Shobhit Goel, aged 32 years, furnishes the following details of his total income for the Assessment Year 2019-20: Income from Salaries (after allowing eligible standard deduction) 27,88,000 Income from house property (Co

Computation of Tax Liability of Mr. Shobhit Goel for the Assessment Year 2019-20 Particulars Amounts (₹) Income from Salary (after allowing eligible standard deduction) 27,88,000 Income from House Property (computed) 15,80,000 Interest Income from FDR's (Other Sources) 7,22,000 Total Taxable Income 50,90,000 Computation of Tax Liability (A) Tax payable including surcharge on Total Income of ₹50,90,000 Upto ₹2,50,000 Nil ₹2,50,000-₹5,00,000 @ 5% 12,500 ₹5,00,000-₹10,00,000 @ 20% 1,00,000 ₹10,00,000-₹50,90,000 @ 30% 12,27,000 Total Tax 13,39,500 Add: Surcharge @ 10%, since total income exceeds ₹50 lakhs but does not exceeds ₹1 crores 1,33,950 Total tax including surcharge 14,73,450 (B) Tax Payable on Total Income of ₹50,00,000 (12,500 plus ₹1,00,000 plus 12,00,000 (being 30% of ₹40,00,000) 13,12,500 (C) Excess tax payable (A-B) 1,60,950 (D) Marginal Relief (₹160950 - ₹90000 being the amount of Income in excess of ₹50,00,000) 70,950 Tax Payable A-D (₹14,73,450-₹70,950) 14,02,500 Add: Health and Education Cess @4% 56,100 Total Tax Liability 14,58,600 Tax Liability (Rounded Off) 14,58,600 Note: TDS Credit of 10% of ₹7,22,000 i.e. ₹72,200 u/s 194A shall also be allowed from Tax liability and balance shall be payable by the assessee.