Question

The tax liability of Mr. Saral, who attained the age of 60 years on
01.04.2021 and does not opt for the provisions of section 115BAC for
the P.Y. 2020-21, on the total income of 5,60,000, comprising of salary
income and interest on fixed deposits, would be -
(a) 9,880
(b)22,880
(C)25,480
(d)Nil


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Answer 1

Answer:

the right answer is option C 25,480

Explanation:

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Answer 2

The tax liability of Mr. Saral is Rs, 22,880

Given:

Total Income = Rs. 5,60,000

Age of the person = 60

To Find:

The tax liability of Mr. Saral

Solution:

As Mr. Saral, is a senior citizen ( age 60), thus he already has an exemption upto 3 lacs.

Therefore,

As per the tax slabs -

0 - 3,00,000 - Nil

3,00,001 to 5,00,000 -5% = 10,000

5,00,001 to 5,60,000 - 20% = 12000

Tolta Tax -

= 10,000 + 12,000

= 22,000

HEC = 4% of 22,000

= 880

Hence, total tax liability -

= 22000 + 880

= 22880

Answer: The tax liability of Mr. Saral is Rs, 22,880

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