Cmodifed)

Ilustration- 2 (B.Com, June-2010) (n A.Y. 2024-25 in the followinga cases.

the
Compute the amount of Income
Tax Payable for
(Ignon
Alternative Tax Regime under Section115BAC)
a)Total income of Mr. Amar Gupta3,40,000.
b) Total income of Mrs. JoythiGupta5,20,000.
(senior citizen).
c) Total income of Mr. Animesh Dash T6,00,000
Solution:
Case - a):Computation of Tax liability of Mr. Amar Gupta
Total income of Mr. Amar Gupta 3,40,000.
upto2,50,000 Nil
2,50,000 to 3,40,000 (90,000 of5%) 4,500
3410000-S0000
 MUstration 5 (B.Com, Nov. - 2011) (modified)
for P.Y. 2023-24.
Mr. Arjun Rao a senior citizen furnishes the following information Pension
received 6,000 p.m. Taxable income from business 1,28,000. Short term capital gain of:
1,10,000. He contributed 15,000 towards life insurance policy and 2,000 towards NSC. He als
paid a mediclaim insurance premium of ? 14,000 during the P.Y. 2023-24 through cheque. What is he
taxable income for the A.Y. 2024-25? (under Existing Tax Regime and Alterna tive Tax Reaime)
nostration -6 (B,Com, Nov.- 2011) (modified)
Kishore gives the following information of his income for the P.Y. 2023-24. Compute total
waxable income for the A.Y. 2024-25. (under Existing Tax Regime and Alternative Tax Regime).
Rent received p.m. 9,000
1)
i) Income from business (computed) 2,00,000
) Income from salary (comnputed) 4,10,000
iv) Income from other sources 1,02,000
He makes payments towards:
a) Life insurance premium 25,000
b) Donation to P. M. Relief fund
15,000
c) Interest on education loan on his son
8,500
d) Medical insurance premium on his health
Solution: 12,000
Conside

ldstration-10 (B.Com, May - 2012) (modified)

