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Miss. Reshma, running a cloth business has prepared the following Profit and Loss Account for the year ended 3 1 s t March 2 0
Miss. Reshma, running a cloth business has prepared the following Profit and Loss Account for the year ended March You are required to compute her business income and her gross total income for the AYIgnore Alternative Tax Regime underSection BAC
tableParticularsfParticulars,tableTrade expenseEstablishment chargesRent Rates & taxesHousehold expensesDiscounts allowedIncome taxAdvertisementPostage & TelegramsGifts & presents to a friendFire insurance premiumDonationto NDFRepairs etc.Life Insurance PremiumAdvanced IT paidInterest on capitalAuditfeesNet profittable
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