Mr. Mayank, aged 65 years, resides in Hyderabad, provides the following information relating to the financial year ended 31.3.2025. Particulars ₹…

Computation of total income of Mr. Mayank for the A.Y.2025-26 under normal provision of the Act Particulars Particulars ₹ Income under the head "Salaries" Pension 6,60,000 Less: Standard deduction u/s 16(ia) 50,000 6,10,000 Profits and gains of business or profession Income from speculation business 40,000 40,000 Capital gains Long-term capital gains from sale of urban land 2,50,000 Less: Long term capital loss on sale of listed shares on which STT is paid can be set off as per section 74(1), since long-term capital gain arising on sale of such shares is taxable under section 112A 1,10,000 1,40,000 Income from other sources Interest from bank on fixed deposit (Gross) 55,000 Loss from card games can neither be set off against any other income, nor can it be carried forward Nil Income from betting 45,000 1,00,000 Gross total income 8,90,000 Less: Deduction under Chapter VI-A Deduction under section 80C LIC premium of 22,500 (restricted to 10% of 2,00,000, being the sum assured, as the policy is taken after 31.3.2012) 20,000 Deduction under section 80D Premium for health insurance for self and his wife paid by cheque, allowed upto 50,000 since Mr. Mayank is a senior citizen 26,000 Deduction under section 80G Donation to an approved institution for promoting family planning not allowed since the amount exceeding - 2,000 is paid in cash Nil Deduction under section 80TTB Interest on fixed deposit with bank allowable as deduction upto 50,000, since Mr. Mayank is a senior citizen 50,000 96,000 Total income 7,94,000