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The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *?
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The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,...
Calculation of taxable income of Mrs. X for the assessment year 2020-2021
Step 1: Determine the total income of Mrs. X
- Long term capital gains = Rs. 30,000
- Winnings from lotteries = Rs. 20,000
- Short-term capital gains covered by Section 111A = Rs. 10,000
- Agricultural income = Rs. 50,000
- Total income = Rs. 30,000 + Rs. 20,000 + Rs. 10,000 + Rs. 50,000 = Rs. 1,10,000
Step 2: Determine the deductions eligible for Mrs. X
- Deduction under section 80C = Rs. 1,50,000
- Deduction under section 80D = Rs. 25,000
- Total deductions = Rs. 1,50,000 + Rs. 25,000 = Rs. 1,75,000
Step 3: Calculate the taxable income of Mrs. X
- Taxable income = Total income - Deductions
- Taxable income = Rs. 1,10,000 - Rs. 1,75,000 = (-Rs. 65,000)
Step 4: Determine the tax liability of Mrs. X
- As the taxable income is negative, Mrs. X does not have any tax liability.
Step 5: Determine the tax liability on agricultural income of Mrs. X
- Agricultural income of Mrs. X is below the minimum threshold limit and hence not taxable.
Conclusion: Mrs. X's taxable income for the assessment year 2020-2021 is (-Rs. 65,000) and her tax liability is zero. Her agricultural income is also not taxable as it is below the minimum threshold limit.
Step 1: Determine the total income of Mrs. X
- Long term capital gains = Rs. 30,000
- Winnings from lotteries = Rs. 20,000
- Short-term capital gains covered by Section 111A = Rs. 10,000
- Agricultural income = Rs. 50,000
- Total income = Rs. 30,000 + Rs. 20,000 + Rs. 10,000 + Rs. 50,000 = Rs. 1,10,000
Step 2: Determine the deductions eligible for Mrs. X
- Deduction under section 80C = Rs. 1,50,000
- Deduction under section 80D = Rs. 25,000
- Total deductions = Rs. 1,50,000 + Rs. 25,000 = Rs. 1,75,000
Step 3: Calculate the taxable income of Mrs. X
- Taxable income = Total income - Deductions
- Taxable income = Rs. 1,10,000 - Rs. 1,75,000 = (-Rs. 65,000)
Step 4: Determine the tax liability of Mrs. X
- As the taxable income is negative, Mrs. X does not have any tax liability.
Step 5: Determine the tax liability on agricultural income of Mrs. X
- Agricultural income of Mrs. X is below the minimum threshold limit and hence not taxable.
Conclusion: Mrs. X's taxable income for the assessment year 2020-2021 is (-Rs. 65,000) and her tax liability is zero. Her agricultural income is also not taxable as it is below the minimum threshold limit.
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The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,...
2,20,000
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The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *?
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The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *?.
The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *?.
Solutions for The total income of Mrs. X for the assessment year 2020-2021 is Rs. 2,70,000, which includes the following: Long term capital gains Rs. 30,000 Winnings from lotteries Rs. 20,000 Short-term capital gains covered by Section 111A Rs.10,000. Agricultural income earned by her was Rs.50,000. Compute her taxable income. *? in English & in Hindi are available as part of our courses for B Com.
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