Question

Tarun, aged 48 years, has following income for the previous year 2013-14. You are
required to ascertain his taxable income and tax liability for assessment year 2014-15 :

Income from salary 2,40,000
Profit from business 1,20,000
Actual rent of house property 1,80,000
Municipal tax paid (10% of municipal value) 20,000
Agriculture income 1,20,000
Long-term capital gains on sale of plot 15,000
Winnings from lotteries (gross) 5,00,000
LIC premium paid 20,000
Contribution to PPF (Public Provident Fund) 50,000
Interest on fixed deposit in a bank (gross) 30,000

Answer 1

Answer:

income:2,40,000

Explanation:

Answer 2

Answer:

Answer is income=2,40,000