Compute taxoble income under the head Income from other sources of Mrs. X from the following data:PorticularsAmountPrivate tuitlon fee recelvedWinning from lotteryAward from KBC (a TV show) [Gross]Pension from employer of deceased husband10,0002,0003.20,00025,00025.000Interest on bank depositDirectors fee (Gross)5,00025,000Letting out of vacant landRemuneration for checking the examiniation copy of employer's school10,00010,000Remuneration for checking the examinatlon copy of CA5,000Income tax refund100Interest on income tax refund10,000Composite rent (related expenditures are t 5,000)20,000Rent on sub-letting of house property (rent paid to original owner 12,000)2,000Income tax paid18,000Payment made for personal expenses2,000Payment made to LIC as premlum

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ompute taxable income under the head Income from ofther sources of Mrs. X from the following data: Particulars Amount Private tuition fee recelved 10,000 Winning from lottery Award from KBC (a TV show) [Gross] 2,000 3,20,000 Pension from employer of deceased husband 25,000 Interest on bank deposit 25,000 Directors fee (Gross) 5,000 25,000 Letting out of vacant land Remuneration for checking the examination copy of employer's school 10,000 10,000 Remuneration for checking the examination copy of C.A 5,000 Income tax refund 100 Interest on income tax refund 10,000 Composite rent (related expenditures are 5,000) Rent on sub-letting of house property (rent paid to original owner 12,000) 20,000 2,000 income tax paid 18,000 Payment made for personal expenses 2,000 Payment made to LIC as premium

ompute taxable income under the head Income from ofther sources of Mrs. X from the following data: Particulars Amount Private tuition fee recelved 10,000 Winning from lottery Award from KBC (a TV show) [Gross] 2,000 3,20,000 Pension from employer of deceased husband 25,000 Interest on bank deposit 25,000 Directors fee (Gross) 5,000 25,000 Letting out of vacant land Remuneration for checking the examination copy of employer's school 10,000 10,000 Remuneration for checking the examination copy of C.A 5,000 Income tax refund 100 Interest on income tax refund 10,000 Composite rent (related expenditures are 5,000) Rent on sub-letting of house property (rent paid to original owner 12,000) 20,000 2,000 income tax paid 18,000 Payment made for personal expenses 2,000 Payment made to LIC as premium

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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