INCOME FROM OTHER SOURCES Q.1. Mr. Richards is a non resident.

He has earned following amounts during the previous year ended 31st March, 2011. 1. Income from agricultural land in Sri Lanka Rs.1,50,000/- received in Sri Lanka. 2. Dividend from Indian companies received Rs.5000/- received in India. 3. Dividend from Indian companies received: a) Final dividend from pace construction Ltd. Rs 15,000/b) Interim dividend from Glindia Ltd. Rs 12,400/- was actually paid by the company on 30th June, 11. 4. Winnings from lotteries Rs. 1,00,000/-(T.D.S. Rs.35,000/-) 5. As on 1st April, 2010 his investment was as follows: a) 10% Mumbai Municipal Debentures Rs. 50,000/b) 15% Debentures in Telco Ltd of 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. Richards for the assessment year 2011-2012. Q.2. Professor Godbole of Bombay University has received following receipt during the year ended 31st March 2011. 1. Salary Income Rs.1,42,000. (Gross) 2. Interest on National Saving Certificates VIIIth issues Rs.770. 3. Rs.3,185/- as interest on Post Officer Saving Bank. 4. Received Rs.30,000 from L.I.C. on maturity of policy. 5. Examinership fees Rs.3,350 received from the Institute of Chartered Accountancy of India, New Delhi. 6. Income by way of Dividend from Indian Companies: National Rayon Ltd Rs.750/Reliance Industries Ltd. Rs.685/Oswal Agro Ltd. Rs.315/7. Winning from crossword puzzles Rs. 8,880/Q.3. 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.600. Repairs Rs.2,000. Insurance Rs.400. Municipal Taxes paid Rs.1,000. Her other income is as follows: 1. Interest on Bank deposits Rs.12,500. 2. Dividend on Shares of Indian Companies :

Rs. 500 from L&T Ltd. Rs. 750 from Amarnath Textiles Ltd. Rs. 1,500 from Bindal Agro Ltd. She paid Rs.25 for collection charges and Rs.2,000 as interest on loan borrowed for purchase of above shares. 3. Dividend from UTI Rs.47,000. 4. Accrued Interest on NSC Rs.17,800. 5. Dividend from foreign companies Rs.14,500. 6. Family Pension of Rs.12,000 on the death of her husband from his Employer. Compute Mrs. Pritis Gross Total Income for the assessment year 201112. Q.4. Mr. Sunil is the owner of M/s. Hotel Trupti. He informs you that: 1. Income for business Rs.1,15,000/2. 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 Debenture to Mr. Reagan, an American resident. No tax has been deducted at source nor there is any representative assessee in India. 3. Received Rs.35,000 royalty from Deepak Prakashan for writing a book on Hotel Management. He incurred the expenses for preparing manuscript and purchases of certain books for reference Rs.12,000/-. These expenses are bonafide and reasonable. 4. Mr. Sunil took Anand Bhavan on rent of Rs.2,000 p.m. He sub-letted this property to Mr. Sanjay at Rs.2,500 per month w.e.f. 1st April,2010. 5. Accrued interest on Indira Vikas Patra Amounts Rs.15,000. 6. Directorship fees from Impex Associates Pvt. Ltd. received Rs.12,000/7. Interest on deposits with ACC Ltd Rs.12,000. Calculate his total income for the assessment year 2011-2012.

Q.5. Following is the Receipt and Payment A/c. of Mrs.Ujwala who is a professor in Arts & Commerce College of Vidya Prasarak Mandal, Thane, for the year ending on 31.03.2011. PARTICULARS Rs. PARTICULARS Rs. Salary from college 1,51,000 Household Expenses 41,500 Interest on Bank Deposits 1,500 Investments in U.T.I. in Dividend from U.T.I. 3,000 monthly Income Unit scheme

Examinership Fees (M.U.) Award for Best article written On Export Management Gift from father Dividend from : Thane Janata Sahakari Bank VPMs Teacher Co-op. Credit Society LIC Policy matured : Principal Amount 17,000 Bonus 5,000

4,000 on 31-3-2011 Expenses on House property (self occupied) 10,000 Land Revenue 800 65,000 Insurance 1,200 Repairs 8,000 3,000 Donation to: Sant Gadge Maharaj 2,000 Dharmashala Trust Purchase of land Interest on loan borrowed for 22,000 The purpose of investment in Shares of Thane Janta Sahakari Bank

1,20,000

10,000 10,000 37,500

2,500

2,61,500 2,61,500 Compute Gross Total Income of Mrs. Ujwala for the assessment year 2011-12. Q.6. Mr.Arjun owns three residential units. Units No.1 is self occupied whereas unit Nos.2 and 3 are let out. Unit No.2 is let out on a monthly rent of Rs.500 p.m. Municipal taxes are to be borne by tenant. Expenses incurred for this unit are : Insurance 200 Collection charges 150 Ground rent 100 Unit No.3 is fully furnished with furniture and electrical appliances (including refrigerator, television etc).This unit is let out on a monthly rent of Rs.10,000. All expenses including municipal tax are to be borne by tenant ( Income of building and appliances is inseparable). Annual interest due on 31st march, 2011 on the investment in10 % Maharashtra State Loan of Rs.15,000/- which was received in April,2011. Interest of Rs. 1,000/- is credited to the Public Provident Fund Account With State Bank of India. He received Rs. 4,500/- as dividend from Unit Trust of India. You are required to compute the gross total income of Mr.Arjun for the assessment year 2011-2012. Q.7. Mr.Ramakant provides you the following information for the financial year 2011 1. Salary @Rs.6,000 p.m. 2. Bonus for the year Rs.2,000 was declared. 3. Honorarium for playing cricket from Mulund Gymkhana Rs. 5,000/4. Received an award of Man of the Match of Rs.5,000/-

5.

Arjun Award of Rs.10,000 instituted in the public interest by Govt. of Maharashtra for showing proficiency in sports. 6. He owns the following securities on 1-4-2007: 15% Mumbai Port Trust Bonds Rs. 15000/(Interest payable annually) 10% Bonds of Narmada Cement Ltd Rs. 7,500/7. Interest on: Fixed Deposit with State Bank of India 12,800/Interest Accrued on Indira Vikas Patra Rs. 11,200/Compute Mr. Ramakants total income for the assessment year 20112012. Q.8. Mr. Jayantrao provides you the following information for the year ended 31st March,2011. 1. Received Rs. 12,000 from H.U.F. as a member of H.U.F. 2. Salary @ Rs.12,000 p. m. from Marathwada Krishi Mahavidyalaya being a lecturer in the college. 3. Examinership fees received from Pune university Rs.13,750. 4. Royalty from Anmol Prakashan Rs.32,250/- for writing a book on Progress & Problems of agriculture in India. 5. Received an award of Rs.25,000/- from Krishi VikasMahamandal instituted in public interest by government of Maharashtra in respect of Scientific Study of Krishi Udyog. Compute the gross total income of Mr.Jayantrao for the assessment year 2011-2012.