Suresh (age 65) won a prize on lottery ticket on 30.9.2018. The prize amount was ₹ 5,50,000. He had bought lottery tickets for ₹ 75,000 during the year. Assuming that he had no other income chargeable to tax for the year, his income tax liability (including cess @ 4%) would be:
A. ₹ 1,71,600
B. t 30,900
C. ₹ 36,050
D. ₹ 10,300
Answer:A
Suresh (age 65) won a prize on lottery ticket on 30.9.2018. The prize amount was ₹ 5,50,000. He had bought lottery tickets for ₹ 75,000 during the year. Assuming that he had no other income chargeable to tax for the year, his income tax liability (including cess @ 4%) would be:
A. ₹ 1,71,600 B. t 30,900 C. ₹ 36,050 D. ₹ 10,300