/-  

5% of the amount exceeding Rs.12,00,000/-

(5)           

Where the total income exceeds Rs.24,00,000/- but does not exceed Rs.48,00,000/-

Rs.60,000/- plus 10% of the amount exceeding Rs.24,00,000/-

(6)           

Where the total income exceeds Rs. 48,00,000/-

Rs.300,000/- plus 15% of the amount exceeding Rs.48,00,000/-”

 

by (130 points)
Thank you. If income falls into e.g. slab (4), will the tax of slabs (3) and (2) be added to arrive at the total tax payable (or ONLY slab 4 calculation will be applicable)?
by (130 points)
edited by
Is this applicable to both TY24 and TY25 please?
In other words, the SLABS for agri income and the relevant TAX RATE/AMOUNT have REMAINED UNCHANGED in TY25 when compared with TY24 was my other question.
by (11.0k points)
Only the relevant slab.

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