Santa, aged 50 years, provides the following details for P.Y. 2021-22. Fabric business income ₹36 lakhs Speculative business loss ₹9 lakhs Fabric business loss ₹12 lakhs Income of his son clubbed (After deduction of ₹150
CS Executive · Tax Laws · PYQS · June 2022
Santa, aged 50 years, provides the following details for P.Y. 2021-22. Fabric business income ₹36 lakhs Speculative business loss ₹9 lakhs Fabric business loss ₹12 lakhs Income of his son clubbed (After deduction of ₹1500) ₹4 lakhs Deductions under chapter VI-A ₹3.5 lakhs TDS ₹2 lakhs Advance tax paid ₹3.6 lakhs What shall be the net tax payable (refundable) as per regular provisions of Income Tax Act, 1961 for the Assessment Year 2022-23 for Santa? (Assessee has not opted for section 115BAC).
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax Act, 1961
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