Ghanshyam Goswami, a NRI aged 83 years, wishes to file his return of Income for A.Y. 2021-22. His Gross Income in India including interest received on his SB accounts in India total is ₹7,50,000. Determine and workout th

Computation of Tax Liability of Mr. Ghanshyam Goswami for AY 2021-22 Gross Total Income ₹7,50,000 Less: Deduction u/s 80TTA (Refer Note1) (₹10,000) Total Income ₹7,40,000 Tax on Total Income of ₹740000: ₹60,500 Add: Cess @ 4%: ₹2,420 Total Tax Payable ₹62,920 Note 1: Deduction u/s 80TTB - Individual who is a resident senior citizen aged 60 years and above at any time during the previous year can claim a deduction of maximum ₹50,000 from his Gross Total income on account of interest received on deposits including interest on saving bank accounts. Since Mr. Goswami is Non-Resident, therefore deduction is restricted upto ₹10,000 only u/s 80TTA. Note 2: The basic exemption limit for an individual depends on his/her age as well as Residential Status. According to age, Mr. Ghanshyam Goswami falls into category of "Super Senior Citizen" being above 80 years of age. For NRI individuals, the basic exemption limit is ₹2,50,000 in a financial year irrespective of their age. Therefore, the basic exemption limit for Mr. Ghanshyam Goswami will be ₹2,50,000 only. Assumption: The amount of interest on saving bank accounts are not specifically mentioned. Therefore, it is assumed that the interest received on saving bank account is ₹10,000 or more.