Mr. Tilak aged 35 years, furnishes the following information regarding his income for the assessment year 2024-25. Compute the total income if he…

Computation of total income of Mr. Tilak for the A.Y. 2024-25 (if he is Resident and Ordinarily Resident - ROR) Particulars ₹ (a) Remuneration for services rendered in Malaysia Global income is taxable in case of a ROR. [Note: Alternatively, remuneration for services rendered in Malaysia can be taxable as “Salaries”. In such case standard deduction of 50,000 would be reduced.] 50,000 (b) Profit from business in England controlled from Bombay Global income is taxable in case of a ROR. 3,00,000 (c) Past untaxed profits earned in Singapore and brought to India in current year Nil (d) Capital gain on sale of land in India but received in Malaysia Deemed to accrue or arises in India, since the property is situated in India. 2,00,000 (e) Income from agricultural land in Nepal, received there Global income is taxable in case of a ROR 18,000 (f) Interest on saving bank deposit in SBI Taxable since it is deemed to accrue or arises in India. 12,000 Gross Total Income 5,80,000 Less: Deduction under Chapter VI-A Deduction under section 80C - For repayment of housing loan 50,000 Deduction under section 80TTA - Interest on savings bank account subject to a maximum of 10,000 10,000 Total Income 5,20,000 Computation of total income of Mr. Tilak for the A.Y. 2024-25 (if he is Resident but Not Ordinarily Resident - RNOR) Particulars ₹ (a) Remuneration for services rendered in Malaysia In case of RNOR, remuneration would not be taxable in India since neither services are rendered in India nor remuneration received in India. Nil (b) Profit from business in England controlled from Bombay In case of RNOR, whole profits of 3,00,000 from business in England is taxable since business is controlled from India. 3,00,000 (c) Past untaxed profits earned in Singapore and brought to India in current year Nil (d) Capital gain on sale of land in India but received in Malaysia Deemed to accrue or arises in India, since the property is situated in India. 2,00,000 (e) Income from agricultural land in Nepal, received there In case of RNOR, it would not be taxable in India, since neither it is deemed to accrue or arise in India nor received in India. Nil (f) Interest on saving bank deposit in SBI Taxable since it is deemed to accrue or arises in India. 12,000 Gross Total Income 5,12,000 Less: Deduction under Chapter VI-A Deduction under section 80C - For repayment of housing loan 50,000 Deduction under section 80TTA - Interest on savings bank account subject to a maximum of 10,000 10,000 Total Income 4,52,000