Computation of Total Income Format and Solutions [IGNOU BCOM BCOC 136 Solutions Dec 2025 to Dec 2021]

1. INCOME FROM SALARIES

Basic Pay / Salary

XXX

Dearness Allowance (DA)

XXX

Taxable Allowances (Servant, Wardenship, Medical allowances are fully taxable)

XXX

House Rent Allowance (HRA) received

XXX

Less: Exempt u/s 10(13A) (Minimum of 3 limits)

(XXX)

Gross Salary

XXX

Less: Standard Deduction u/s 16(ia) (Flat deduction)

(50,000)

Less: Professional Tax paid u/s 16(iii)

(XXX)

XXX

2. INCOME FROM HOUSE PROPERTY

Gross Annual Value (Rent received/receivable)

XXX

Less: Municipal Taxes paid by owner

(XXX)

Net Annual Value (NAV)

XXX

Less: Statutory Deduction u/s 24(a) (30% of NAV)

(XXX)

Less: Interest on Borrowed Capital u/s 24(b)

[If the question states "Income from house property (computed)," it means deductions already made]

(XXX)

XXX

3. PROFITS AND GAINS OF BUSINESS OR PROFESSION (PGBP)

Net Profit as per Profit & Loss Account

XXX

Add: Inadmissible expenses debited to P&L

(e.g., Personal savings, Donations)

XXX

Less: Exempt or non-business incomes credited to P&L

(e.g., Agricultural/Mushroom profits)

(XXX)

XXX

4. CAPITAL GAINS

Short-Term Capital Gains (STCG) u/s 111A (On shares)

XXX

Long-Term Capital Gains (LTCG) (On buildings/land)

XXX

XXX

5. INCOME FROM OTHER SOURCES (IFOS)

Winnings from Lotteries / Card Games (Gross value; do not deduct ticket costs)

[Note: If given net, it means 30% already Deducted]

XXX

Royalty from Books

XXX

Interest on Government Securities / Bank Deposits

XXX

Dividend Income (From Indian or Foreign Companies)

XXX

XXX

GROSS TOTAL INCOME (GTI) – Sum of above 5 Headings

XXX

Less: Deductions under Chapter VI-A

— Section 80C: RPF contribution, LIP, NSC investments (Max ₹1,50,000)

(XXX)

— Section 80D: Medical Insurance Premium (Max ₹25,000 / ₹50,000)

(XXX)

— Section 80G: Donations to approved funds/charities (100% or 50% deduction)

(XXX)

— Section 80GGC: Donation to political parties via bank channels

(XXX)

— Section 80QQB: Royalty income on books written by author (Max ₹3,00,000)

(XXX)

(XXX)

TOTAL TAXABLE INCOME

XXX

1. INCOME FROM SALARIES

Basic Salary

₹5,000 × 12 months

60,000

Servant Allowance

Fully Taxable (₹200 × 12)

2,400

Gross Salary

62,400

Less: Standard Deduction u/s 16(ia) [Flat deduction allowed  Old tax regime]

(50,000)

Net Income from Salary

12,400

2. INCOME FROM OTHER SOURCES (IFOS)

Royalty from Books

18,000

Net Winnings from Lottery (Grossed Up) [28,000*100/70]

40,000

Winnings from Card Games Fully Taxable (Gross given)

6,000

Net Income from Other Sources

64,000

GROSS TOTAL INCOME (GTI)

76,400

Less: Deductions under Chapter VI-A

— Section 80QQB (Royalty on Books)

(18,000)

TOTAL TAXABLE INCOME

58,400

1. INCOME FROM HOUSE PROPERTY

Income from House Property (Computed)

25,000

2. PROFITS AND GAINS OF BUSINESS OR PROFESSION

Income from Cloth Business

Fully Taxable

1,25,000

Profit from Dairy Farming Business

Fully Taxable

15,000

Profit from Business of Growing Mushrooms

Exempt

Nil

1,40,000

3. CAPITAL GAINS

Long-Term Capital Gains (LTCG) on Building

30,000

4. INCOME FROM OTHER SOURCES

Winnings from Lottery (Gross given)

80,000

Interest on Government Securities [Fully Taxable]

12,000

92,000

GROSS TOTAL INCOME (GTI)

2,87,000

Less: Deductions under Chapter VI-A

— Section 80C (Life Insurance Premium Paid)

(1,000)

TOTAL TAXABLE INCOME

2,86,000

1. INCOME FROM SALARIES

Basic Pay

₹10,000 × 12 months

1,20,000

Dearness Allowance (DA)

10% of Basic Pay

12,000

House Rent Allowance (HRA)

Received: ₹36,000 (See Note 1)

