Ram, aged 45 years received 12 instalments of amount of ₹42,000 on the basis of reverse mortgage scheme during the financial year 2021-22. Compute the amount of tax in the hands of Ram as per section 115BAC of the Income
CS Executive · Tax Laws · PYQS · June 2022
Ram, aged 45 years received 12 instalments of amount of ₹42,000 on the basis of reverse mortgage scheme during the financial year 2021-22. Compute the amount of tax in the hands of Ram as per section 115BAC of the Income Tax Act, 1961 for the Assessment Year 2022-23:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D). Official source note: Ram, aged 45 years received 12 instalments of amount of ₹ 42,000 on the basis of reverse mortgage scheme during the financial year 2021-22. Compute the amount of tax in the hands of Ram as per section 115BAC of the Income Tax Act, 1961 for the Assessment Year 2022-23: (A) ₹ 13416 (B) ₹ 13832 (C) ₹ 12900 (D) Nil 63
Topics: Income Tax Act, 1961
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