Question

1) A and B were members of an AOP whose accounting year ends on 31" March
every year. On 1" April 2019 S (B's wife) joined the firm as a member and
thereafter all the three members are entitled to share profits and losses
equally. S invested a sum of Rs.2,00,000 as her capital in the firm, the sources
of such investment being the gift received from her father. The other two
members have no capital in the firm. S is actively engaged in the business.
For the Assessment Year 2020-21, the firm's total income has been
determined by the Income-tax officer at Rs.45,000 after making due
adjustments in respect of the following items:
1) Salary:
A
15,000
B
10,000
S
10,000
35,000
2) Interest On Capital:
S
28,000
3) Brokerage:
A
12,000
S
12,000
24,000
4) Rent:
Page 1 of 3
October
The American college, Madurai
department of commerce (It)
Course title: BUSINESS TAXATIONI
Course code: PCO 5423
Course teacher: MR.A.SAMUEL RAJ
B (for the office premises owned by him)
9,000
A won a prize of Rs.10,000 in West Bengal State Lottery and a sum of
Rs.3,000 was deducted at source out of the same. S holds 10,000 equity shares of
a company on which a dividend of 95 paise per share was declared by the
company in its Annual General Meeting held on 28th March, 2020. Apart from the
above, no partner has any other income whatsoever.
Compute the total income of each of the partners and indicate the amounts
on which they would be liable tax respectively.​

Answer 1

Answer:

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