Economics · Income Tax and Corporate Tax Planning

Sequence the following steps to compute tax liability under the Income Tax Act when an assessee has both agricultural income and non-agricultural income: (A) Add agricultural income and non-agricultural income and calculate tax on the aggregate income as if it were the total income (B) Add agricultural income to the maximum exemption limit available to the assessee and compute tax on such amount as if it were the total income (C) Deduct the income tax computed in step (B) from the tax computed in step (A) (D) Claim rebate under section 87A, if applicable (E) Add surcharge, if applicable, along with the Health and Education Cess @ 4% Choose the correct answer from the options given below: