Shanti Nagar Co-operative Society had derived the following income during the previous year 1.4.2019 to 31.3.2020 : (i) Marketing of agricultural produce of its members ₹20,000 (ii) Interest from members on delayed payme

CS Executive · Tax Laws · PYQS · December 2020
Shanti Nagar Co-operative Society had derived the following income during the previous year 1.4.2019 to 31.3.2020 : (i) Marketing of agricultural produce of its members ₹20,000 (ii) Interest from members on delayed payment ₹2,000 (iii) Processing (without aid of power) of agricultural produce of its members ₹5,000 (iv) Supplying milk to the Government (raised by its members) ₹25,000 (v) Agency business ₹15,000 (vi) Dividends from other Co-operative Societies ₹15,000 The total income of the Society for the A.Y. 2020-21 shall be
(A) ₹22,000
(B) ₹37,000
(C) (82000 - 50000) = ₹32,000
(D) ₹2,000

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Deductions from Gross Total Income

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