Question
Mr. X's gross total income is ₹12,00,000. He has made a deduction of ₹1,50,000 under Chapter VI-A. What is his total income?
Solution
Total Income = Gross Total Income - Deductions under Chapter VI-A. Therefore, ₹12,00,000 - ₹1,50,000 = ₹10,50,000.
More Taxation Related Questions
- Salary received by the Partner of a Firm is charged under the head
- When is a prospectus called a Red-herring prospectus?
- Mr. A (age 45) has income from business ₹8,00,000 and capital gains (LTCG) ₹1,50,000. What is his tax liability? (Assume no deductions)
- Cash withdrawn by the proprietor from the business for his personal use’ causes
- Which of the following forms are used for applicable for registration?
- Under the Income Tax Act, "Residential Status" is determined for:
- A company avails ITC (Input Tax Credit) on office furniture purchase. Later, GST auditor disallows it. Is he right to do so, support your answer with relev...
- The "Standard Deduction" available to salaried taxpayers for A.Y. 2025-26 (under New Tax Regime) is:
- A domestic company reports ₹2 crore as book profit. As per section 115JB, if its normal tax liability is ₹12 lakh, what is the Minimum Alternate Tax (MAT) ...
- Under Section 16(2) of the CGST Act, what happens if a recipient fails to pay the supplier within 180 days from the invoice date?
Relevant for Exams:
