A B 14. Sourav Banerjee, aged 50, is an Indian Resident. He gives the details of...

 

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A B 14. Sourav Banerjee, aged 50, is an Indian Resident. He gives the details of income for the previous year 2019-20 2 as below: (10 marks) 3 a) Gross Salary - Rs. 8,78,000 4 b) Taxable income from house property - Rs. 51,500 Dividend from Unit Trust of India - Rs. 72,000 5 c) 6 d) 7 e) 8 f) He gets share of profit from M/s SOC, a partnership firm, where he has 30% equity holdings Rs. 50,000. 9 g) His wife, Devika Rani, a graduate from Delhi Law School, is employed in M/s SOC as Compliance Manager 10 and gets a salary of Rs. 6,00,000. Her salary savings account is with State Bank of India and she gets an interest 11 income of Rs. 9,000 from bank. 12 h) His minor son, Tapan Banerjee, is a professional singer and earns an income of Rs. 1,40,000. Tapan gets a 13 sum of Rs. 2,50,000 as gift from a friend of his father which he invests in bank fixed deposit and receives a net 14 interest (Net of TDS) of Rs. 40000. He applied for PAN card on 15th April 2020. 15 i) Sourav paid a life insurance premium for Rs. 36,000, Contributed to a recognised pension fund Rs. 50,000 16 and paid school tuition fees Rs. 45,000 for his son. Income from winning of lottery - Rs. 4,00,000 Income from the activity of growing & manufacturing tea in India - Rs. 5,00,000 17 18 You are required to calculate his total income and tax payable by him for assessment year 2020-21. 19 20 21 22 23 24 25 26 27 28 29 30 H > Instructions & CII Type here to search Question 1 & Solution Question 2 & Solution O At Question 3 & Solution Solution: Question 4 & Solution 1 3 A B 14. Sourav Banerjee, aged 50, is an Indian Resident. He gives the details of income for the previous year 2019-20 2 as below: (10 marks) 3 a) Gross Salary - Rs. 8,78,000 4 b) Taxable income from house property - Rs. 51,500 Dividend from Unit Trust of India - Rs. 72,000 5 c) 6 d) 7 e) 8 f) He gets share of profit from M/s SOC, a partnership firm, where he has 30% equity holdings Rs. 50,000. 9 g) His wife, Devika Rani, a graduate from Delhi Law School, is employed in M/s SOC as Compliance Manager 10 and gets a salary of Rs. 6,00,000. Her salary savings account is with State Bank of India and she gets an interest 11 income of Rs. 9,000 from bank. 12 h) His minor son, Tapan Banerjee, is a professional singer and earns an income of Rs. 1,40,000. Tapan gets a 13 sum of Rs. 2,50,000 as gift from a friend of his father which he invests in bank fixed deposit and receives a net 14 interest (Net of TDS) of Rs. 40000. He applied for PAN card on 15th April 2020. 15 i) Sourav paid a life insurance premium for Rs. 36,000, Contributed to a recognised pension fund Rs. 50,000 16 and paid school tuition fees Rs. 45,000 for his son. Income from winning of lottery - Rs. 4,00,000 Income from the activity of growing & manufacturing tea in India - Rs. 5,00,000 17 18 You are required to calculate his total income and tax payable by him for assessment year 2020-21. 19 20 21 22 23 24 25 26 27 28 29 30 H > Instructions & CII Type here to search Question 1 & Solution Question 2 & Solution O At Question 3 & Solution Solution: Question 4 & Solution 1 3

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Statement showing computation of Taxable income and tax payable by Sri Soura... View the full answer