Nil

Medical Allowance

Fully Taxable (See Note 2)

2,400

Wardenship Allowance

Fully Taxable (₹400 × 12)

4,800

Gross Salary

1,39,200

Less: Standard Deduction u/s 16(ia) [Flat statutory deduction]

(50,000)

Net Income from Salary

89,200

2. INCOME FROM HOUSE PROPERTY

Gross Annual Value (Rent Received)

₹3,000 × 12 months

36,000

Less: Statutory Deduction u/s 24(a)

30% of Annual Value

(10,800)

Net Income from House Property

25,200

GROSS TOTAL INCOME (GTI)

1,14,400

Less: Deductions under Chapter VI-A

— Section 80C (Contribution to RPF) [10% of Basic Pay]

(12,000)

— Section 80G (Donation to Charity) – 10% of ATI or 50%

(10,000)

(22,000)

TOTAL TAXABLE INCOME

92,400

(a)

Gross salary

3,90,000

(b)

Profession tax paid

1,000

(c)

Own contribution to recognized provident fund

10,000

(d)

Employer's contribution to provident fund

10,000

(e)

Dividend from an Indian company

2,000

(f)

Income on deposits with a company (gross)

40,000

(g)

Long-term capital gains from house property

50,000

(h)

Short-term capital gain from shares covered under Section 111A

40,000

1. INCOME FROM SALARIES

Gross Salary

3,90,000

Employer's Contribution to RPF

See Note 1 (Exempt)

Nil

Gross Salary Total

3,90,000

Less: Standard Deduction u/s 16(ia)

Flat statutory deduction

(50,000)

Less: Professional Tax paid u/s 16(iii)

Paid during the year

(1,000)

Net Income from Salary

3,39,000

2. CAPITAL GAINS

Long-Term Capital Gains (LTCG)

House property asset

50,000

Short-Term Capital Gains (STCG) u/s 111A

Listed equity shares

40,000

90,000

3. INCOME FROM OTHER SOURCES

Income on Deposits with a Company

Gross amount given

40,000

Dividend from an Indian Company

Fully Taxable u/s 56(2)(i)

2,000

42,000

GROSS TOTAL INCOME (GTI)

4,71,000

Less: Deductions under Chapter VI-A

— Section 80C (Own Contribution to RPF)

Eligible savings investment

(10,000)

TOTAL TAXABLE INCOME

4,61,000

1. PROFITS AND GAINS OF BUSINESS OR PROFESSION

Business Profit (given)

Before rectification

50,000

Add: Inadmissible Expenses Debited to Business:

— Donation to Educational Institution

See Note 1

20,000

— Deposit in National Saving Certificate (NSC)

See Note 1

7,000

Corrected Taxable Business Profit

77,000

2. INCOME FROM OTHER SOURCES

Share of Profit from a Registered Firm

See Note 2 (Exempt)

Nil

Interest on Government Securities (Gross)

Given as Gross

10,000

Dividend on Shares of Foreign Company (Gross)

Fully Taxable

5,000

15,000

GROSS TOTAL INCOME (GTI)

92,000

Less: Deductions under Chapter VI-A

— Section 80C (Investment in NSC)

(7,000)

— Section 80G (Donation to Educational Inst.)

(50% of ₹20,000)

(10,000)

(17,000)

TOTAL TAXABLE INCOME

75,000

GROSS TOTAL INCOME (GTI)

6,75,000

Less: Deductions under Chapter VI-A

— Section 80C

Deposit in Recognized Provident Fund (RPF)

50,000

— Section 80D

Medical Insurance Premium for spouse (See Note 1)

25,000

— Section 80G

Donation to Prime Minister's National Relief Fund

15,000

— Section 80GGC

Donation to a Political Party via cheque

10,000

(1,00,000)

TOTAL TAXABLE INCOME

5,75,000

1. INCOME FROM HOUSE PROPERTY

Income from House Property (Computed)

25,000

2. PROFITS AND GAINS OF BUSINESS OR PROFESSION

Income from Cloth Business

Fully Taxable

1,25,000

Profit from Dairy Farming Business

Fully Taxable

15,000

Profit from Business of Growing Mushrooms

See Note 2 (Exempt)

Nil

1,40,000

3. CAPITAL GAINS

Long-Term Capital Gains (LTCG) on Building

30,000

4. INCOME FROM OTHER SOURCES

Winnings from Lottery (Gross given)

80,000

Interest on Government Securities [Fully Taxable]

12,000

92,000

GROSS TOTAL INCOME (GTI)

2,87,000

Less: Deductions under Chapter VI-A

— Section 80C (Life Insurance Premium Paid)

(1,000)

TOTAL TAXABLE INCOME

2,86,000