Mr Sanjay submits you the following details of his income for the previous year 2022-23.

i. Income under the head salary (computed) 10,80,000 and TDS deducted 1,08,000

i. Profit under the head business and profession (computed) 8,00,000.

iii. Dividends from domestic company 1,00,000.

iv. Income from winnings of lottery 1,80,000.

v. Interest from Post office saving scheme Net 90,000

vi. Gift received in cash from his parent 50,000.

Evaluate the various heads of income and compute advance tax installment payable by him for the assessment year 202.3-24.

Answer rating: 100% (QA)

To compute the advance tax installment payable we need to evaluate the income under different heads ... View the full answer