D an individual resident of India, aged 62 years, received after TDS of professional fees of ₹2,50,000 on 1st July, 2017 and ₹3,00,000 on 1st March, 2018 for rendering services in Hong Kong on which TDS of ₹50,000 and ₹6

CS Executive · Tax Laws and Practice · PYQS · December 2018
D an individual resident of India, aged 62 years, received after TDS of professional fees of ₹2,50,000 on 1st July, 2017 and ₹3,00,000 on 1st March, 2018 for rendering services in Hong Kong on which TDS of ₹50,000 and ₹60,000 have been deducted respectively. He incurred ₹2,60,000 as expenditure for earning this fees. He deposited ₹1,00,000 in PPF account. His income from other sources is ₹1,50,000. Tax liability including cess of D for Asst. Year 2018-19 will be assuming that India do not have any tax treaty with Hong Kong:
(A) ₹10,300
(B) Nil
(C) ₹7,725
(D) None of the above

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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

Related Questions in this Topic