1) Mr Hemant approaches you with the following details and information requiring to

compute his tax liability for FY 2023-24

a. Mr. Hemant, a doctor employed with DM Hospital was drawing consolidated salary
of Rs. 1,85,000/- per month. He quit the job on 31 st October 2023 and started his own
practice. As he was new to profession he was not aware of books of accounts to be
maintained under income tax law. But based on his patients register it is ascertained
that consultancy and professional charges of Rs. 16,50,000 is received up to March
2024. He estimates his income net of expenses profession would be Rs. 6,00,000.
b. He owns a property which was let out to his cousin at Rs. 30,000/- per month. An
identical property in same neighbourhood would fetch rent of Rs. 40,000 per month.
He has taken loan for purchase of this house and interest paid during the year is Rs.
1,80,000. Muncipal tax paid of Rs.12,000 is paid in April 2023. Apart from this he
has another house which is self occupied and during the year he paid interest on
housing loan on this house amounting to Rs. 2,35,000
c. On 23.1.2024, he sold shares of B Ltd., a listed shares in BSE for Rs.12,30,000. The
shares had been purchased 10 months back for Rs.9,80,000.
d. Master Vinay, son of Mr Ashok received gift of Rs. 8,00,000/- from his grand father
on 01.06.2023 and the same is invested in fixed deposit fetching interest @ 9% PA.
The interest will be received on maturity of deposit in June 2024
e. The following payments were effected by him during the year:

i. LIP of Rs.20,000 on his life and Rs.12,000 for his son aged 22
ii. Tution fee of his son Rs. 92,000
iii. Medical premium of Rs. 26,000 covering himself and his family
iv. He has availed a loan of Rs. 5,50,000 from a bank for higher education of his
daughter. He repaid Rs.1,50,000, during the year including interest of Rs. 55,000.

Ashok has opted out of default tax regime and exercised option to pay tax under regular (old)
tax regime. You are required to compute total income and tax liability for AY 2024-25

2) Ms Nandini, an individual aged 62 years submits the following details of her income
for the previous year 2022-23.

a. Computed income from part time employment (salary) – Rs. 4,32,000

b. Computed loss from self occupied property Rs. 1,82,000 and computed loss from let
out property Rs. 65,000.
c. Computed income from profession Rs. 36,00,000.
d. Long term capital gain on listed shares Rs. 9,00,000; Long term capital loss on sale of
property Rs. 3,20,000. Long term capital gains on sale of gold ornaments Rs.
4,00,000. Short term capital gain Rs. 8,50,000
e. Dividends – Rs. 12,00,000; Winning from TV game show Rs. 4,00,000 (TDS of
40,000 deducted and net received Rs. 360000); Interest on bank fixed deposit Rs.
1,71,000 Net (TDS @ 10% deducted by bank)
f. She paid Rs. 1,62,000 towards College tution fee of her child, Rs. 44,000 for medical
insurance premium.
You are required to compute total income under both default tax regime and old tax regime
along with tax liability for AY 2024-25 and suggest as to which tax regime Ms Nandini
should opt for.

3) Dr. Niranjana, a resident individual, aged 60 years is operating a clinic. Her income
and Expenditure Account for the year ending March 31st, 2024 is as under:
Expenditure Rs. Income Rs.
By Consultation and Medical
To Medicine consumed 5,38,800 57,85,850
charges
By Income tax refund(principal
To Staff salary 13,80,000 5.450
Rs.5,000, interest Rs.450)
To Clinic consumables 1,10,000 By Dividend from units of UTI 10,500
By Winning from game show
To Administrative expenses 2,55,000 on T.V (net of TDS of 35,000
Rs.15,000)
To Rent paid 90,000 By Gross Rent received 1,27,000
To Amount paid to scientific
research association approved 1,50,000
under section 35
Net profit 34,40,000
59,63,800 59,63,800

 Out of consultation and medical charges, She has received 15,80,900 by way of cash.
 Rent paid includes Rs.30,000 paid by cheque towards rent for her residential house in
surat.
 Depreciation as per Income Tax rules in respect of assets used for business is Rs.
1,38,000
 Administrative expense include Rs. 2,000 municipal tax paid during the year.
 Interest on Savings bank account of Rs. 13,500 received during the year.
 During the year she sold listed securties of BM Ltd and the computed long term
capital loss is Rs. 4,58,000.
 She paid Rs.1,90,000 as tuition fee to the university for full time education for her
son.
 An amount of Rs. 28,000 has also been paid by cheque on 27th March,2024 for her
medical insurance premium.

Calculate net tax payable for the Assessment year 2024-25, assuming Dr Niranjana has opted
for default tax regime.

4) Mohit aged 65 years, an Architect furnishes the following relevant information for the
year 2023-24 for the purpose of computing his income tax liability:
a) Interest paid on loan taken for self occupied property Rs. 3,92,000
b) Gross Architecture profession receipts Rs. 42,50,000
 c) Loss (speculation) from intra day trading of listed shares Rs. 1,98,000
d) Profit from Options and futures trading in securities Rs. 2,90,000
e) Long term gain on sale of listed securities Rs. 7,28,000
f) Short term loss on sale of Listed securities Rs. Rs. 1,96,000
g) Dividends Rs. 89,200; Interest on Savings bank accounts Rs. 28,700; Winning from
online betting Rs. 63,700; loss from online gambling Rs. 10,800.
h) Payment towards education fee of his daughter Rs. 1,69,200; Medical insurance
premium Rs. 42,800
Calculate his net tax payable for Assessment year 2024-25 under the default tax regime
(section 115BAC) and under the regular tax regime and accordingly suggest mohit as to
which tax regime should he exercise.