Computation

The casual income will be taxable at the flat rate of 30%which after adding cess will amount to 31.2% Add: surcharge if any.

No deduction u/s sec 80C or 80D or any other deduction/allowance is allowed from such income. The Benefit of basic exemption limit and income tax slab rate is also not applicable to this income. The entire amount received will be taxable at the flat rate of 31.2%

So, Tax @ 30% ... is 30,60,000/-

Surcharge.... 140.000/- (with marginal relief)

Add health cess @ 4%... 1,28,000/-

Total tax liability ... Rs. 33,28,000/-

Agreed with Dhirajlal sir. casual income can neither be subjected to deduction nor can be used to exhaust basic exemption limit.