INCOME FROM OTHER SOURCES-PR1

Q1] Mr. Richard is a non-resident. He has earned following amounts during the previous year ended 31st
march 2023:
1. Income from agricultural land in Srilanka Rs 1,50,000 received in Srilanka.
2. Dividend from foreign companies received Rs 5,000/-.
3. Dividend from Indian companies received:
a) Final dividend from pace constructions ltd. Rs 15,000/-
b) Interim dividend from Glindia ltd. Rs 12,400 was actually paid by the company on 30th June
2023.
c) Dividend from nationalized banks
a) bank of India 2,000 Rs
b) bank of Baroda 3,000 Rs
4. winnings from lotteries Rs 1,00,000 (TDS Rs (35,000/-)
5. As on 1st april,2022 his investment was as Follows:
a) a)10% Mumbai municipal debentures Rs 50,000/-
b) 15% Debentures in Telco Ltd Rs 1,00,000/-
c) 8% Port Trust bonds of Rs 30,000/-
d) 9% Maharashtra Govt. Loan of Rs 40,000/-

Compute the gross total income of Mr. Richard for the assessment year 2024-25.

Q2] Mr. Santosh Bhosale who is physically disabled person (50% disability) as certified by medical
authority is employed with Roshan college of commerce. He furnishes the following information for the
previous year 2023-24. Compute his taxable income for A.Y.2024-25
a) Basic salary Rs 1,00,000
b) DA Rs 30,500
c) Arrears of salary (not taxed earlier) Rs 10,000
d) Medical expenses reimbursement Rs 12,000
e) Leave salary received Rs 14,000
f) Examiner ship fees from the college Rs 2,000
g) Fees for setting Tybcom papers for Mumbai university Rs 4,000/-
h) Royalty received from Chetna publications for writing book on accountancy price Rs 20,000
expenses incurred for writing manual script of this book Rs 4,000/-
i) Profession tax paid 2,500/-

Q3] Mr. Dattatreya Rane is employed with hi-tech ltd. He furnishes the following information for the
assessment year 2024-25.
1.Net salary-Rs. 15,00,000.
2. Income tax deducted source-Rs. 7,500.
3. Professional tax deducted –Rs. 2,400.
4. Bonus received during the year-Rs. 38,000.
5: Arrears of salary received- Rs. 45,000.
6. Perquisite value of gas water and electricity-Rs. 6,000.
7. He took advance salary of Rs 50,000 on account of marriage of her daughter
8. Mr. Dattatreya paid LIC premium of Rs 15,000 deposited Rs 3,000 in the PPF a/c.
9. MR. Dattatreya is also a director of a company and received Rs 3000 as directors sitting fees.
10. He received Rs 4,000 as interest on fixed deposits with state bank of india.
Compute his total income for the Asseseemet year 2024-25.

Q4]Mrs. Priti is a social worker. She owns a house property at Vashi – New Mumbai which is let out at an
annual rent of Rs 25,000. She incurred following expenses in respect of house property:
Ground rent-Rs. 69,000.
Repairs – Rs. 56,000
Insurance – Rs. 51,500.
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Municipal taxes paid –Rs. 6,000.

Her other income is as follows:
1. Interest on bank deposits Rs 12,500/-
2. Dividend on shares of Indian companies: -Rs. 45,000
3. Dividend from unit trust of India Rs 47,000/-
4. Accrued interest on NSC Rs17,800/-
5. Dividend from foreign company Rs 14500/-
Compute Miss Priti’s Gross total income for the assessement year 2024-25.

Q.5] Mr. Sunil is the the owner of M/s Hotel Trupati. He informs you that:
1. Income from business Rs 1,15,000/-
2. Recovered Rs 5,000 which was allowed as a deduction on embezzlement of cash by cashier in earlier
previous year. This has not been accounted in books of hotel Trupati.
3. Income by way of interest on debentures amounted to Rs 12,000. He paid Rs 6,000 as interest on amount
borrowed for purchase of debentures to Mr. Regan. an American resident.
4. Received Rs 35,000 royalty from Deepak Prakashan for writing a book on hotel management. He
incurred the expenses for preparing manuscripts & purchase of certain books reference Rs 12,000/- this
expenses are reasonable.
5. Mr Sunit took Anand Bhavan in rent of Rs 2,000 pm. He sub-leted tis property to Mr Sanjay at Rs 2,500
per month w.e.f 1st april,2024.
6. Accrued interest on Indro Vikas amounts to Rs 15,000.
7. Directorship fees from Impex Associates Pvt. Ltd received Rs 12,000/-.
8. Interest on deposits with ACC ltd 12,000
Calculate his total income for the assessment year 2024-25.

Q6] MR. RAMKANT provides you the following information for the financial year 2023-24:
1. Salary @ Rs 6,000p.m.
2. Bonus for the year Rs 2,000 was declared.
3. Honorarium for playing cricket from mulund gymkhana rs 5,000/-
4. Arjun award offers 10,000 instituted in public interest by govt. Of Maharashtra for showing
proficiency in sports.
5. He owns the followingsecurites on 1-04-2010:
15% Mumbai port trust bonds rs 15,000/-
(interest payable amount)
10% bonds of Narmada cement ltd0Rs 7,500/-
6. Received an award of man of the match of Rs 5,000/-
7. Interest on :
Fixed deposit with state bank of india – Rs 12,800/-
Interest accured on indira vikas patra – Rs 11,200/-
COMPUTE MR.RAMKANTS TOTAL INCOME FORTHE YEAR 2024-25.

Q7] Mr. Jayantrao provides you the following information for the year ended 31st march,2019.
1. Received Rs 12,000 from H.U.F as a member of H.U.F.
2. Salary 2 Rs 40,000 p.m. fom marathwaa Kristi mahavidyalaya being a lecturer in the college.
3. Examiner ship fees received from Pune university Rs 13,750.
4. Royalty from Anmol Prakashan Rs 32,250for writing a book on “progress & problem of agriculture
in India.”
5. Received an award of Rs 25,000/- from Kristi vikas mahamandal instituted in public interest govt of
Maharashtra in respect
6. Compute the gross total income of the year 2024-25.

Q8]MR. ABHIMANYU provides you the following information for the assessment year 2019-20:
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1. Received rent Rs 8,800 from one of the tenants on 17th august,2018. Deduction was allowed in the
earlier years in respect of unrealised rent. The house in which this tenant was staying was sold in
January, 2018.
2. Received Rs 2,00,000/- from LIC Under key man insurance policy. This sum is neither chargeable to
tax under the head salaries.
3. Net income from sub-letting a house property @ Rs 500per month.
4. Withdrawals from public provident fund account Rs 34,000.
5. He owns the following of the shares and securities as in 1-4-2018.
i)Rs 50,000 : 7% Gujarat state loan.
ii)Rs 40,000 : 10% debentures of Mumbai port trust.
iii)Rs 10,000 : 8% preference shares of shakti chemicals pvt.ltd (dividend received on 26th dec,2018)
iv) Rs 5,000 : 10%preference share of godrej & Boyce India ltd.
v) equity shares of Rs 100/- each in Deepak fertilizers ltd. 10% Dividend was declared in A.G.M.
held in nov,2023. Equity shares were sold in march;2024 These shares were held for more than 12
months.
Interest in respect of securities became due on 31st December,2023 and was duely received by 16th January,
2024..
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