Mr. A had the following incomes during the Previous Year 2020-21. (10 × 2 = 20) PART B Answer any six questions. Each question carries 5 marks. Interest on Bank deposits 4,000, Income from units of Mutual Fund 5,000, Interest on Govt Securities 8,000, Winnings from Lottery 10,000, Winnings from horse race 5,000. He claimed the following deductions: Collection charges of interest on Govt security by Bank 100, Expenses for buying lottery tickets 1,000. Compute income from other sources of Mr. A. explain in detailed
Question
Mr. A had the following incomes during the Previous Year 2020-21. (10 × 2 = 20) PART B Answer any six questions. Each question carries 5 marks. Interest on Bank deposits 4,000, Income from units of Mutual Fund 5,000, Interest on Govt Securities 8,000, Winnings from Lottery 10,000, Winnings from horse race 5,000. He claimed the following deductions: Collection charges of interest on Govt security by Bank 100, Expenses for buying lottery tickets 1,000. Compute income from other sources of Mr. A. explain in detailed
Solution
To compute the income from other sources for Mr. A, we need to add all his incomes and then subtract the deductions he claimed. Here's how to do it:
Step 1: Add all the incomes
- Interest on Bank deposits: 4,000
- Income from units of Mutual Fund: 5,000
- Interest on Govt Securities: 8,000
- Winnings from Lottery: 10,000
- Winnings from horse race: 5,000
Total income = 4,000 + 5,000 + 8,000 + 10,000 + 5,000 = 32,000
Step 2: Subtract the deductions
- Collection charges of interest on Govt security by Bank: 100
- Expenses for buying lottery tickets: 1,000
Total deductions = 100 + 1,000 = 1,100
Step 3: Subtract the total deductions from the total income
Income from other sources = Total income - Total deductions = 32,000 - 1,100 = 30,900
So, the income from other sources for Mr. A is 30,900.
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