Vijay Prasad, a non resident aged 50 years furnishes the following information of the income from India for the year ended on 31-03-2024: Income by…

Computation of tax liability of Mr. Vijay Prasad for A.Y.2024-25 Particulars Particulars ₹ Salary Income by way of salary (computed) 2,75,000 Profits and gains from business and profession Business Income- Retail business 1,20,000 Less: Set-off of business loss of 1,00,000 from wholesale business 1,00,000 20,000 Less: Set-off of brought forward business loss of 1,35,000 of A.Y.2021-22 allowable to the extent of 20,000 by virtue of section 72(1) 20,000 Nil [Balance brought forward business loss of 1,15,000 (i.e.,1,35,000 -20,000) to be carry forward to A.Y. 2025-26 for set-off against business income of that year] Capital Gains Long-term capital gain from sale of building 2,00,000 Less: Set-off of short term capital loss 1,85,000 15,000 Income from Other Sources Lottery winnings 45,000 Income of minor daughter from special talent [Not included in Vijay Prasad's income since it is earned from special talent] - Gross Total Income 3,35,000 Less: Deduction under section 80C Contribution to provident fund and NSC - 1,50,000 150,000 Total Income 1,85,000 Tax on 1,85,000 Tax on lottery income of 45,000 @30% [Unexhausted basic exemption limit can not be reduced from lottery income] 13,500 Tax on LTCG of 15,000 @20% [Unexhausted basic exemption limit can not be reduced from LTCG as Mr. Vijay is a non resident] 3,000 Tax on other income of 1,25,000 (since it does not exceed basic exemption limit) - 16,500 Add: Health and education cess @4% 660 Tax liability 17,160