Compute the advance tax payable by Banshi (not a senior citizen) for the Assessment year 2021-22, if he has not been assessed to tax previously. His estimated taxable income for the financial year 2020-21 is ₹4,68,000

CS Executive · Tax Laws and Practice · PYQS · June 2021
Compute the advance tax payable by Banshi (not a senior citizen) for the Assessment year 2021-22, if he has not been assessed to tax previously. His estimated taxable income for the financial year 2020-21 is ₹4,68,000
(A) ₹10,900
(B) ₹11,336
(C) ₹65,400
(D) NIL

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B), (D). Official source note: Option B is correct if Mr. Banshi is non-resident as rebate u/s 87A is not allowed. If Mr. Banshi is resident, Option D is correct.

Topics: Income Tax Act, 1961

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