RMS CA INTERMEDIATE PROGRAM

CA ANNY MIDDHA

Class Test
Basic Concepts

A. Calculate Tax Liability in all the cases. All questions carry 5 marks each

1. Mr. X has casual income of ₹102,00,000 and deduction allowed under section 80C to 80U are ₹5,00,000,

2. Mr Y has income under the head Salary ₹70,000 and casual income ₹2,50,000 and deduction u/s 80C to 80U
₹40,000. Compute his tax liability Assessment Year 2023-24.

3. Mr. X, aged 83 years, is resident in India and his incomes are as follows:
(a) Income under the head Salary ₹1,20,000
(b) Income under the head House Property ₹60,000
(c) Long term capital gains ₹2,20,000
(d) Short term capital gain under section 111A ₹1,10,000
(e) Casual Income ₹90,000
(f) Deduction under section 80C to 80U ₹2,00,000.

4. The total income of Mrs. X computed for the assessment year 2023-24 is ₹3,80,000, which includes the following:
Long-term capital gains 30,000
Winnings from lotteries 20,000
Short-term capital gains covered by Sec. 111A 10,000
Agricultural income earned by her was ₹50,000.

5. Mr. Rajat Saini, aged 32 years, furnishes the following details of his total income for the A.Y. 2023-24: Income
under the head Salary 27,88,000
Income under the head House Property 15,80,000
Income under the head Other sources 7,22,000
He has not claimed any deduction under chapter VIA.

6.

B. Who is an assessee? 5 marks

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