Laxmi (age 68) is a resident and retired pensioner of State Government. Her Income details for the financial year 2023-24 are as under: S. No. Particulars Amount (₹) (i) Pension from State Government 6,80,000 (ii) Family

Computation of Total Income of Ms. Laxmi for AY 2024-25 Since Laxmi has opted for the scheme of section 115 BAC, she will not be eligible for certain deductions and exemptions. Particulars Amount (₹) Amount (₹) Income from Salary Pension from State Government 6,80,000 Less: Standard deduction (allowed under New Scheme) (50,000) 6,30,000 Income from Other Sources: Family pension (her husband died 3 years ago) 1,20,000 Less: Deduction u/s 57 (iia) (allowed under New Scheme) (15,000) 1,05,000 Dividend from Indian companies 90,000 Less: Interest on moneys borrowed for investment in shares of Indian companies referred above but limited to 20% of dividend income (20% of ₹90,000 = ₹18,000) (18,000) Consultant fee for portfolio investments in shares fetching dividend income - not eligible for deduction Nil 72,000 Agricultural income from land located outside India taxable 60,000 Total Income 8,67,000