The following information is given for Mr. Sagar (aged 25 years) • Total Gross Income from Salaries after all allowances is ₹ 4,44,000 • Standard Deduction is not adjusted in the above Salaries Income. ● Income received from House Property owned by Mr. Sagar is ₹ 4,12,500 • No Housing Loan is borrowed on the above property • Municipal Taxes paid on above House Property is * 2,500 • Other Income received is ₹ 7,150 • Contribution to NSC and PPF is * 1,53,000 Find out the total Income Tax Liability of Mr.Sagar if he is a Resident Indian for the Assessment Year 2021-22. Mr. Sagar has not opted for Tax at concessional Rates.

The following information is given for Mr. Sagar (aged 25 years) • Total Gross Income from Salaries after all allowances is ₹ 4,44,000 • Standard Deduction is not adjusted in the above Salaries Income. ● Income received from House Property owned by Mr. Sagar is ₹ 4,12,500 • No Housing Loan is borrowed on the above property • Municipal Taxes paid on above House Property is * 2,500 • Other Income received is ₹ 7,150 • Contribution to NSC and PPF is * 1,53,000 Find out the total Income Tax Liability of Mr.Sagar if he is a Resident Indian for the Assessment Year 2021-22. Mr. Sagar has not opted for Tax at concessional Rates.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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