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    Computation of Total Income of MR Lokesh For AY 2021-22

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    Nitin Raj
    Mr. Lokesh's total income for AY 2021-22 is calculated based on his residential status. As a resident and ordinarily resident, his total income is Rs. 460,000 including taxable income such as rent from a Delhi property, income from a Bangalore business, and interest on an Indian bank deposit. As a resident but not ordinarily resident, his total income is Rs. 400,000, excluding income from a US business. As a non-resident, his total income is Rs. 280,000 including income from an Indian source but excluding income from a US property rental.

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    Computation of Total Income of MR Lokesh For AY 2021-22

    Uploaded by

    Nitin Raj
    22 views2 pages
    Mr. Lokesh's total income for AY 2021-22 is calculated based on his residential status. As a resident and ordinarily resident, his total income is Rs. 460,000 including taxable income such as rent from a Delhi property, income from a Bangalore business, and interest on an Indian bank deposit. As a resident but not ordinarily resident, his total income is Rs. 400,000, excluding income from a US business. As a non-resident, his total income is Rs. 280,000 including income from an Indian source but excluding income from a US property rental.

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    Computation of Total Income of Mr Lokesh for AY 2021-22

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    Mr. Lokesh's total income for AY 2021-22 is calculated based on his residential status. As a resident and ordinarily resident, his total income is Rs. 460,000 including taxable income such as rent from a Delhi property, income from a Bangalore business, and interest on an Indian bank deposit. As a resident but not ordinarily resident, his total income is Rs. 400,000, excluding income from a US business. As a non-resident, his total income is Rs. 280,000 including income from an Indian source but excluding income from a US property rental.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views2 pages

    Computation of Total Income of MR Lokesh For AY 2021-22

    Uploaded by

    Nitin Raj
    Mr. Lokesh's total income for AY 2021-22 is calculated based on his residential status. As a resident and ordinarily resident, his total income is Rs. 460,000 including taxable income such as rent from a Delhi property, income from a Bangalore business, and interest on an Indian bank deposit. As a resident but not ordinarily resident, his total income is Rs. 400,000, excluding income from a US business. As a non-resident, his total income is Rs. 280,000 including income from an Indian source but excluding income from a US property rental.

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    of 2

    Computation of Total Income of Mr.

    Lokesh for AY 2021-22

    S.No. Particulars Resident and Ordinarily Resident but not Ordinarily Non-Resident
    Resident Resident

    Taxable / ₹ Taxable / ₹ Taxable / ₹


    Non-Taxable Non-Taxable Non-Taxable

    1 Rent from Taxable - Income 80000 Taxable - Income 80000 Taxable - Income 80000
    property in Delhi, from property in from property in from property in
    received in USA India India India

    2 Income from Taxable - Income 120000 Taxable - Income 120000 Non-Taxable - Nil
    business in USA, Accruing or Accruing or Income Accruing
    controlled from Arising outside Arising outside or Arising outside
    Delhi India India, however, India
    the business is
    being controlled in
    India

    3 Income from Taxable - Income 180000 Taxable - Income 180000 Taxable - Income 180000
    business in from source in from source in from source in
    Bangalore, India India India
    controlled in USA

    4 Rent from Taxable - Income 60000 Non-Taxable - Nil Non-Taxable - Nil


    property in USA, Accruing or Income Accruing Income Accruing
    received in USA, Arising outside or Arising outside or Arising outside
    but later India India India
    transferred to
    India

    5 Interest on Taxable - Income 20000 Taxable - Income 20000 Taxable - Income 20000
    deposits with an from source in from source in from source in
    Indian Company, India India India
    received in USA

    6 Profits for PY Non-Taxable - Nil Non-Taxable - Nil Non-Taxable - Nil


    2019-20 of USA Income not Income not Income not
    business, remitted pertaining to the pertaining to the pertaining to the
    to India during PY PY under PY under PY under
    2020-21 (not assessment, also assessment, also assessment, also
    taxed earlier in where the where the where the
    India) residential status residential status residential status
    is unknown in the is unknown in the is unknown in the
    PY of receipt of PY of receipt of PY of receipt of
    income income income

    7 Gifts received Non-Taxable - Nil Non-Taxable - Nil Non-Taxable - Nil


    from parents Transfer of gifts Transfer of gifts Transfer of gifts
    (relatives) between relatives between relatives between relatives

    Total Income 460000 Total Income 400000 Total Income 280000

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