Mr. Tarun, a resident individual submits the following particulars of

Question

Mr. Tarun, a resident individual submits the following particulars of his income for the year ended 31st March, 2022.

i) Royalty from coal in Rs. 20,000.

ii) Agricultural income in Pakistan Rs. 15,000.

iii) Salary for a part-time job with a firm Rs. 21,000.

iv) Salary as Member of Parliament Rs. 36,000.

v) Daily Allowance as M.P. Rs. 15,000.

vi) His residential house has been taken on a rent of Rs. 1,000 p.m., half of which he has sub-let at Rs. 1,200 p.m.

vii) Dividend received from a Cooperative society Rs. 5,000.

viii) He has incurred the following expenses:

a) Paid collection charges Rs. 100 for collecting dividends.

b) Rs. 3,000 spent for earning and collecting royalty income. Compute Mr. Tarun’s income from other sources for the assessment year 2022-23.

22 Sep 2022

Answer :

Word Count : 315

Computing an individual's income from various sources involves considering various income sources such as salary, rent, royalty, agricultural income, etc., and then determining the taxable amount after taking into account deductions, exemptions, and allowances.

In the case of Mr. Tarun, the following is his income from various sources for the assessment year 2022-23:

i) Royalty from coal: Rs. 20,000 - the entire amount is taxable

ii) Agricultural income in Pakistan: Rs. 15,000 - as per Indian tax laws, _____ ______ ______ ___ ______ _________ ________ ____ _______.
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