Answer to Question #226705 in Accounting for Nancy Gupta

Question

From the following particulars of Mr. P. K. Sharma, calculate total income
and net tax liability for the A. Y. 2019-2020 :
Rs.
(i) Rent from let out properties 20,000
(ii) Long term capital gains (completed) 30,000
(iii) Profit from own business 6,31,000
(iv) Income from lottery (gross) 1,00,000
(v) Net agricultural income 10,000

Answer 1

Solution:

Total income and tax liability have been calculated as below: