Question

6. Mr. P received the following income during PY 2020-21. Determine his IFOS.
(i) Director’s fees Rs. 5,000
(ii) Income from agricultural land in Pakistan Rs. 15,000
(iii) Rent from let-out land in Jaipur Rs. 20,000
(iv) Interest on saving deposit with Post office Rs. 1,000
(v) Divided from Indian company Rs. 5,000
(vi) Received Interest on debentures Rs.9,000 and bank charged collection charges @1%.
(a) Rs. 21,000
(b) Rs. 46,000
(c) Rs. 54,910
(d) Rs. 26,000

Answer 1

Rs.21,000 is the right option plese mark brainliest

Answer 2

The answer is (c) Rs. 54910

Given:

Director's Fee = Rs. 5000

Income from agricultural Land in Pakistan = Rs.15000

Rent from let out land in Jaipur = Rs. 20000

Interest on savings deposit with Post Office =Rs. 1000

Dividend from Indian Company =Rs. 5000

Received Interest on debentures = Rs. 9000

Bank charge for collecting interest on debentures = 1%

To find:

Mr. P's Income From Other Sources. (IFOS)

Solution:

For the calculation of Income from other sources of Mr. P we will add the given sources from which Income are generated.

calculation of bank charges = 1% × 9000

$= \frac{1}{100} \times 9000$

= Rs. 90

Now, the total Income from other sources of Mr. P

= 5000 + 15000 + 20000 + 1000 + 5000 + 9000 - 90

= 55000 - 90

= Rs. 54910

We subtracted Rs. 90 because it is an expense which has to be paid by Mr. P.