Raju earned - 25,000 from lotteries, 10,000 from betting, 50,000 from online games (on internet) and lost - 5,000 in card games during P.Y. 2023-24.…

CA Intermediate · Taxation · PYQS · January 2025
Raju earned - 25,000 from lotteries, 10,000 from betting, 50,000 from online games (on internet) and lost - 5,000 in card games during P.Y. 2023-24. The amount of tax to be charged for A.Y. 2024-25 will be -
(A) (A) 30% of (₹ 25,000+10,000) + 20% of 50,000 and adjustment of unexhausted basic limit is permitted against this income.
(B) (B) 30% of (₹ 25000 +10,000 +50,000 -5,000) and adjustment of unexhausted basic limit is permitted against this income.
(C) (C) 30% of (₹ 25,000 +10,000 +50,000) and adjustment of unexhausted basic limit is not permitted against this income.
(D) (D) 30% of (₹ 25,000 -5,000) + 20% of (₹ 10,000 +50,000) and adjustment of unexhausted basic limit is not permitted against this income.

Suggested Answer and Working Notes:

Correct Answer: Option (C)

(C) 30% of (₹ 25,000 +10,000 +50,000) and adjustment of unexhausted basic limit is not permitted against this income.

Topics: Paper 3A: Income Tax Laws

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