6. Income from dairy farming on his rural agricultural land ` 50,000 Compute his total income and Income Tax thereon for A.Y. 2024-25 considering that assessee has opted out of Default tax regime. Answer (

All Options:

• A(A) For Manufacturing Enterprises and Enterprises rendering Services Micro Enterprise - Investment in Plant and Machinery or Equipment ≤ ` 1 crore and Annual Turnover ≤ ` 5 crores. Small Enterprise - Investment in Plant and Machinery or Equipment ≤ ` 10 crores and Annual Turnover ≤ ` 50 crores. TAXATION (B) Computation of Depreciation to Mr. Prem for P.Y. 2023-24 Particulars Amount (`) Depreciation on machinery used for scientific research @15% on ` 3,60,000 [` 4,00,000, being actual cost – ` 40,000, being deduction allowed u/s 35] 54,000 Depreciation on laptop received as a gift @40% on ` 36,000 [` 60,000, being actual cost to previous owner – ` 24,000, being depreciation for P.Y. 2022-23 allowable to assessee if it was the only asset] 14,400 Depreciation on temporary wooden structure @40% x 50% on ` 70,000 [Since it is put to use for less than 180 days] 14,000 82,400 (
• BComputation of total income and tax liability of Mr. X for A.Y. 2024-25 ` ` I Income from Salaries Pension from Central Government 4,50,000 Less: Standard deduction u/s 16 [Actual salary or ` 50,000, whichever is less] 50,000 4,00,000 II Capital Gains STCG on sale of dining table and chairs [Not a capital asset since it is personal effects] Nil III Income from Other Sources Installment received under reverse mortgage [Exempt u/s 10(43)] Nil Interest on bank term deposits 2,00,000 Interest on bank saving a/c 45,000 Income from dairy farming on agricultural land 50,000 2,95,000 ✓
• C
• D