INCOME FROM OTHER SOURCES

Q1. From the following particulars submitted by Mr. Abhijeet, compute his income from other
sources for the AY 2022-23
Particulars Amount
Director's meeting fees received from Y Ltd 3,000
Agriculture income from land situated in India 10,000
Agriculture income from Nepal 15,000
Interest
(a) from bank on FDR (net) 9,000
(b) on post office saving account 4,500
(c)on Government securities 1,200
(d) on Public Provident Fund account 9,450
(e) on National Savings Certificate VIII issue 3,000
Dividend from A Ltd 24,000
Lottery prize 1,50,000
Rent from sub-letting of a flat (rent paid to landlord for the flat is Rs. 15,000p.m) 3,00,000
Income Tax refund for AY 2021-22
Excess Income 35,000
Interest 525
(i) Mr. Abhijeetspent Rs.600/- for realizing rent.
(ii) He had also spent Rs. 10,000 for the purchase of lottery tickets and received
the prize on one ticket.
(iii) Rate of T.D.S. on interest on FDR is 10%.

Q2.Miss Radha a resident individual, submits the following particulars of her income for the
year ended on 31-03-2022
(a) Royalty from coal mine Rs. 2,00,000
(b) Agriculture income in Pakistan Rs. 1,15,000
(c) Salary as a member of Parliament Rs. 6,00,000
(d) Daily Allowance as M.P. Rs. 5,000
(e) Her residential house has been taken on rent of Rs. 3,00,000 p.a. half of which
she has sublet at Rs. 13,750 p.m.
(f) Dividend received from cooperative society Rs. 5,000
(g) She has incurred the following expenses-
(i)Paid collection charges Rs. 100 for collecting dividend
(ii) Rs. 3,000 spent for earning and collecting royalty income
Compute Radha’s income from other sources for the AY 2022-23

Q3. Mrs. Kavita is a professor in KJ college. The particulars of his income for the year ending
31-03-2022 are as follows:
(a) Salary Rs. 32,000
(b) Royalty from books – Rs. 25,000. Expenses on typing, etc. were Rs. 3,000
(c) Honorarium received from a management Institute as a visiting lecturer Rs. 3,000.
conveyance for visiting the Institute Rs.200
(d) Examinership fees from the University of Mumbai Rs.1,000
(e) Family pension of Rs. 42,000 on death of her husband from his employer.
(f) She received the ‘Dronacharya’ Award of Rs. 10,000 for the ‘Best Teacher of the
Year’ from the State Government.
Compute Gross Taxable income of Mrs. Kavita for the AY 2022-23
Q4. Mr. Mody is a director of Lata Steels Ltd. He submits the following Income and
Expenditure Account for the year ended 31-03-2022
Expenses Rs. Income Rs.
Interest Paid (on loan for investments) 15,000 Interest

Wealth tax 2,000 -Bank A/c 9,000

Legal Expenses 20,000 -Public Deposits 8,000

Collection Charges (Interest &
Dividends) 1,000 -Debentures 12,000

Life Insurance Premium 2,000 -Securities 4,000

Drawings 25,000 Dividends from Lata Steels Ltd 5,000

Surplus 36,000 Board Meeting Fees 1,000

Commission 2,000

Royalty from mines 60,000

101,000 101,000
Further Information:
(a) Interest include interest on securities exempt to the extent of Rs. 1,000. The
interest paid is in respectof only taxable investments
(b) The securites were purchased by him on 30-06-2021. Interest on securities is for
one year (2012-22)
(c) Commission is received from Lata Steel Works Ltd. for standing as a guarantor to
a bank
(d) Interest paid includes Rs. 5,000 paid outside India on which no tax has been
deducted at source.

Q5. Mr. B holds the following securities on April, 2021

Rs. 1,00,000 7% securities of Tamil Nadu Government.
Rs. 60,000 14% non-listed Debentures of ABC Ltd.
On August 1, 2021 he borrows Rs. 33,000 at 7% p.a. and invests it in 8%
securities of Central Government purchased at Rs. 110 (Face value Rs. 100)
On October 1, 2021 he further borrows Rs. 40,000 @ 8%p.a. for investing it in
10% listed debentures of DEF Ltd.
Determine his income from other sources for the Assessment Year 2022-23. Interests
on all investments are due and received on March 31 every year.