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Assesment of Individual

Uthuigbjo

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rohankulkarni792
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13 views4 pages

Assesment of Individual

Uthuigbjo

Uploaded by

rohankulkarni792
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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20. The following ending 31-3-2023 : is the profit & loss account of Mr. Venkatesh for the year To Salaries 60000 | By Gross profit 440000 To Rent 40000 | By Rent from house property 60000 To Discount 10000 |By Interest on fixed deposits 20000 To Depreciation ° 15000 | By Dividend from Indian To Legal expenses 10000 | companies 15000 To Donations 8000 |By Bad debts recovered 5000 To Municipal taxes 4000 | By Lottery winnings 45000 To Insurance 12000 To Enertainment 15000 To Advertising 24000 To GST 6000 To Income-tax 8000 To Travelling expenses 12000 To Provision for bad debts 6000 To Net Profit 355000 585000 585000 auitional Information : a) Salaries include Rs. 15000 paid to proprietor's son for his casu: () Rent was Paid to the godown owned by the proprietor fal help _ —_ (c) Out of municipal taxes Rs. 2000 and out of insurance premi relate to let out house property Premium. Rs. 4000 d) Allowable depreciation Rs. 17000 e) Donations were given to approved institutions (f) Advertising bill was paid through bearer cheque Compute his total income for the assessment year 2023-20; Assume that he does not opt to be taxed u/s-115 BAC ‘east May 201 2) ‘Ans : Total income Rs. 389600 (i.¢. gross total inc ) s. 80G ie. 50% of 8000 donations) ome 393600 - 4000 deduction w Note : 21. From the following particulars furnished by Mr. Ravi compute his total income for the assessment year 2023-2024 : Assume that he does Not opt to be taxed us/115BAC Expenditure Rs.]___Income Rs. Salary Gross profit 242290 Office rent Rent from house property 28800 General expenses Winnings from lottery (net) 21000 GST Interest on bank term deposits | 10000 Income-tax Bad debts Municipal tax Provision for bad debts Fire insurance Car expenses Life insurance premium Donation to Gulbarga - University (approved) Depreciation Net profit 302080 Additional Information : ut (2) Municipal taxes and fire insurance pertain to house property let out. (b) ‘/, of car expenses are related to personal use | id to an (c) General expenses include Rs. 5000 being compensa pal 5S. employee on termination of service in the interest of the business: (d) Depreciation allowable amounted to Rs. 15000 Fr urchased (e) Mr. Ravi sold a lang Guring the year for Rs. A ee for the by him in May 2007 for Rs. 516000. The cost inflai 129 and 334 financial years 2007-2998 and 2022-2023 were respectively, 2012) Ans : Total income Rs. 185335 (Gulbarga June 2009 & Tax Proc. KUD Hint : 1) Income from business

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