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Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000.
?
Most Upvoted Answer
Ganesan furnishes the following particulars
of his income for the pre...
Income from Other Sources for Assessment Year 2019-20
(i) Dividend from Ashok Leyland Ltd: Rs. 25,000
(ii) Dividend from a co-operative society: Rs. 5,000
(iii) Interim dividend from Rane (Madras) Ltd: Rs. 6,000
(iv) Dividend from a foreign company: Rs. 26,000
(v) Dividend from U.T.I.: Rs. 3,000
Total Income from Other Sources: Rs. 65,000
Computation of Tax Liability - Assessment of Individual, Income Tax Laws
The computation of tax liability for an individual is done by adding up all the taxable income from all sources and applying the applicable tax rates as per the Income Tax Laws. The taxable income is calculated after taking into account the deductions and exemptions available as per the Income Tax Laws.
The tax liability depends on the total income earned during the financial year and the applicable tax rates. The Income Tax Laws provide for different tax rates based on the income slabs. The tax rates are progressive in nature, i.e., higher tax rates are applicable to higher income levels.
In the case of Ganesan, his income from other sources for the assessment year 2019-20 is Rs. 65,000. This income will be added to his other sources of income like salary, business income, capital gains, etc., to arrive at his total income for the financial year 2018-19.
Once the total income is calculated, the applicable tax rates will be applied as per the Income Tax Laws to arrive at the tax liability. The tax liability can be reduced by claiming deductions and exemptions available under the Income Tax Laws.
In conclusion, Ganesan's income from other sources for the assessment year 2019-20 is Rs. 65,000, and his tax liability will be calculated based on his total income earned during the financial year 2018-19 and the applicable tax rates as per the Income Tax Laws.
(i) Dividend from Ashok Leyland Ltd: Rs. 25,000
(ii) Dividend from a co-operative society: Rs. 5,000
(iii) Interim dividend from Rane (Madras) Ltd: Rs. 6,000
(iv) Dividend from a foreign company: Rs. 26,000
(v) Dividend from U.T.I.: Rs. 3,000
Total Income from Other Sources: Rs. 65,000
Computation of Tax Liability - Assessment of Individual, Income Tax Laws
The computation of tax liability for an individual is done by adding up all the taxable income from all sources and applying the applicable tax rates as per the Income Tax Laws. The taxable income is calculated after taking into account the deductions and exemptions available as per the Income Tax Laws.
The tax liability depends on the total income earned during the financial year and the applicable tax rates. The Income Tax Laws provide for different tax rates based on the income slabs. The tax rates are progressive in nature, i.e., higher tax rates are applicable to higher income levels.
In the case of Ganesan, his income from other sources for the assessment year 2019-20 is Rs. 65,000. This income will be added to his other sources of income like salary, business income, capital gains, etc., to arrive at his total income for the financial year 2018-19.
Once the total income is calculated, the applicable tax rates will be applied as per the Income Tax Laws to arrive at the tax liability. The tax liability can be reduced by claiming deductions and exemptions available under the Income Tax Laws.
In conclusion, Ganesan's income from other sources for the assessment year 2019-20 is Rs. 65,000, and his tax liability will be calculated based on his total income earned during the financial year 2018-19 and the applicable tax rates as per the Income Tax Laws.
Community Answer
Ganesan furnishes the following particulars
of his income for the pre...
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Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws?
Question Description
Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws?.
Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ganesan furnishes the following particulars of his income for the previous year 2018-19. Compute his income from other sources for the assessment year 2019-20. (i) Dividend (Gross) from Ashok Leyland Ltd Rs. 25,000 (ii) Dividend from a co-operative society Rs. 5,000 (iii) Interim dividend from Rane (Madras) Ltd Rs. 6,000 (iv) Dividend from a foreign company Rs. 26,000 (v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws?.
Solutions for Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? in English & in Hindi are available as part of our courses for B Com.
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Here you can find the meaning of Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? defined & explained in the simplest way possible. Besides giving the explanation of
Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws?, a detailed solution for Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? has been provided alongside types of Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? theory, EduRev gives you an
ample number of questions to practice Ganesan furnishes the following particulars
of his income for the previous year 2018-19.
Compute his income from other sources for
the assessment year 2019-20.
(i) Dividend (Gross) from Ashok Leyland
Ltd Rs. 25,000
(ii) Dividend from a co-operative society
Rs. 5,000
(iii) Interim dividend from Rane (Madras)
Ltd Rs. 6,000
(iv) Dividend from a foreign company
Rs. 26,000
(v) Dividend from U.T.I. Rs. 3,000. Related: Computation of Tax Liability - Assessment of Individual, Income Tax Laws? tests, examples and also practice B Com tests.
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