Lalit, a resident individual, aged 54 years, is engaged in the business of manufacturing clothes. He earned profit of ₹82,50,000 as per profit and loss account after debiting and crediting the following items: Particular

Lalit, a resident individual, aged 54 years, is engaged in the business of manufacturing clothes. He earned profit of ₹82,50,000 as per profit and loss account after debiting and crediting the following items: Particulars Amount (₹) (i) Depreciation debited in P & L A/c 16,50,000 (ii) Short term capital gains on transfer of listed equity shares in a company on which STT is paid 10,00,000 (iii) Income-tax refund received (includes interest on refund of ₹5,000) 15,000 (iv) Dividend income from Indian companies (Gross) 15,00,000 Additional information: (i) Lalit installed new plant and machinery for ₹60 lakhs on 1.10.2025 which was put to use on 1.1.2026. Depreciation (including additional depreciation) on this amount is included in the depreciation debited to profit and loss account which has been computed as per Income-tax Rules, 1962. (ii) Advance tax paid during the year is ₹17,00,000. (iii) He paid ₹40,000 as life insurance premium taken on the life of his married daughter who is not dependent on him. The sum assured is ₹5,00,000 and the policy was taken on 1.4.2020. (iv) He paid ₹45,000 by cheque towards health insurance policy covering himself, his spouse and his children. (v) On 1.8.2025, Lalit withdrew ₹1.2 crores in cash from current account maintained by him with HSBC Bank. There are no other withdrawals during the year. He regularly files his return of income on time. On the basis of the above information, you are required to compute the Total Tax payable of Lalit for the assessment year 2026-27 as per default tax regime under section 115BAC.