Calculate the tax liability of H.U.F. whose computed total income is Rs. 4,94,000 and Net Agricultural Income is Rs. 50,000 for the Assessment Year 2022-23.

Income Tax Law (B.Com) 5th Sem Previous Year Solved Question Paper 2022

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Calculate the tax liability of H.U.F. whose computed total income is Rs. 4,94,000 and Net Agricultural Income is Rs. 50,000 for the Assessment Year 2022-23.

Explanation

For the Assessment Year 2022-23, here’s a simplified calculation of the tax liability for an HUF with a total income of Rs. 4,94,000 and Net Agricultural Income of Rs. 50,000:

1. Total Income: Rs. 4,94,000
2. Net Agricultural Income: Rs. 50,000
Taxable Income: Rs. 4,44,000 (Total Income – Net Agricultural Income)
Now, let’s apply the tax slabs for HUF:
- Up to Rs. 2,50,000: Nil
- Rs. 2,50,001 to Rs. 5,00,000: 5% on the amount exceeding Rs. 2,50,000

Tax Calculation:
- Tax on Rs. 2,50,000 (Rs. 5,00,000 – Rs. 2,50,000) at 5%: Rs. 12,500
Total Tax Liability: Rs. 12,500

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