1ST INTERNAL TEST
SUBJECT: INCOME TAX - B.COM VI SEMESTER
1)
i) Interest on securities Rs 6,000
ii) Winning from horse races Rs 12,500.
iii) Income earned from subletting of house Rs 10,500.
iv) Dividend from a foreign company Rs 26,000.
v) Interest on Postal savings Bank account Rs 2,000.
vi) Ground rent for land in patna Rs 5,000.
vii) Expenses incurred on sub-lettering Rs. 500
viii) Income from agricultural land in Bangladesh Rs 20,000.
ix) Directors fee Rs 1,800.
x) He received a gift from his cousin a wrist watch Rs 5,000 on 01.06.2022.
xi) Rs 700 received by an account payee cheque as interest on debentures (listed) of a company. Which
public are substantially interested.
xii) Interest on deposit under Gold Monetisation scheme, 2015 Rs 15,000.
xiii) he gets gift of a house property from friend Mr. Basu on 10.0.2022. Stamp duty value of the property
on the date of gift is Rs 45,000.
2)
i) Director’s fees 10,000
ii) Interest on bank deposits 3,000
iii) Income from undisclosed sources 12,000
iv) Winning from lotteries (Net) 28,000
v) Royalty on book written 8,000
vi) Income from lectures delivered 5,000
vii) Interest on loan given to relative 7,000
viii) Interest on tax free debentures of a company (net) 3,600
ix) Dividend from co-operative society 8,000
x) Interest on SBI SB A/C 500
xi) Interest on central Govt securities 2,200
He paid Rs 1,000 for typing of the manuscript of the book.
3)
1) Dividend declared by M company on 31-03-2023 Rs. 6,000.
2) Dividend declared by Z company on 31-03-2023 Rs 9,000.
3) Interim dividend received on 1-5-2022 Rs 3,000.
4) He won gold worth Rs 10, 00, 000 from Punjab state lottery.
5) During March 2023, he earned Rs 1,00,000 as prize money on horse races. These are owned by him
and expenditures incurred on maintenance of these horses amounted to Rs 1, 60,000.
6) Gift of building from elder brother of his father in law stamp duty value Rs 25,00,000. Compute his
income from other sources for the A.Y. 2023-24.
