INCOME TAX-II [AY: 2021-22, PY: 20-21] VI SEM BBA

For Private Circulation Only, JU-CMS - Compiled by : Dr.Umakanth.S,Mr.Avinash Raj David, Dr.Supriya Rai & Vivek Gupta 9
INCOME TAX-II [AY: 2021-22, PY: 20-21] VI SEM BBA

5. Mr.Xerox has the following incomes during the year ending 31-3-2021
a. Dividend declared by Indian Company on 31-3-2020 Rs. 6,000
b. Dividend dealred by Indian company on 31-3-2021 Rs .9,000
c. Interiem dividend received on Indian company 1-5-2020
d. He won gold worth Rs. 10,00,000 from Punjab state lottey
e. During march 2021 he earned Rs. 1,00,000 as prize money on horse races. The horses
are owned by him and expenditure incurred on maintenance of these horses amounted
to Rs. 1,60,000
Compute income from other sources for the assessment year 21-22

For Private Circulation Only, JU-CMS - Compiled by : Dr.Umakanth.S,Mr.Avinash Raj David, Dr.Supriya Rai & Vivek Gupta 10
INCOME TAX-II [AY: 2021-22, PY: 20-21] VI SEM BBA

6. Pooja has the following investments and incomes in the previous year ended 31.3.2021.
Calculate her income from other sources:
a) Dividend from a company 7,800
b) Examinership remuneration 2,000
c) Royalty from the publication of a book 48,000
d) Winning from the lottery (Net amount) received on 1.3.2021, 35,000
e) Rs. 40,000, 10% Debentures of Company (listed)
f) Rs. 40,000, 12% Tax-free Punjab Govt. Securities
g) Rs. 50,000, 13% Less Tax commercial securities (unlisted)
h) Rs. 40,000, 10% Tax-Free debentures of a Company (unlisted)
i) Rs. 5,400 as interest on tax-free debentures (listed) received on 1-3-2021
In October 2020 she sold the above 40,000, 10% (Tax free) debentures of a company for
Rs. 45,000. In December 2020 she inherited Rs. 63,000, 10% (Tax free) debentures
(listed) of XYZ company limited from her father. Interest on above securities falls due on
December 31st of every year.

She claims the following deductions:

1. Collection charges for interest and dividend @ 2% of net amount realized.
2. Purchase of lottery tickets Rs. 2,000.

For Private Circulation Only, JU-CMS - Compiled by : Dr.Umakanth.S,Mr.Avinash Raj David, Dr.Supriya Rai & Vivek Gupta 11
INCOME TAX-II [AY: 2021-22, PY: 20-21] VI SEM BBA

For Private Circulation Only, JU-CMS - Compiled by : Dr.Umakanth.S,Mr.Avinash Raj David, Dr.Supriya Rai & Vivek Gupta 12