Q. No. 5
From the following particulars of income of Shri M. Shaw during the year ending March 31, 2020 ascertain
his total income and income tax for the assessment year 2020-21.
(a) As a secretary of a company, he received salary at 25,000 per month and a house rent allowance
of 5,000 per month. He is living in a house for which he pays 6,000 p.m.
(6) He had a house property which was let out at 2,000 per month for which he had to pay 500 as
ground rent and 167 as insurance charges. The house was subject to local tax at 2,000 per year.
(c) He owned a residential house since 1965 which he sold during the year at a profit of 12,500.
(d) He had some agricultural lands in the village wherefrom he received an income of 4,200.
(e) During the year he received 20,750 as interest from saving account in the bank and 13,550 interest
on Postal Saving Bank Account
() He was a gambler and during the year he earned an income of 5,900 from gambling.
(9) From a mutual fund his dividend income is 3,000.
(h) He earned 27,500 as interest from Government Securities.
(0) He had a half-share in an AOP and his share of profit was 7,200.
AOP has no such member whose individual income exceeds exempted limit.
He insured his life and paid 28,000 as premium. He got his LIC policy in May 2012 and the capital sum
assured is 2,50,000. He donated 20,000 for promotion of family planning. [Adapted I.C.W.A. Final]
[Hints : Salary Income 2,68,000; H.P. 15,400; L.T. C.G. 12,500; Other Sources 64,200, Deduction
u's 80C * 25,000 and 80G 20,000; u/s 80TTA 10,000; Total Income 3,05,100 share from AOP shall
not be added: AOP to be taxed at MMR; Tax 6,105 less rebate u/s 87A 6,105 - NIL. Interest on postal
saving bank account is exempt upto 3,500 u/s 10(15)]
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