Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need exact answer , otherwise i will dislike tou by 2 times , please be careful,otherwise you may skip Mr. X provides the following

i need exact answer , otherwise i will dislike tou by 2 times , please be careful,otherwise you may skip

image text in transcribed

Mr. X provides the following information for the year ending 31.03.2020: Rent from vacant site let on lease 1,12,000 (ii) Rent from house property at Delhi 20,000 p.m. (111) Tumover from retail trade in grains (No books of account maintained) 24,37,500 (iv) Arrears of salary received from ex-employer 40,000 (v) Purchase of 10,000 shares (non listed) of X Co. Ltd., on 01.01.2017 1,00,000 He received a 1:1 bonus on 01.01.2019. Sale of 5,000 bonus shares in September, 2019 2,20,000 (vi) Received 1,50,000 on 12.02.2020 being amount due from Mr. A relating to goods supplied by Mr. X's father, which was written off as bad debt by his father in Assessment Year 2018-19 and allowed as deduction. Mr. X's father died in July 2018. (vi) Brought forward business loss relating to discontinued textile business of Mr. X relating to the Assessment Year 2018-19. 1,97,500 (viii) Brought forward depreciation relating to discontinued textile business of Mr. X. 1,50,000 (ix) Mr. X contributed 30,000 to Prime Minister's National Relief Fund and 40,000 to Charitable Trust enjoying exemption u/s 80G by cheque. Compute the Total Income and the Tax thereon of Mr.X for the Assessment Year 2020-21

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Security Audit And Control Features SAP ERP

Authors: Deloitte Touche Tohmatsu Research Team And Isaca

3rd Edition

1604201150, 978-1604201154

More Books

Students also viewed these Accounting questions