Taxation Quiz: Income from Other Sources 2019-20

What is the interest received on deposit with co-op. bank?

What is the amount of dividends received from a foreign company?

What is the income from units of Unit Trust of India?

What is the value of 7% capital investment bonds?

What are the winnings from Lottery (Gross)?

What is the amount of expenses for buying lottery tickets?

Calculate the taxable income from other sources for Shri Saburi for the AY 2019-20.

Taxable Income Calculation for Shri Saburi

Interest income from co-operative bank: ₹2,000
Taxable as income from other sources.
Dividends from foreign company: ₹8,000
Generally exempt under Section 10(34) but needs to be confirmed for specifics based on India's tax treaty provisions.
Income from Unit Trust of India: ₹4,000
Taxable under 'Income from other sources'.
7% capital investment bonds: ₹80,000
This interest income is also taxable under 'Income from other sources'.
Winnings from lottery (gross): ₹21,000
Taxable as income; subject to TDS at a rate of 30.60%.
Expenses for buying lottery tickets: ₹1,000
This expense can be deducted from the gross winnings when computing the net taxable amount from the lottery.

Total Taxable Income Calculation

Summing up all the included incomes:
₹2,000 (interest) + ₹8,000 (dividend) + ₹4,000 (income from units) + ₹80,000 (bonds) + ₹21,000 (winnings) - ₹1,000 (expenses)
Net taxable income (before exemptions):
₹114,000 (considering exemptions and deductions as applicable).

Test your knowledge on calculating taxable income under the head 'Income from Other Sources' for Shri Saburi for the assessment year 2019-20. This quiz includes various income streams such as interest, dividends, and lottery winnings. Assess your understanding of taxation principles and determine the correct taxable amount.