TAXMANN

STUDENTS' GUIDE TO

INCOME TAX
UNIVERSITY EDITION

Dr. Vinod K. Singhania

Dr. Monica Singhania

BAKANN
18T3333016

Also Avaiable
71st Edition 2book
August 2024 at www.tay ann.com/viri oks/library
537 CASE STUDY 1 Para 329.1

329.1 Case study 1 -Generate

income-tax return from the data given below
Name Raman K. Mehta
Father's Name
Shyam K. Mehta
PAN ABNPM2312P
Date of birth
10/01/1972
Address
94A/117, Marathwada Street, Pune -412105 (Maharashtra)
Mobile No. 7254122548
e-mail ID
[email protected]
Residential status
Resident and ordinarily resident(he was in India for 310 days during the previous
year 2023-24)
Return to be filed under 139(1), original return
which section
Station Road, Pune - 412107
Name arnd address of Amar Consultants, 4/95/10, Shiy Street,
emplover (Maharashtra)
PAN of employer AANCA3219Q
Director in any company No
Shareholding in unlisted Nil
companies
No. of bank accounts held
by assessee at any time
(including opened/closed)
during the previous year Yes Bank
Details of bank accounts Name of bank
45871264985
Account No.
YESBO000008
IFS Code
Type of account Saving
22/07/2024
Date of filing
Place of filing return Pune
below -
Income details - Income details are given Rs

given by employer) 1,68,00,000

Income from salary (as per Formn No. 16 19,200
Basic salary 18,000
Transport allowarnce 4,60,000
Lunch allowance
amount taxable) 2,400
House rent allowance (entire exempt under section 10(14)]. 18,000
Children education allowance [fully
Leave salary (fully taxable)local travelling -. 34,000
Conveyarnce allowance for from employer 8,000
-Conveyance allowance received under section 10(14)
-Conveyance allowance exenmpt 58,000
Leave travelconcession (LTC) - 52,000
- LTCreceived from employer
section 10(5)
-LTC exempt under given above)
(self-occupied)(address 68,000
Incomefrom house property 2,75,000
Municipal tax capital 48,000
Interest on borrowed
insurance premium
Fire insurance/general
Income from other sources 9,00,000
of TDS 10%).
Bank interest (FD) (net account in Yes Bank 37410
Interest on savings bank year 2023-24) 9,110
refund (receivedi on February 10, 2024 for the assessment
Interest on income-tax
Deductions from gross total income 1,50,000
Under section 80C 40,000
Under section 80CCD(1B)
for parents (age:69 years) of assessee
Under section 80D [for assessee and spouse : Ks. 16,000, 57,500
Rs. 41,500 ........
Para 329.2 e-FILING OF INCOME-TAX RETURN
538
Tax deducted at source Rs
- By employer (TAN of employer :RTKA55484C)
- By bank on FD interest (TAN of Yes Bank: MUMY02084F)
Advance tayself-assessment tax paid by assessee 56,1,606,0,100000
- Tax paid on 12/09/ 2023 (BSR Code of bank: 0005641, Challan No. : 00036)
1,040,6,000000
Tax paid on 30/04/ 2024 (BSR Code of bank : 0005641,Challan No. : 00140)
Assets details - Asset details are given below (wealth-tax return never filed) -

Jewellery held by assessee on 31/03/ 2024 - Rs.

- Cost of acquisition (when originally acquired in 1991-92)
-Market value as on 31/03/2024 8,90,000
Self-occupied residential property - 27,10,000
-Cost of acquisition (when originally acquired in 2002-03) 8,10,000
- Market value as on 31/03/2024
Plot of land held by assessee (address:305/32, New Panipat Road, Delhi - 110005) -
22,70,000
-Cost of acquisition (when originally acquired in 1982-83) 2,00,000
- Market value as on 31/03/ 2024 8,17,00,000
Cash in hand on 31/03/2024 42,000