Mr. Piyush, a resident Indian aged 77 years, gets pension of 58,000 per month from the Rajasthan State Government. The same is credited to his…

CA Final · Direct Tax Laws and International Taxation · MTP · November 2024
Mr. Piyush, a resident Indian aged 77 years, gets pension of 58,000 per month from the Rajasthan State Government. The same is credited to his savings account in SBI, Kota Branch. In addition, he gets interest@8% p.a. on fixed deposit of 28 lakh with the said bank. On 1.1.2024, he deposited 3 lakhs as five year term deposit in same account at interest rate of 8.5% p.a. Interest on savings bank credited to his SBI savings account for the P.Y. 2023-24 is 8,600. What would be the tax liability of Mr. Piyush for the A.Y. 2024-25? Is Mr. Piyush required to file his return of income for A.Y.2024-25, if tax deductible at source has been fully deducted? Assume that Mr. Piyush has opted out for section 115BAC and taxing income on accrual basis.
(A) ₹ 48,880; No, Mr. Piyush is not required to file his return of income
(B) ₹ 59,280; Mr. Piyush is required to file his return of income, since his total income exceeds - 5,00,000
(C) ₹ 61,880; No, Mr. Piyush is not required to file his return of income
(D) ₹ 61,880; Mr. Piyush is required to file his return of income, since his total income exceeds - 5,00,000

Suggested Answer and Working Notes:

Correct Answer: Option (A)

₹ 48,880; No, Mr. Piyush is not required to file his return of income

Topics: Double Taxation Relief, Assessment of Trusts and Institutions, Political Parties and Other Special Entities, Non-Resident Taxation

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