petermine the net income of Dr. Karanth for the Assessment Year 2024-25 from the following
aticulars: (Ignore Alternative Tax Regimeunder Section 115BAC)
Particular
Chargeable Business Income 6,35,000
Long-term capital gainsin respect of commnercial buildings
Long-term capital gains in respect of shares (non-listed) 1,17,000lLTCC
1,10,000
Income from horse-race (gross) 1,04,000
Winningsfrom lottery (Net) 1,92,500
Expenditure on recovery of lottery prize 26,000
Interest from IDBI
18,000
Interest paid on capital borrowed for investment in IDBI Bonds 18,500
Interest on company deposit
Payment of rent for residential house 48,200
Insurance premium paid on life policy (sum-assured 90,000) 1,36,000
licy taken before 1.04.2013) 24,000
Mediclaim insurance on his father
Solution: 16,000
 lustration- 14 (B.Com, Nov. - 2017) (modified )
Ms. Keerti, aresident submits the following particulars of her Income &Expenditure for the P.Y.
2023-24. Compute total Income for the A.Y. 2024-25. (Ignore Alternative Tax Regime under
Section115BAC)
a) Grosstotal Income9,00,000.
b) Contribution to PPF80,000.
c) Contribution to annuity plan of LICt15,000.
d) Contribution toPM's National Relieffund 10,000.
e) Contribution to charitable hospital 10,000.
f) Contribution to defense fund *10,000.
tlustration - 15 (B.Com, Nov. 2017) (modified)
Ms. Sunitha submits the following particulars: (Ignore Alternative Tax Regime under
Section 115BAC)
Incomes:
a) Computed Salary Income T2,00,000.
b) Computed Income fromproperty let-out 65,000.
c) Agricultural Income from Bangladesh T1,00,000.
d) Share of In comefrom HUF?1,70,000.
e) Computed Income from STCG 75,000.
Expenses:
a) Life Insurance premium paid ? 28,000 (Sum assured .25,00,000) (Policy is issued before
1.4.12)
b) Medical Insurance premium paid ? 18,000.
c) Loan repayment towards home loan Installmentt 20,000.
d) Contribution of? 20,000to the Swachh Bharat Kosh set up by the central Government.
Ilustration - 16 (B.Com, Nov. 2018) (moditied)
Shri. Anjaneya has submitted the following particulars forthe A. Y. 2024-25.. (Ignore Alternatie
Tax Regime under Section 115BAC)
i) Income from salary (computed) 4,00,000
ii) House property income (computed) 2,00,000
ii) Income from business 5,00,000
iv) Long tern capital gain 50,000
v) Short term capital gain 20,000
vi) Agriculture income in India 4,000
Note:
) Short termcapital gain is from the sale of equity shares for which securities transaction tax
was not paid.
) Long term capital gain is from the sale of equity shares for which securities transaction tax
was paid.
Calculate the Tax Liabilityof Shri Anjaneya for the assessment year 2024-25.
tiustration- 17 (B.Com, Sep. - 2020) (modifled)
Mr. Ram is having a gross total income of 6,35,000 for the financial year 2023-24 furnishes
the following information .
i) Deposited? 50,000 in tax saver deposit scheme in a Nationalised Bank.
i) Paid 25,000 towards life insurance premium of his daughter.
iii) Contributed 10,000 to PM's National Relief Fund.
iv) Donated 20,000 to a Govt. recognised institution for scientific research
Compute the total income of Mr. Ram for the Assessment year 2024-25. (Ignore Alternative
Tax Regime under Section 115BAC)
Solution:
186 Computation of Total Income and Tas Liability (Assessment of
individuals)
Ilustration - 18 (B.Com, Nov. - 2016) (modified)
Mr. Ajit has aGTI of 7,00,000 for the previous year 2023-24 and the following
given: (Ignore Alternative Tax Regime under Section 115BAC) particulars are
a) LIP on own life 70,000
b) Amount Invested in mnutual funds of UTI 45,000
c) Interest on loan taken for the higher education of his daughter 30,000
d) He has maintained his younger brother dependent on him with specified
Maintenance expense ? 2,00,000 p.a. disability.
e) The GTI has included 20,000 recelved as Royalty as an
sold is 4,30,000. author and net value of books
f) The assessee himself is physically handicapped.
g) Calculate Net Total Income.
Solution:
lustration - 19 (B.Com, Nov. 2019) (modifre0)
Mr. A submits the following information:
(a) Income from salary (computed) 10,50,000
(b) Income from House property (computed) ? 2,50,000
(C) Interest on Bank Fixed Deposit t 45,000 (net)
(d) Winning from House Race 70,000 (net)
(e) Life Insurance Premium paid ? 70,000
(f) Contribution to PPF 30,000
12,000 P.M. (He doesn't own house)
(9) Rent paid towards residential house
severe disability.
Mr. A is physically handicapped person with
Compute his Total Income for the A.Y. 2024-25.
(Ignore Alterna tive Tax Regime)
Tlustration 20 (B.Com, Sep. 2020) (modified)
Following are the details of Mr. Sharath for the previous year 2023-24
Gross salary 5,54,000
) Income from house property (Computed) 72,000
i) Income from business (Computed) ? 3,37,000
v) Income from profession of consulting (Computed) ? 1,18,000
v) Short termcapital gain on sale of Jewellery 57,000
vi) Short term capital gain on sale of shares 49,000 (Not subject to STT)
vil) Long term capital gain on sale of land 1,33,000
vi) Income from other sources (including lottery winnings of ? 1,00,000 Net) ? 1,79,000.
Sharath is eligible for deduction under various sections of 80C to the extent of 1,47,000 for
the PY 2023-24 he had paid an advance tax of ? 49,000 and tax was deducted at source fromn
lottery winnings at the rate of 30%.
Compute the Net tax liability of Mr. Sharath for the assessment year 2024-25 if he is a resident
aged about 58 years, under Existing Tax Regime and Alternative Tax Regime.