Mr. Bhasin, a resident individual, aged 52 years, provides management consultancy services to various corporate and non-corporate clients. His Income & Expenditure A/c for the year ended 31st March, 2023 is as under: Expenditure Amount (₹) Income Amount (₹) To Employees' Remuneration 15,00,000 By Gross Receipts from Profession (last year ₹ 75,00,000) (No TDS was deducted from any of the receipts) 60,60,000 To Office & Administrative Expenses 5,00,000 By Interest on Savings Bank Account 25,000 To Rates and Taxes 15,000 By Winnings from Lottery (Net of cost of lottery tickets of ₹500) 99,500 To Interest Expenses 80,000 By Rent Received 2,40,000 To Office Rent 2,40,000 To Insurance Premium 72,000 To Professional Fees 2,00,000 To Depreciation on Computers 1,20,000 To Excess of Income over Expenditure 36,97,500 64,24,500 64,24,500 The following details relates to F.Y. 2022-23: (i) Employees' Remuneration includes a sum of ₹3,00,000 paid to his wife, Mrs. Beena who is working as a manager in his office. She does not have any technical or professional qualification or experience required for the job. The payment of salary was as per market rates in comparison to similar work profile. (ii) Mr. Bhasin owns a big house with 2 independent units. Unit - 1 (with 50% floor area) has been let our for residential purposes at a monthly rent of ₹ 20,000 for the entire year. Unit - 2 (the balance 50% of the floor area) is used by Mr. Bhasin as his residence - cum-office. Other particulars of the house are: Municipal Valuation - ₹3,60,000 р.а. Fair Rent - 4,20,000 р.а. Standard Rent under Rent Control Act -₹ 4,00,000 р.а. (iii) Rates and taxes include a sum of ₹10,000 paid as municipal taxes of the house. (iv) Interest expenses represent interest on capital borrowed from a nationalised bank for the construction of the house. The construction was completed in F.Y.2010-11. Neither the loan nor the interest was paid till the due date of filing the return of income. (v) Based on the actual rent received for Unit-1, Mr. Bhasin has debited ₹2,40,000 as notional rent for Unit-2 which is used for his profession. (vi) The expense on insurance premium of ₹ 72,000 represents lump-sum health insurance premium paid by Mr. Bhasin for 3 years effective from 1stJuly, 2022 to 30th June, 2025 for himself, his spouse and two dependent children. The said insurance premium was paid through account payee cheque. (vii) The expenses on professional fees paid includes a sum of ₹1,00,000 paid to Mr. Raunak, an Indian resident on which no tax was deducted at source. (viii) There was only a block containing computers which came into existence only on 2nd April, 2022 when new laptops (for ₹ 1,60,000), printers and scanners (for ₹40,000) were purchased. He charged depreciation @ 60% in the entire cost of ₹2,00,000 and debited the amount to Income & Expenditure A/c. (ix) Mr. Bhasin has also taken a loan of ₹ 5,00,000 from a nationalised bank for higher education of his son. During F.Y.2022-23, he repaid principal of ₹ 75,000 along with interest of ₹40,000. This amount is not reflected in Income and Expenditure Account. You are required to compute the total income under proper heads of income of Mr. Bhasin for A.Y. 2023-24 under regular provisions of Income-tax Act 1961, assuming that he has not opted to pay tax under section 115BAC. Also calculate the total tax payable by him.