Question

From the following particulars of Mr. P. K. Sharma, calculate total income and net tax liability for the A. Y. 2019-2020:

(i) Rent from let out properties ₹ 20,000
(ii) Long term capital gains (completed) ₹ 30,000
(iii) Profit from own business ₹ 6,31,000
(iv) Income from lottery (gross) ₹ 1,00,000
(v) Net agricultural income ₹ 10,000​

Answer 1

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Answer 2

Given:  (i) Rent from let out properties ₹ 20,000

(ii) Long term capital gains (completed) ₹ 30,000

(iii) Profit from own business ₹ 6,31,000

(iv) Income from lottery (gross) ₹ 1,00,000

(v) Net agricultural income ₹ 10,000​

To find:  total income and net tax liability

Solution:

Total income will be all the profits that the company has earned till now.

Total income= Rent from let-out properties+ Long term capital gains +Profit from own business.

Total income= 20,000+30,000+3,60,000= 6,81,000 rupees

Net liability= gross- net amount

Net tax liablitiy= 1,00,000-10,000= 90,000

The total income= 6,81,000 and net tax liability = 90,000.