Calculation of Taxable Income of 'P' for A.Y. 2012-13

Income from PGBP                                                                                              =    11,86,000.00

Income from Other Sources
Interest on 7% MP Government Loan         (Note-2)                         =   4,200
Interest on 11% Debentures  (Non-listed) of ABC Ltd.(Note-2)          =   3,300
Interest on UP Government Loan                                                    =   3,000
Interest on Central Government Securities                                      =   9,000
Interest on listed debentures of PQR Ltd.   (grossed-up)                 =   3,000
                   
Less: Deduction u/s-57(iii)                                                               =     (200)       =       22,300.00

Taxable Income                                                                                                    =   12,08,300.00

Note:
(1) It is assumed that assessee is maintaining books of accounts on "mercantile basis", hence all interest will be txable on due basis irrespective of date of actual receipt of such interest.
(2) Since the payment of interest is made annually, so whole interest is taken into consideration.

I hope all ur doubts are cleared now, if not then you can always check with other expert's replies...

boss last one dat of setoff mr.m

Computation of Taxable Income of Mr. M for the A.Y. 2014-15

Income from PGBP

Business Income (Computed)                        = 1,60,000

Less: Business loss b/f of A.Y. 20010-11       = (1,40,000)    = 20,000

Income from Capital Gains

Long Term Capital Gain                                    = 48,000

Short Term Capital Loss of A.Y. 2012-13          = (28,000)  = 20,000

Income from Other Sources

Lottery Gains                                                                   = 26,000

Total Income                                                                   = 66,000

Computation of Tax Liability of Mr. M for the A.Y. 2014-15

Tax on lottery income @ 30%               = 7,800

Add: Cess @ 3%                                  =   234

 Total Tax Liability                             = 8,034/-

Note: 

(1) No deduction will be allowed on account of lottery ticket costs Rs.500/-.

(2) As the normal income of Rs.20,000/- is less than the maximum exmeption limit Rs.2,00,000/-, hence u/s-112(1)(a), LTCG will be adjusted for the deficit, i.e., Rs.1,80,000/-. So there will be no tax @ 20% on LTCG as it becomes NIL.

(3) The balance shortage of normal income of Rs.1,60,000/- [i.e., 2,00,000 (exemption limit)-20,000(business income)-20,000(LTCG)] canot be adjusted for lottery income, accordingly the assessee is required to pay tax including cess on it.

Hope all ur doubts are cleared now...

BOSS is that limit is rs 250000???

@ pk: dear, it's for the A.Y. 2015-16 & 2016-17 till now..my solutions were based on the basis of Assessment Years mentioned in the questions given by you (which I already mentioned at  the beginning of each solutions),so that you can verify them with the answers given in the book..For the Finance Act 2014 & 2015 applicable for A.Y. 2015-16 & 2016-17 respectively, the maximum exemption limit is fixed at Rs.2.50 lakhs for the concerned questions..You can re-calculate them accordingly...

okay i will than you

okay i will thank you