INCOME TAX Calculation of Gross Total Income Practical Question and Answers: Mr. Fazal furnishes the following...

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INCOME TAX Calculation of Gross Total Income Practical Question and Answers: Mr. Fazal furnishes the following particulars of his income during the year 2017-18. 1. Interest on Italy Development Bonds (one-fourth is received in India) Rs.40,000/- 2. Income from agriculture abroad received there 355000 but remitted Rs. 90,000/- later to India 3. Interest from deposits in USA received there Rs. 400000/- (Rs.80000/- was spent in Australia for meeting the education expenses of his son and Rs. 250000/- was remitted to India) 4. Income from business in France controlled from New Delhi 80,000 5. Dividend paid by an Indian company but received outside India Rs. 200000/- Past untaxed profit of 2012-13 brought to India in July 2016 Rs. 230000/- 7. Profits from a business in Rajasthan managed from outside India (60 per cent of the Profit is received outside India) Rs. 98000/- 8. Profits on sale of a building in India but received in Mumbai Rs. 1900000/- 9. Pension from a former employer in India, received in France Rs. 230000/- 10.Gift in foreign currency from a friend received in India on 07-11-2017 Rs. 90000/- Find out the gross total income of Mr. Fazal for the previous year 2017-18 if he is: (i)Resident and ordinarily resident in India (ii) Resident but not ordinarily resident in India (iii) Non-resident. INCOME TAX Calculation of Gross Total Income Practical Question and Answers: Mr. Fazal furnishes the following particulars of his income during the year 2017-18. 1. Interest on Italy Development Bonds (one-fourth is received in India) Rs.40,000/- 2. Income from agriculture abroad received there 355000 but remitted Rs. 90,000/- later to India 3. Interest from deposits in USA received there Rs. 400000/- (Rs.80000/- was spent in Australia for meeting the education expenses of his son and Rs. 250000/- was remitted to India) 4. Income from business in France controlled from New Delhi 80,000 5. Dividend paid by an Indian company but received outside India Rs. 200000/- Past untaxed profit of 2012-13 brought to India in July 2016 Rs. 230000/- 7. Profits from a business in Rajasthan managed from outside India (60 per cent of the Profit is received outside India) Rs. 98000/- 8. Profits on sale of a building in India but received in Mumbai Rs. 1900000/- 9. Pension from a former employer in India, received in France Rs. 230000/- 10.Gift in foreign currency from a friend received in India on 07-11-2017 Rs. 90000/- Find out the gross total income of Mr. Fazal for the previous year 2017-18 if he is: (i)Resident and ordinarily resident in India (ii) Resident but not ordinarily resident in India (iii) Non-resident.

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