5568303704

V.A4-U-£x-l3-Ł-«4

Cob. 69W-MN-9761-13.    2

1. XL, YL, and ZL are thc thrce partner* of a finn, sharing profit* and lossc* as 2:3:5. The Profit 15 and Loss Account of thc firm for tbe year ending on March 31,2013 show* the following:—

	T		?
Opcoing Stock Purcbaso* Business eapenses Remur.eniion to partner* Interes! co pamen' capiał (ij) 24% por anrssr. Net profit	mii!	Sale* Ckoing rtock Other business receipts	42,10.000 20,000 i 32.000
	44,32,000		44,32,000

Otker Information :

(I) The detail* of rcmuneration and inlerest to partnera:

Rcmuneration to partner*:

XL ? 1,20,000 YL 7 1.60,000 ZL? 2.04.000

Imcrcst to partner* @ 24% per annum:

XL ? 60,000 YL ? 36,000 , ZL ? *4,000

(2)    Depreeiation on fixed aster* not providcd ?25,000.

(3)    Rerouneration and interes! on Capital ofpatnen are as per paitncnhipdced. The re^nremenu of Section 184 and 40 (b) are satisfied.

Otbcr incoroe and investmenia of the partner*:

Particular*	XL	YL	ZL
latcrcst on Company Debcnturc* (?) (Gross) Intcrest oa Bank Deposits (?XGro*i) Coatribution to Public Pro* ident Fund (?)	130.000 25.000 35.000	1,15,000 35.000 40.000	1,45,000 40.000 60.000

Uctermine the tax linbdlity of the firm as also ofXI_, YL and ZL for thc assessment year 2013-14.

2. From the followrr.g particularsofSatish.compuic his ' Income fromothcrłourcej'.    15

(1)    Director‘s fees received from S. S. Chemicals Ltd. ? 4,000.

(2)    Agrkultural income in India ? 12,500.

(3)    Cround rent ? 3,600.

(4)    Intrrcst incomc:

(a)    From bank on fixcd deposits (Gross) ? 3,400.

(b)    On post office monthly income account ? 1,600.

(c)    On Govemment securitics ? *00.

(d)    On deposit with Mukund Ltd. ? 3,500.

(e)    On Public Provident Fund account ? 1,000.

(5)    Dividcnd from Indian comapnies? 8.000.

(6)    Lotlery prize received ? 50.000 (Gross).

(7)    Rent from sub-letting a fla; ? 12.500. Rent paid to landlord on thc fiat is ? 5.000.

(Tli RN OVER