Compute the gross total income (GTI) of Prashant, Resident of Mumbai for the A.Y. 2021-22, from the information given below by taking that Prashant has not opted to pay tax on his income as per section 115 BAC of the Act
CS Executive · Tax Laws · PYQS · December 2021
Compute the gross total income (GTI) of Prashant, Resident of Mumbai for the A.Y. 2021-22, from the information given below by taking that Prashant has not opted to pay tax on his income as per section 115 BAC of the Act: Particulars Amount (₹) Share of profit from a partnership firm (Prashant is a sleeping partner in the firm and share of profit includes amount of ₹2,00,000 of long-term Capital gain on transfer of plot of land) 4,45,000.00 Salary received from a private limited company engaged in cultivation and manufacture of coffee in the state of Kerala 5,00,000.00 Interest on accumulated balance of PPF Account 1,25,000.00 Amount received on winning from Maharashtra State Lottery 2,06,400.00
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax Act, 1961
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