Mr. Pankaj, age 85 years, a resident individual, gives the following particulars of his Income for the financial year 2025-26: Particulars Amount (₹) Pension received from Central Govt. 4,00,000 Salary received from Part

Computation of Total Income of Mr. Pankaj for A.Y. 2026-27 Under default tax regime u/s 115BAC Particular Amount (₹) Amount (₹) Income from Salaries Pension from Central Government 4,00,000 Less: Standard deduction u/s 16 [Actual salary or ₹75,000, whichever is less] (75,000) 3,25,000 Income from Business & Profession Salary received from Partnership Firm 1,50,000 Interest from Partnership Firm 80,000 2,30,000 Income from Capital Gains STCG on sale of dining furniture [Not a capital asset since it is personal effects] Nil Income from Other Sources Interest on bank term deposits 3,50,000 Interest on bank saving a/c 50,000 4,00,000 Gross Total Income 9,55,000 Less: Deduction under section 80TTB (Not allowed under new tax regime) Nil Total Income 9,55,000 Computation of Tax Liability of Mr. Pankaj for A.Y. 2026-27 Under default tax regime u/s 115BAC Particular Amount (₹) Amount (₹) Tax on first up to ₹4,00,000 NIL ₹4,00,001 - ₹8,00,000 @ 5% [5% of ₹4,00,000] 20,000 Remaining ₹1,55,000 @ 10% [₹9,55,000 - ₹8,00,000 @ 10%] 15,500 35,500 Less: Rebate u/s 87A (35,500) Add: Health and education cess @4% Nil Tax Liability Nil