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The document presents various income scenarios for individuals Mr. Srujan Gupta, Mr. Tejas, and Mr. Subhash, detailing their earnings from different sources including royalties, dividends, workshops, and gifts for the assessment year 2024-25 and previous years. Each individual's income includes deductions and specific financial details that need to be computed for taxable income. The document outlines various income sources and deductions relevant to income tax calculations.

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181 views2 pages

Other Sources

The document presents various income scenarios for individuals Mr. Srujan Gupta, Mr. Tejas, and Mr. Subhash, detailing their earnings from different sources including royalties, dividends, workshops, and gifts for the assessment year 2024-25 and previous years. Each individual's income includes deductions and specific financial details that need to be computed for taxable income. The document outlines various income sources and deductions relevant to income tax calculations.

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shirwadkarsarvesh334
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Problem No: 03 (KUD:2022- 15 Marks)

Mr. Srujan Gupta submits the following information for computing his income under the
head income from other sources for the AY 2024-25
1. He is an author of Leadership Development book which fetched him gross royalty of
Rs: 35,400
He claims the following deduction in this regard:
a. Salary to DTP operator Rs: 3,400
b. Other books purchased for developing content of the book Rs: 2,000
2. Income from writing articles in magazines Rs: 7,500
3. During the year he conducted 25 workshops on leadership development from which
he earned an income of Rs: 1,000 per workshop
4. Income from agriculture in Srilanka Rs: 12,000
5. Dividend on shares of Tata Tea Ltd. A company incorporated under Indian companies
act Rs: 13,000
6. Winning from horse race (Net) Rs: 35,000
7. He lives in a rented house aying a rent of Rs: 3,000 per month. He has sublet 1/3
portion of the house on a rent of Rs: 1,500 p.m. Mr. Gupta has undertaken the liability
of paying municipal taxes of Rs: 3,000 on the whole house and also the current
repairs of the whole house amounting to Rs: 900
8. He also invested in the following:
a. Rs: 36,000 10% tax free commercial securities
b. 27,000 10% Karnataka Government Bonds
c. Rs: 18,000 10% Debentures of A Co. Ltd.

Problem No:
Mr. Tejas (Resident) gives the following information on his income for the previous year
2021-22
Compute his taxable income from other sources: (Ignore Alternative Tax Regime under
Section 115 BAC)
1. Dividend on preference shares (Gross) Rs: 2,00,000
2. Income from undisclosed sources Rs: 7,000
3. Income from letting on hire of building and machinery under lease Rs: 30,000
4. Interest on bank deposits Rs: 3,200
5. Income received from ground rent Rs: 6,000
6. Directors sitting fees received Rs: 4,000
7. Winning from lotteries (Net) received Rs: 7,000
8. Gifts received:
a. Received Rs: 80,000 as gift from his friend Mr. Keshav.
b. Received Rs: 1,00,000 as gift from his elder brother
c. Received Rs: 1,40,000 as gift on his marriage.
d. Received a gift from his grandmother Rs: 40,00,000
Following are the deductions which are claimed by him.
i. Depreciation allowed on building and machinery Rs: 2000
ii. Fire insurance on building and on plant and machinery Rs: 250
Problem No: (BU:2020)
Mr. Subhash a resident in India earned the incomes during the financial 2023-24 (Ignore
alternative Tax Regime under Section 115 BAC)
1. Interest on securities Rs: 6,000
2. Winning from horse races Rs: 12,500
3. Income earned from sub-letting of house Rs: 10,500
4. Dividend from a foreign company Rs: 26,000
5. Interest on postal savings bank account Rs: 2,000
6. Ground rent for land in patna Rs: 5,000
7. Expenses incurred on sub-letting Rs: 500
8. Income from agricultural land in Bangladesh Rs: 20,000
9. Director fees Rs: 1,800
10. He received a gift from his cousin a wrist watch Rs: 5,000 on 1.6.2020
11. Rs: 700 received by an account payee cheque as interest on debentures (listed) of a
company in which public are substantially interested.
12. Interest on deposit under Gold monetization Scheme, 2015 Rs: 15,000
13. He gets a gift of a house property from friend Mr. Basu on 10.4.2021
Stamp duty value of the property on the date of gift is Rs: 45,000

Problem No: 03 (KUD:2022-5 Marks)


Following income other sources for the A.Y. 2024-25 fro the following information:
1. Rs: 11,000 invested in 10% Central Government Securities
2. Rs: 36,000 invested in 10% tax free commercial securities
3. Rs: 30,000 invested in 13.5% securities of Asia tea Co. Ltd.
4. Rs: 80,00 interest received on Karnataka state government securities
5. Rs: 7,200 interests received on securities of Kisan Fertilizer Ltd.
Computation of income from other sources

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