IGNOU ECO 11 2017 - Calculate income from other sources for theassessment year 2017 &mda

Question

Calculate income from other sources for the
assessment year 2017 — 18 from the information given below

14 Apr 2018

Answer :

Word Count : 424

As the question does not supply the underlying figures, I will demonstrate a fully worked numerical computation for “Income from Other Sources” for assessment year 2017–18 (previous year 2016–17) using a realistic data set and the provisions applicable for that year. Suppose the assessee has the following during 2016–17: interest on bank fixed deposits ₹36,000; savings bank interest ₹9,500; dividend from a domestic company ₹12,50,000 received on 30-09-2016; family pension received ₹1,80,000; interest on compensation from a Motor Accident Claims Tribunal ₹60,000; lottery winnings (gross) ₹40,000; and a gift in cash from a non-relative ₹70,000 received on 10-10-2016. For assessment year 2017–18, dividend from a domestic company is exempt up to ₹10,00,000 and the excess is taxable in the

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