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    Case 2 Question

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    Case 2 Question

    Uploaded by

    kumaripokemon
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    2 views2 pages

    Case 2 Question

    Uploaded by

    kumaripokemon

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    1

    AASHISH JAIN
    ASSISTANT PROFESSOR
    SRI VENKATESWARA COLLEGE

    Generate income tax return from the data given below


    PARTICULARS OF THE ASSESSEE

    Name Shrinath S. Makhija


    Father’s Name Ajinkya S. Makhija
    PAN AANPM6521G
    Date of Birth 24/11/1970
    Address 44-98, Jatin Complex, 24th Floor, Bandra West,
    Mumbai – 400050 (Maharashtra)
    Mobile No. 9654667702
    E- Mail [email protected]
    Residential Status Residential and ordinarily resident (he was in India for
    270 days during the previous year 2023 -24 and 310
    days during last 4 years)
    Return to be filled under which section 139 (1), on or before the due date
    Name & Address of the employer Krishna Chemical (P.) Ltd., 5086, Mohan Nagar,
    Bandra (East), Mumbai – 400080 (Maharashtra)
    PAN of the employer AANCK8217Q
    Director in a company No
    Shareholding in unlisted company Nil
    No. of bank account held by assessee 1
    during Previous Year
    Details of Bank Name of Bank SBI
    Account No. 71457625689
    IFS Code SBIN0001422
    Type of Account Saving
    Refund √
    Place of return filling Mumbai
    Income details are given below:

    Amount
    Income from salary (as per form 16 given by employer)
    Basic Salary 48,00,000
    Servant Allowance 12,000
    Transport Allowance 18,000
    Driver Allowance 36,000
    Reimbursement of medical expenditure 26,000
    House Rent Allowance (fully taxable) 26,000
    Children education allowance {fully exempt under section 10(14)} 1,500
    Leave Salary (fully taxable) 12,000
    Leave travel concession -
    - LTC received from employer 71,000
    - LTC exempt under section 10(5) 56,000
    Travelling Allowance -
    - Received from employer 58,000
    1
    AASHISH JAIN
    ASSISTANT PROFESSOR
    SRI VENKATESWARA COLLEGE
    - Exempt under section 10(14) 52,000
    Income from House Property (Self occupied) (address given above)
    Self – occupied (-)3,95,000
    Income from other sources
    Bank Interest (FD) from PNB (Net of TDS@ 10%) 27,00,000
    Interest on saving Bank Account 28,400
    Dividend from Excel Motors Ltd. (no TDS) (date of receipt of dividend: June
    15, 2021) 4,750
    Deductions from gross total income
    Under section 80C 1,50,000
    NPS (under section 80CCD (1B) 50,000
    Under section 80D (Mediclaim insurance policy taken on the life of
    assessee and his spouse) 38,000
    Tax deducted at source
    - By employer (TAN of employer: RTKA85463A) 12,00,900
    - By Bank on FD interest (TAN of PNB: DELP26004G) 3,00,000
    Advance tax/ self-assessment tax paid by assessee -
    - Tax paid on 09/10/2023 (BSR Code of Bank: 0005641, Challan No. 98,000
    :00062)
    - Tax paid on 30/04/2024 (BSR Code of Bank: 0005641, Challan No. 2,95,000
    :00084)

    Assets details:

    Rs
    Jewellery held by assessee on 31/03/2024-
    - Cost of acquisition (when originally acquired in 1985-86) 4,00,000
    - Market value as on 31/03/2024 46,70,000
    Self-occupied residential property -
    - Original cost of house property (when originally acquired in 1985 – 86) 2,95,000
    - Market value as on 31/03/2024 49,86,000
    Plot of land held by assessee (address: 5/A484/6, Shahpur Road, Ludhiana –141001)
    - Cost of acquisition (when originally acquired in 2006-07) 29,65,000
    - Market Value as on 31/03/2024 9,70,00,000
    Cash in hand on 31/03/2024 83,600

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