84.680 6.04,060 Computation of tax on total income of 6,04,060 On first 2,50,000 of total income On next * 2,50,000 of total income On balance * 1,04,060 10% 20% NIL 25.000 20.812 45.812 Tax Add : Education cess @ 2% of tax Secondary and Higher Education cess @ 1% of tax 916 458 Total Tax 1.374 214 Tax payable rounded off 47,190 47.186 Note. (1) Long term capital gains on sale of shares earned during the year is exempt u/s 10(38). (2) Interest on Post office saving bank account is exempt upto 3,500 u/s 10(15) in respect of single account.. (3) It is assured that life insurance premium paid falls within prescribed limits. ILLUSTRATION 5 Dr. Singh is a practitioner. Besides his own practice, he works as a part-time physician in a private hospital for which he receives a monthly remuneration. He is also Consultant-Physician of ABC Co. Ltd. on a monthy retainer fee. The doctor maintains a record of his receipts and payments and for the year ended 31st March, 2015 the following information is abstracted therefrom: Receipts : Consultation fee receipts 1,70,000 Gross Remuneration from the private hospital 1,30,000 Retainer fee from ABC Co. Ltd. 24,000 Interest on bank fixed deposits (nationalised bank) 18.000 Long term capital gain on sale of shares (STT paid) 50,000 60,000 Short term capital gain on sale of shares (STT paid) Payments : 17,000 Rent and electricity charges for the clinic 7,400 Telephone charges 500 Printing and stationery 9,000 Car maintenance expenses 6,600 Wages of clinical assistant 3,600 12,400 Life Insurance premium The written down value of the car purchased in January 1990 and the furniture at the clinic as 1-4-2014 are noted to be * 40,000 and 2,000 respectively. 30% of the use of the car and the telephone is attributable to personal and private purposes. Driver's salary year 2015-16. Prepare a statement showing the total income and tax payable of the doctor for the assessment