Question 1: R who does not maintain books of account for the year ended 31-03-2019 requests you to compute his total income and the tax payable thereon for the assessment year from the following: (i) Basic salary CCA HRA 20,000 p.m. 1,000 p.m. 5,000 p.m. (ii) R resides in Chennai paying a rent of 36,000 p.m. (iii) R is paid an education allowance of *500 p.m. per child for all the three of his children. Actual expenses (tuition fees only) amounts to $15,000, 510,000 and $5,000 respectively. (iv) Employer's contribution to Staff Group Insurance Scheme 75,440. (v) He brought a light goods vehicle on 07-06-2018 and has been letting it on hire from the same date. Ile declares as income of 34,900 from the same. (vi) Interest from company deposits is 215,000 and bank interest on saving A/c. is *5,000. (vii) Interest is payable on bank loans availed for buying the truck and making company deposits as follows: Purpose Date of Loan Amount Interest rate Truck purchase 01.04.2018 5,00,000 Company deposit 01.10.2018 1,00,000 (viii) Loss carried forward arising from speculating in shares during the preceding previous year and eligible for setoff is $1,00,000. 10% p.a 9% p.a (ix) R has invested 312,000 in notified equity linked saving scheme of UTI, 352,000 In NSC , 19,000 as life insurance premium on his own life (sum assured *80,000) and *15,000 towards pension fund of LIC