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Mrs. Latha furnishes the following information for the P.Y. 2024-25: (Ignore Alternative Tax Regime under Section 115BAC) Salary income ₹ 2,60,000 debenture interest ₹ 50,000 Donation to P. M. drought relief fund ₹ 12,000 Donation to public charitable institution ₹ 90,000 Other income ₹ 2,00,000, Long term capital gain ₹ 50,000, Contribution to PPF ₹ 1,00,000, Winnings from lottery ₹ 1,00,000. Donation to GOI for the promotion of family planning ₹ 30,000. Compute her total income. (Ignore Alternative Tax Regime under Section 115BAC)

Economics

ScanSolve AI Answer

Answer

₹65,70,000

Step-by-step solution

6 steps

  1. Income from Salary

    Gross Salary =₹60,00,000= ₹60,00,000

    Less: Standard deduction u/s 16(1)=₹50,000Net Salary=₹60,00,000−₹50,000=₹59,50,000\begin{align*} &\text{Less: Standard deduction u/s 16(1)} \\ &= ₹50,000 \\ &\text{Net Salary} \\ &= ₹60,00,000 - ₹50,000 \\ &= \textbf{₹59,50,000} \end{align*}

  2. Income from Other Sources

    Savings bank interest =₹50,000= ₹50,000

  3. Capital Gains

    Long-term capital gain (LTCG) =₹20,00,000= ₹20,00,000

  4. Gross Total Income (GTI)

    GTI=Net Salary+Savings bank interest+LTCG=₹59,50,000+₹50,000+₹20,00,000=₹80,00,000\begin{align*} \text{GTI} &= \text{Net Salary} + \text{Savings bank interest} + \text{LTCG} \\ &= ₹59,50,000 + ₹50,000 + ₹20,00,000 \\ &= \textbf{₹80,00,000} \end{align*}

  5. Deductions under Chapter VI-A

    u/s 80C:
    PPF contribution =₹1,00,000= ₹1,00,000

    u/s 80G:

    P.M. Drought Relief Fund (100% deduction)=₹12,90,000Donation for family planning (100% deduction)=₹30,000Total u/s 80G=₹12,90,000+₹30,000=₹13,20,000\begin{align*} &\text{P.M. Drought Relief Fund (100\% deduction)} \\ &= ₹12,90,000 \\ &\text{Donation for family planning (100\% deduction)} \\ &= ₹30,000 \\ &\text{Total u/s 80G} \\ &= ₹12,90,000 + ₹30,000 \\ &= ₹13,20,000 \end{align*}

    u/s 80TTA:

    Deduction on savings bank interest=min⁡(₹50,000,₹10,000)=₹10,000\begin{align*} &\text{Deduction on savings bank interest} \\ &= \min(₹50,000, ₹10,000) \\ &= ₹10,000 \end{align*}

    Total Chapter VI-A deductions:

    =₹1,00,000+₹13,20,000+₹10,000=₹14,30,000\begin{align*} &= ₹1,00,000 + ₹13,20,000 + ₹10,000 \\ &= \textbf{₹14,30,000} \end{align*}

  6. Total Income

    Total Income=GTI−Chapter VI-A deductions=₹80,00,000−₹14,30,000=₹65,70,000\begin{align*} \text{Total Income} &= \text{GTI} - \text{Chapter VI-A deductions} \\ &= ₹80,00,000 - ₹14,30,000 \\ &= \boxed{₹65,70,000} \end{align*}
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