Illustration 4

Mr. Amit is a businessman dealing in export and import of garments. His firm had gross profit

of 2.70 crore in 2023-24 F.Y. During the year he paid salary of 32,00,000 rupees to his

employees, 3,00,000 as electrical expenses. He also had computers and software’s valuing

8,00,000 purchased on 1.4.2023. He paid insurance on building amounting 27,000 along with

advertisement expenses of 11,00,000 in 2023-24. Determine his net profit and taxable income

and taxes as per new rates of new regime.

Illustration 6

Miss Tanya is a Charted Accountant, carrying out individual practise , last year his gross profit

was 11,00,000. She also purchased a motor car for Rupees 5,00,000 on 1.4.2023 for personal

purpose. She is paying rent of 11,000 p/m for the office. She has also purchased a new office

space valuing 15,00,000. She had to pay fine of 10,000 as late tax filing last year in 2022-23.

Calculate her tax liability in 2023-24 as per new rates of new regime.

Illustration 7 (Combined Illustration 1)

Miss Tanya is working for XYZ firm with Annual Salary package of 15,00,000. She had availed

Health insurance of 10 lakh, premium paid 20,000. She also runs a business in which last year

her gross profit was 8,00,000. She is paying electrical charges of5,000 p/m for the same.

Calculate her tax liability in 2023-24 as per new rates of new regime.
 Illustration 8

Mr Chetan works for XYZ firm and gets monthly salary of 1,10,000. He also owns a property

in Bangalore which he has rented on 1.4.2023 for 18,000 per months. During the year he has

paid 10,000 as municipal taxes on the property. He also own a stationery shop, the profit of

which was 11,00,000 in 2023-24. He have paid rent for the shop amounting to 8,000 p/m . He also

uses furniture for the shop valuing 75000 rupees. Calculate his tax liability for 2023-24