2 a) Mr. Khan a leading tax consultant maintains books of account on cash basis; he furnishes the following particulars of income & expenditure for the assessment year 2018-19. Receipt Rs. Balance brought down 12,400 Payments Purchase of a type Rs. 6,000 Fees from clients writer 2017-18 7,30,500 Car expenses 18,000 2016-17 1,11,500 Office expenses 40,000 2018-19 1,13,000 Salary to staff Presents from clients 24,000 2017-18 32,000 Interest free loans from a 2018-19 11,000 client for purchase of a car 2,38,000 Expenses in respect of Winning from lotteries 46,000 let out property 6,000 Interest from UTI 12,000 Car purchased on Rent from let out property 60,000 December 10, 2018 2,40,000 Share of income from a firm 15,000 Repairs to office 12,000 Interest on loan 10,000 Income tax payment 2,000 LIC premium 2,08,000 Balance carried down 7,77,400 13,62,400 13,62,400 . Car partly used for official purpose (40%) and partly for private purpose (60%) Compute his professional income for the assessment year 2019-20. b Mr. Kumaran owns the following assets on April 1, 2018. Assets WDV on April 1, 2018 Rate of depreciation (% Building A 13,50,000 10 B 2,25,000 10 C 40,000 5 Plant A 45,100 B 68,000 15 15 He purchases the following assets after April 1, 2018: Assets Cost Date of acquisition Date when assets is Put to use Rate of depreciation Building D 6,00,000 May 28, 2018 June 1, 2018 10 Building E 4,00,000 June 8, 2018 June 8, 2018 5 Plant E 4,90,000 August 12, 2018 August 21, 2018 15 Plant F 2,10,000 September 18, 2018 | September 19, 2018 15 Building F 2,00,000 May 10, 2018 May 10, 2018 10 Plant H 1,30,500 June 5, 2018 July 6, 2016 15 He sells the following assets after April 1, 2018 Assets Building A Plant B Date of sale May 11, 2018 May 16, 2018 Sale consideration 13,00,000 20,000 Determine the amount of depreciation for the assessment year 2019-20. Determine the taxable income of Mr X for the AY 2019-20 from the following information with the assumptions of Resident and ordinary resident and Non-resident. a) Rental income is received in India Rs46000 in May 20,2018( which is arise in Singapore) b) Interest received from GOI Rs1.20.000 (which is received in Malaysia) c) Rent received at Singapore during the PY 2018-19 Rs1,20, 000, which is accrues outside India. d) Gift of Rs2,40,000 is received in Canada, from a friend in December 2018 e) Income of Rs2,00,000 is earned and received outside India Rs3,00,000 during the PY 2016-17 and later remitted to India in 2018-19. c) Mr. X (Age: 64 years), a resident individual, furnishes the following information for the assessment year 2019-20: Profit and loss account for the year ending March 31, 2019 Salary to staff 42,000 Gross profit Expenditure on the occasion 7,100 Sundry receipts of Diwali Interest and legal expenses 44,000 Amount transferred to special 7,500 reserve account Net Profit 1,85,000 2,86,000 2,78,000 8,000 2,86,000 Other Information: 1. Salary to staff includes payment of Rs. 12000 out of India on which tax has not been deducted at source nor paid to the government. 2. Expenditure on the occasion of Diwali includes a gift of Rs. 2000 to Mrs. X 3. Sundry expenses include expenditure of Rs. 1000 on maintenance of guest house in Delhi for the purpose of carrying on the business and Rs. 4000 being employer's contribution towards ESI out of which Rs. 600 is paid after the date of submission of return of income. 4. Sundry receipts include Rs. 5000 being amount of endowment insurance policy received from the LIC of India at the time of maturity of the policy (i.e, December 5, 2018)( Amount of insurance premium paid in Last June, 2018, Rs500)