To compute the total income and tax payable for Mr. Murthy for the Assessment Year 2021-22, we need to consider all his income sources and applicable deductions. Here's a step-by-step calculation:

1. Salary: Rs. 1,80,000
2. Pension: Rs. 25,000
3. Share of profit from a partnership firm: Rs. 50,000
4. Share of profit from a HUF: Rs. 75,000
5. Interest on Government securities: Rs. 1,10,000
6. Rent received from house property: Rs. 33,000
7. Long term capital gains: Rs. 2,40,000
8. Lottery winnings: Rs. 1,40,000

Add all these to get the Gross Total Income:
1,80,000 + 25,000 + 50,000 + 75,000 + 1,10,000 + 33,000 + 2,40,000 + 1,40,000 = Rs. 8,53,000

Now, let's calculate the deductions:

1. Own contribution to recognised pension fund: Rs. 8,000
2. Club bills paid by employer: Rs. 6,000
3. Municipal tax due on house property: Rs. 3,000

Total deductions: 8,000 + 6,000 + 3,000 = Rs. 17,000

Subtract the total deductions from the Gross Total Income to get the Net Income:
8,53,000 - 17,000 = Rs. 8,36,000

This is the total income for Mr. Murthy for the Assessment Year 2021-22.

The tax payable would depend on the tax slab applicable for the Assessment Year 2021-22. As per the Indian Income Tax Act, for a resident individual aged below 60 years, the tax rates are:

- No tax for income up to Rs. 2,50,000
- 5% for income between Rs. 2,50,001 to Rs. 5,00,000
- 20% for income between Rs. 5,00,001 to Rs. 10,00,000
- 30% for income above Rs. 10,00,000

So, for Mr. Murthy, the tax calculation would be:

- No tax on the first Rs. 2,50,000
- 5% on the next Rs. 2,50,000 (Rs. 12,500)
- 20% on the remaining Rs. 3,36,000 (Rs. 67,200)

Total tax payable: 12,500 + 67,200 = Rs. 79,700

Please note that this calculation does not include cess and other applicable taxes. Also, the tax rates may vary if Mr. Murthy is a senior citizen.

Question

To compute the total income and tax payable for Mr. Murthy for the Assessment Year 2021-22, we need to consider all his income sources and applicable deductions. Here's a step-by-step calculation:

1. Salary: Rs. 1,80,000
2. Pension: Rs. 25,000
3. Share of profit from a partnership firm: Rs. 50,000
4. Share of profit from a HUF: Rs. 75,000
5. Interest on Government securities: Rs. 1,10,000
6. Rent received from house property: Rs. 33,000
7. Long term capital gains: Rs. 2,40,000
8. Lottery winnings: Rs. 1,40,000

Add all these to get the Gross Total Income:
1,80,000 + 25,000 + 50,000 + 75,000 + 1,10,000 + 33,000 + 2,40,000 + 1,40,000 = Rs. 8,53,000

Now, let's calculate the deductions:

1. Own contribution to recognised pension fund: Rs. 8,000
2. Club bills paid by employer: Rs. 6,000
3. Municipal tax due on house property: Rs. 3,000

Total deductions: 8,000 + 6,000 + 3,000 = Rs. 17,000

Subtract the total deductions from the Gross Total Income to get the Net Income:
8,53,000 - 17,000 = Rs. 8,36,000

This is the total income for Mr. Murthy for the Assessment Year 2021-22.

The tax payable would depend on the tax slab applicable for the Assessment Year 2021-22. As per the Indian Income Tax Act, for a resident individual aged below 60 years, the tax rates are:

- No tax for income up to Rs. 2,50,000
- 5% for income between Rs. 2,50,001 to Rs. 5,00,000
- 20% for income between Rs. 5,00,001 to Rs. 10,00,000
- 30% for income above Rs. 10,00,000

So, for Mr. Murthy, the tax calculation would be:

- No tax on the first Rs. 2,50,000
- 5% on the next Rs. 2,50,000 (Rs. 12,500)
- 20% on the remaining Rs. 3,36,000 (Rs. 67,200)

Total tax payable: 12,500 + 67,200 = Rs. 79,700

Please note that this calculation does not include cess and other applicable taxes. Also, the tax rates may vary if Mr. Murthy is a senior citizen.

Knowee AI · Accepted Answer