Compute the total income in the hands of an individual, considering the following particulars ,being a resident and ordinarily resident, resident but not ordinarily resident, and non-resident for the A.Y 2020-21. SL Particulars Amount (*) Înterest on UK Development Bonds, 50% of interest received in India Income from a business in Chennai (50% is received in India) 1. 10,000 2. 20,000 20,000 Profits on sale of shares of an Indian company received in London Dividend from British Company received in London Profits on sale of plant at Germany 50% of profits are received in India Income earned from Business in Germany which is controlled from Delhi (40,000 is received in India) Profits from a business in Delhi but managed entirely from London 3. 4. 5,000 5. 40,000 6. 70,000 7. 15,000 1/3 50,000 Income from House Property in London deposited in an Indian Bank at London, latter brought to India Interest on debentures in an Indian company received in London. 10. Fees for technical services rendered in India but received in 8. 12,000 9. 8,000 London 26,000 11. Profits from a business in Bombay managed from London 12. Pension for services rendered in India but received in Burma 4,000 13. Income from property situated in Pakistan received there 14. Past foreign untaxed Income brought to India during the previous 16,000 5,000 уear 15. Income from agricultural land in Nepal received there and then brought to India 16. Income from profession in Kenya which was set up in India, 18,000 5,000 in India spent 17. Interest on Savings Bank Deposit in State Bank of India 18. Income from a business in Russia, controlled from Russia 19. Dividend from Reliance Petroleum Limited, an Indian company received there but 12,000 20,000 5,000 15,000 20. Agricultural income from a land in Srilanka
Compute the total income in the hands of an individual, considering the following particulars ,being a resident and ordinarily resident, resident but not ordinarily resident, and non-resident for the A.Y 2020-21. SL Particulars Amount (*) Înterest on UK Development Bonds, 50% of interest received in India Income from a business in Chennai (50% is received in India) 1. 10,000 2. 20,000 20,000 Profits on sale of shares of an Indian company received in London Dividend from British Company received in London Profits on sale of plant at Germany 50% of profits are received in India Income earned from Business in Germany which is controlled from Delhi (40,000 is received in India) Profits from a business in Delhi but managed entirely from London 3. 4. 5,000 5. 40,000 6. 70,000 7. 15,000 1/3 50,000 Income from House Property in London deposited in an Indian Bank at London, latter brought to India Interest on debentures in an Indian company received in London. 10. Fees for technical services rendered in India but received in 8. 12,000 9. 8,000 London 26,000 11. Profits from a business in Bombay managed from London 12. Pension for services rendered in India but received in Burma 4,000 13. Income from property situated in Pakistan received there 14. Past foreign untaxed Income brought to India during the previous 16,000 5,000 уear 15. Income from agricultural land in Nepal received there and then brought to India 16. Income from profession in Kenya which was set up in India, 18,000 5,000 in India spent 17. Interest on Savings Bank Deposit in State Bank of India 18. Income from a business in Russia, controlled from Russia 19. Dividend from Reliance Petroleum Limited, an Indian company received there but 12,000 20,000 5,000 15,000 20. Agricultural income from a land in Srilanka
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2. Compute the total income in the hands of an individual, considering the following particulars
„being a resident and ordinarily resident, resident but not ordinarily resident, and non-resident
for the A.Y 2020-21.
SL
Particulars
Amount
(3)
Înterest on UK Development Bonds, 50% of interest received in India
Income from a business in Chennai (50% is received in India)
1.
10,000
2.
20,000
20,000
Profits on sale of shares of an Indian company received in London
Dividend from British Company received in London
Profits on sale of plant at Germany 50% of profits are received in India
Income earned from Business in Germany which is controlled from
Delhi (340,000 is received in India)
Profits from a business in Delhi but managed entirely from London
3.
4.
5,000
5.
40,000
6.
70,000
7.
15,000
1/3
Income from House Property in London deposited in an Indian Bank at
London, latter brought to India
50,000
8.
12,000
Interest on debentures in an Indian company received in London.
10. Fees for technical services rendered in India but received in
9.
8,000
London
26,000
11. Profits from a business in Bombay managed from London
12. Pension for services rendered in India but received in Burma
4,000
16,000
13. Income from property situated in Pakistan received there
5,000
14. Past foreign untaxed Income brought to India during the previous
year
15. Income from agricultural land in Nepal received there and then
brought to India
16. Income from profession in Kenya which was set up in India,
received there but spent in India
18,000
5,000
12,000
17. Interest on Savings Bank Deposit in State Bank of India
18. Income from a business in Russia, controlled from Russia
19. Dividend from Reliance Petroleum Limited, an Indian company
20,000
5,000
15,000
20. Agricultural income from a land in Srilanka
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