Answer:
To calculate the total income for Ms. Anucampa for the relevant assessment year 2022-23, we need to consider the following items and determine whether they are included or excluded based on her residential status:
Short term capital gains on sale of shares in an Indian company received in Japan - 10000
Dividend from a Chinese company received in China - 3000
Agricultural income from land in Madhya Pradesh - 5000
Dividend from PJV Ltd, an Indian Company - 4745
Gross Rent from a residential property located in Singapore, later remitted to the saving account in Bank of Maharashtra, Mumbai using the approved channels - 600000
Now, let's analyze the steps to determine the inclusion or exclusion of these items for a resident and ordinary resident (A) and a non-resident (B):
Step 1: Determine Residential Status
First, we need to establish whether Ms. Anucampa is a resident and ordinary resident or a non-resident for the relevant assessment year.
Step 2: Consideration of Specific Items
Next, we will assess each item and determine whether it should be included or excluded from the total income based on her residential status.
Step 3: Calculate Total Income
Finally, we will sum up the included items to calculate the total income for the assessment year 2022-23.
Option 1: Resident and Ordinary Resident (A)
Option 2: Non-Resident (B)
Option 3: Not Applicable
Let's now apply these steps to calculate the total income for both options (A and B).
Option A: Resident and Ordinary Resident
Short term capital gains on sale of shares in an Indian company received in Japan - Included
Dividend from a Chinese company received in China - Included
Agricultural income from land in Madhya Pradesh - Included
Dividend from PJV Ltd, an Indian Company - Included
Gross Rent from a residential property located in Singapore, later remitted to the saving account in Bank of Maharashtra, Mumbai using the approved channels - Excluded (Income from a foreign residential property is not taxable for residents)
Total Income = 10,000 + 3,000 + 5,000 + 4,745 = 22,745
Option B: Non-Resident
Short term capital gains on sale of shares in an Indian company received in Japan - Excluded (Non-residents are not taxed on capital gains arising outside India)
Dividend from a Chinese company received in China - Excluded (Non-residents are not taxed on dividend income earned outside India)
Agricultural income from land in Madhya Pradesh - Excluded (Agricultural income earned in India is not taxable for non-residents)
Dividend from PJV Ltd, an Indian Company - Excluded (Non-residents are not taxed on dividend income earned from an Indian company)
Gross Rent from a residential property located in Singapore, later remitted to the saving account in Bank of Maharashtra, Mumbai using the approved channels - Excluded (Income from a foreign residential property is not taxable for non-residents)
Total Income = 0
From this, we can clarify that:
For a resident and ordinary resident (A), the total income is INR 22,745.
For a non-resident (B), the total income is INR 0.
Please note that this is a simplified calculation based on the given information, and actual tax liabilities may vary based on specific tax laws and regulations. It is always advisable to consult a tax professional or refer to the relevant tax authorities for accurate and comprehensive tax calculations.
Step-by-step explanation: