(a)
Computation of Total Income of Mr. Sanju for the A.Y. 2025-26
as per the optional tax regime under the Income-tax Act, 1961
Particulars
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Income from Salary
Salary (computed)
3,15,000
Add: Salary received by his wife from M/s XL &
Co., partnership firm of ₹ 2,40,000 shall not to
be clubbed in the income of Mr. Sanju even if
his wife does not have any professional
qualification since he does not have substantial
interest in the firm as his share of profit in such
firm is less than 20%
Nil
3,15,000
Less: Loss from self-occupied house property
(1,75,000)
1,40,000
Income from House Property (Self-occupied
Property)
Annual Value
Less: Deductions under section 24
Interest on loan paid for self-occupied
property
-
(1,75,000)
(1,75,000)
Profit and gains of business or profession
Profit from restaurant business
2,21,000
Less: Loss from Future & Option
(75,000)
1,46,000
TAXATION
Share of profit from M/s XL & Co., partnership
firm [Exempt under section 10(2A)]
Nil
1,46,000
Capital Gain
Short term capital gain
82,000
Less: Brought forward short-term capital loss
(52,000)
30,000
Long-term capital gain u/s 112A
1,10,000
Less: Long term capital loss u/s 112
(68,000)
42,000
Gross Total Income
3,58,000
Less: Deduction under Chapter VI-A
-
Under section 80C – Repayment of
housing loan
1,20,000
-
Under section 80D – Medical premium
for self of ₹ 21,000 and preventive
health checkup fees of ₹ 9,000 restricted
to ₹ 5,000 subject to overall limit of
₹ 25,000
25,000
1,45,000
Total Income
2,13,000
Losses to be carried forward to A.Y. 2026-27
Loss from speculative business
As per section 73(4), brought forward loss from speculation
business cannot be set-off against any income other than
profit and gains of another speculation business. Such loss
can, however, be carried forward to A.Y. 2026-27 for set-off
against income from speculation business of that year.
26,000
(b) First Alternative
As per section 139A(1), following persons are required to apply for the
allotment of PAN within the specified time limit
Persons required to apply for
PAN
Time limit for making
such application
(1) Every person, if his total income or
the total income of any other
person in respect of which he is
assessable under the Act during
any previous year exceeds the
maximum amount which is not
chargeable to income-tax.
On or before 31st May of the
assessment year for which
such income is assessable
(2) Every person carrying on any
business or profession whose total
sales, turnover or gross receipts are
or is likely to exceed ₹ 5 lakhs in any
previous year.
Before the end of that
financial year.
(3) Every person being a resident,
other than an individual, which
enters into a financial transaction of
an
amount
aggregating
to
₹ 2,50,000 or more in a financial year.
On or before 31st May of the
immediately
following
financial year.
(4) Every person who is a managing
director, director, partner, trustee,
author,
founder,
karta,
chief
executive officer, principal officer
or office bearer of any person
referred in (3) above or any person
competent to act on behalf of such
person referred in (3) above
On or before 31st May of the
immediately
following
financial year in which the
person referred in (3) enters
into
financial
transaction
specified therein.
Every person who has not been allotted a PAN and intends to enter
into the following prescribed transaction is also required to apply for
PAN:
TAXATION
(5) Every person, who intends to
deposit cash in his one or more
accounts with a banking company,
co-operative bank or post office, if
the cash deposit or the aggregate
amount of cash deposit in such
accounts during a financial year is
₹ 20 lakh or more.
At least 7 days before the
date on which he intends to
deposit
cash
over
the
specified limit, i.e., ₹ 20 lakh
or more.
(6) Every person, who intends to
withdraw cash from his one or more
accounts with a banking company,
co-operative bank or post office, if
the
cash
withdrawal
or
the
aggregate
amount
of
cash
withdrawal from such accounts
during a financial year is ₹ 20 lakh
or more.
At least 7 days before the
date on which he intends to
withdraw cash over
the
specified limit, i.e., ₹ 20 lakh
or more.
(7) Any person, who intends to open a
current account or cash credit
account with a banking company or
a co-operative bank, or a post
Office.
At least 7 days before the
date on which he intends to
open such account.
(b) Second Alternative
Every person who is eligible to obtain Aadhaar number is required to
mandatorily quote Aadhaar Number in the application form for allotment
of Permanent Account Number and in the return of income.
The provisions of section 139AA relating to quoting of Aadhaar Number
would not apply to an individual who does not possess the Aadhaar number
or Enrolment ID and is:
(i) residing in Assam, Jammu & Kashmir and Meghalaya;
(ii) a non-resident as per the Income-tax Act, 1961;
(iii) of the age of 80 years or more at any time during the previous year;
(iv) not a citizen of India