For the Financial Year 2020-21, the Gross Total Income of Mr. G, who is 70 years old was ₹8,50,000. The Gross Total Income included interest income of ₹12,000 from the savings bank deposit with banks and ₹40,000 interest

CS Executive · Tax Laws and Practice · PYQS · December 2021
For the Financial Year 2020-21, the Gross Total Income of Mr. G, who is 70 years old was ₹8,50,000. The Gross Total Income included interest income of ₹12,000 from the savings bank deposit with banks and ₹40,000 interests on fixed deposit with banks. He has invested in PPF ₹1,20,000 and also paid a medical insurance premium of ₹51,000 paid by cheque. Compute Total Income for the Assessment Year 2021-22:
(A) ₹6,30,000
(B) ₹6,95,000
(C) ₹6,70,000
(D) ₹6,40,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A), (C). Official source note: The computation of Total Income of Mr. G as follow: Gross Total Income ₹ 850000 Less: Deduction u/s 80C 120000, Deduction u/s 80TTB 50000, Deduction u/s 80D 50000 = 630000. Option A is correct. Further, option C is correct if Mr. G is non-resident.

Topics: Income Tax Act, 1961

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic