Mr. Amit Verma, a person of Indian origin, resides in Dubai. However, in order to expand his consultancy profession, he keeps on visiting India…

Mr. Amit Verma, a person of Indian origin, resides in Dubai. However, in order to expand his consultancy profession, he keeps on visiting India frequently. He visits India for 90 days, 65 days, 70 days and 80 days during the last four financial years preceding the financial year 2024-25. During F.Y. 2024-25, he stayed in India for 135 days. During his stay in India, he earned income of 9,00,000 from his consultancy profession, dividend income of 2,15,000 and - 18,00,000 as rentals from a property in Mumbai. He earned - 23,50,000 as consultancy income from Dubai but not liable to tax in Dubai. He spent - 2,400 to earn dividend income and - 2,50,000 for consultancy profession in India. For convenient travel in India, he purchased a car on 15.5.2024 worth 11 lakh from M/s Fine Car Dealers, Mumbai. He also purchased equity share of Reliance Ltd. for 4,25,000 on 5th May 2024 and sold on 24th December 2024 for 6,15,000. Securities Transaction Tax (STT) was paid both at the time of purchase and sale of such shares. While collecting information for filing his Income-tax Return for A.Y. 2025-26 on 15th July 2025, Mr. Amit Verma noticed that he had failed to claim a refund of 10,000, representing tax deducted at source (TDS) by his client, M/s Arora and Arora Associates, during the previous year 2022-23. He, then, approached a tax consultant, Mr. Jagat, to file an updated return for F.Y. 2022-23. Mr. Jagat assured him that the entire amount of TDS can be claimed by filing an updated return. Note – Mr. Amit Verma is paying tax as per the default tax regime for the A.Y. 2025-26. From the information given above, choose the most appropriate answer of MCQs 6 to 10: