Rajendra, aged 47 years, a resident individual, engaged in a retail business of Stationary products furnishes the following particulars of his income for the previous year 2022-2023: S. No. Particulars Amount (₹) (i) Inc

Computation of Total Income of Mr. Rajendra for the A.Y. 2023-24 under the regular provisions of the Income Tax Act, 1961 Sr. No. Particulars Amount (₹) Amount (₹) i Income from business 15,10,000 ii Income from other sources Interest received from Public Provident Fund (Exempt) Nil Interest from bank on saving bank account 22,000 22,000 Gross total income 15,32,000 Less: Deductions under Chapter VI-A Deduction under section 80C a) Deposit in Public Provident Fund 1,30,000 (1,30,000) b) LIC premium paid for dependent father (premium for life insurance policy of father is not allowed as deduction) Nil Since the maximum deduction under section 80C is ₹1,50,000 so ₹1,30,000 is fully allowed Deduction under section 80TTA [Interest from saving bank account since the maximum deduction under section 80TTA is ₹10,000] (10,000) Total Taxable Income 13,92,000 Computation of Tax Payable by Mr. Rajendra for the AY 2023-24 under the regular provisions of the Income Tax Act, 1961 Particulars Amount (₹) Amount (₹) Tax on total income of ₹13,92,000 Up to ₹2,50,000 Nil ₹2,50,001 - ₹5,00,000 @ 5% of ₹2,50,000 12,500 ₹5,00,001 - ₹10,00,000 @ 20% of ₹5,00,000 1,00,000 ₹10,00,001 - ₹13,92,000 @ 30% of ₹3,92,000 1,17,600 2,30,100 Less: Rebate u/s 87A (Since total income exceed ₹5,00,000, no rebate allowed.) Nil Total 2,30,100 Add: Health and Education Cess @ 4% of ₹2,30,100 9,204 Total Tax and Cess payable 2,39,304 Round off u/s 288B 2,39,300 Computation of Total Income of Mr. Rajendra for the A.Y. 2023-24 as per section 115BAC Gross Total Income as per regular provisions of the Income-tax Act, 1961 ₹15,32,000. (No deduction under Chapter VI-A allowable). Hence, Total income as per section 115BAC is ₹15,32,000. Computation of Tax Payable by Mr. Rajendra for the AY 2023-24 as per section 115BAC Particulars Amount (₹) Amount (₹) Tax on total income of ₹15,32,000 Up to ₹2,50,000 Nil ₹2,50,001 - ₹5,00,000 @ 5% of ₹2,50,000 12,500 ₹5,00,001 - ₹7,50,000 @ 10% of ₹2,50,000 25,000 ₹7,50,001 - ₹10,00,000 @ 15% of ₹2,50,000 37,500 ₹10,00,001 - ₹12,50,000 @ 20% of ₹2,50,000 50,000 ₹12,50,001 - ₹15,00,000 @ 25% of ₹2,50,000 62,500 ₹15,00,001 @ ₹15,32,000 @ 30 % of ₹32,000 9,600 1,97,100 Less: Rebate u/s 87A (Since total income exceed ₹5,00,000, no rebate allowed.) Nil Total 1,97,100 Add: Health and Education Cess @ 4% of ₹1,97,100 7,884 Total Tax and Cess payable 2,04,984 Round off u/s 288B 2,04,980 In the instant case, tax liability under section 115BAC is lower, hence it is advisable to opt for provision of section 115 BAC of the Income tax Act, 1961.