Mr. J, an employee of X Ltd, attained 60 years of age on 15.05.2023. He is resident in India during F.Y. 2023-24 and earned salary income of ₹ 5 lakhs (computed). During the year, he earned ₹ 7 lakhs from winning of lott
CS Executive · Tax Laws · PYQS · December 2024
Mr. J, an employee of X Ltd, attained 60 years of age on 15.05.2023. He is resident in India during F.Y. 2023-24 and earned salary income of ₹ 5 lakhs (computed). During the year, he earned ₹ 7 lakhs from winning of lotteries. What shall be his advance tax liability for A.Y. 2024-25, if all tax deductible at source has been duly deducted and remitted to the credit of Central Government on time? Assume that he does not opt to pay tax under section 115BAC.
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act
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