Scribd
Upload
22 views2 pages

Assignment

xdr

Uploaded by

singhabhayy003
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
22 views2 pages

Assignment

xdr

Uploaded by

singhabhayy003
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

Name- ABHAY SINGH

Assignment no 2

Total Taxable Income:

- Income from Business: ₹75,00,000

- Income from Lottery: ₹19,00,000

- Total = ₹94,00,000 Deductions:

- spent- 15,00,000

- health insurance- 27000

- medical test- 6000

- Total Deductions:

15,00,000 + 27,000 + 6,000= 1,83,000

Taxable Income Calculation:

Taxable Income = Total Income – Total Deductions**

- ₹94,00,000 - ₹1,83,000 = 92,17,000 Tax Liability Calculation:

Assuming Mr. B is under the old tax regime (as age is above 60), the tax slabs are as follows (for
Financial Year 2023-24):

Tax computation:

1- The tax on lottery income (₹19,00,000) is calculated separately at a flat rate of 30%.

Tax on Lottery: ₹19,00,000 * 30% = ₹5,70,000

2- Tax on Remaining Income (₹75,00,000): As per the income tax slabs for individuals above 60
years of age (FY 2023-24):

Total tax on regular income = ₹10,000 + ₹1,00,000 + ₹19,50,000 = ₹20,60,000.

Total tax liability- 5,70,000+ 20,60,000= 26,30,000


Income Slab Tax Rate Tax Amount
Upto 3 lakhs 0% 0
3 lakhs to 5 lakhs 5% 10,000
5 lakhs to 10 lakhs 20% 1,00,000
Above 10 lakhs 30% 19,50,000

Total tax on regular income = ₹10,000 + ₹1,00,000 + ₹19,50,000 = ₹20,60,000.

Total tax liability- 5,70,000+ 20,60,000= 26,30,000

You might also like