Mr. Sunil Joshi, age 63 years, a resident individual, gives the following particulars of his receipts for financial year 2024-25: Particulars Amount (₹) Installment received from the bank under reverse mortgage arrangeme

Computation of Total Income of Mr. Sunil Joshi for A.Y. 2025-26 Particulars Amount (₹) Amount (₹) Income under the head salary Pension from Central Government 6,00,000 Less: Standard deduction u/s 16 [Actual salary or ₹ 75,000, whichever is less] (75,000) Taxable Income under the head Salary 5,25,000 Income from Business & Profession Income from dairy farming business 50,000 Income from Capital Gains STCG on sale of dining table and chairs (assumed as personal effect and therefore not a capital asset) Nil Income from Other Sources Installment received under reverse mortgage [exempt] Nil Interest on bank term deposits 2,00,000 Interest on bank saving a/c 45,000 Taxable Income from Other Sources 2,45,000 Gross Total Income 8,20,000 Less: Deduction under section 80TTB (not allowed under new scheme under section 115BAC) - Taxable Income 8,20,000 Computation of Tax Liability of Mr. Sunil Joshi for A.Y. 2025-26 u/s 115BAC Particulars Amount (₹) Tax Liability Up to ₹ 3,00,000 NIL ₹ 3,00,001 to ₹ 7,00,000 (@ 5% of ₹ 4,00,000) 20,000 ₹ 7,00,001 to ₹ 8,20,000 (@ 10% of ₹ 1,20,000) 12,000 Total Tax 32,000 Less: Rebate u/s 87A Nil Total Tax after rebate 32,000 Add: Health and Education cess @ 4% 1,280 Total Tax Liability including cess 33,280 Note: It is assumed that the dining table and chairs is used for personal use and comes under the category of personal effect. Therefore, not a capital asset.