Question :Mr. Devansh an Indian Resident aged 38 years carries on his own business. He has prepared following Profit & Loss A/c for the year ending 31-03-2020: Particulars Particulars Salary 48.000 Gross Profit 4,30,000 Advertisement 24,000 Cash Gift (on the occasion of 1.20,000 Sundry Expenses 54,500 Marriage) Fire Insurance (10,000relates 30,000 Interest on Debentures 3,600 to House Property) (Listed in recognized stock Income Tax & Wealth Tax Exchange) Net of Taxes 27,000 Household expenses 42,500 Depreciation (allowable) 23,800 Contribution to a University approved and notified U/s 35(1)(11) 1,00,000 Municipal taxes paid for House property 36,000 Printing & Stationary 12.000 Repairs & Maintenance 24,000 Net Profit 1.32,200 5,54,000 5,54,000 Other information: Mr. Devansh owns a House Property which is being used by him for the following purposes: 25% of the property for own business 25% of the property for self-residence 50% let out for Residential purpose Rent received from 50% let out portion during the year was 1,65,000 On 1-12-2019 he acquired a vacant site from his friend for 1,05,000. The state stamp valuation Authority fixed the value of the site at 2,80,000 for stamp duty purpose. (iv) He received interest on Post-office Savings bank Account amounting to 500 Cash gift on the occasion of marriage includes gift of 20,000 from non-relatives. (vi) LIC premium paid (policy value * 3,00,000 taken on 01-6-2019) * 60,000 for his disabled son He purchased 10000 shares of X Company Ltd. on 01-01-2015 for * 1,00,000 and received 1 : 1 bonus on 01-01-2016. He sold 5000 bonus shares in September 2019 for * 2,20,000 (Shares are not listed and STT not paid). Compute Total Income and Net Tax payable by Mr. Devansh for the Assessment Year 2020-21. Question :Mr. Devansh an Indian Resident aged 38 years carries on his own business. He has prepared following Profit & Loss A/c for the year ending 31-03-2020: Particulars Particulars Salary 48.000 Gross Profit 4,30,000 Advertisement 24,000 Cash Gift (on the occasion of 1.20,000 Sundry Expenses 54,500 Marriage) Fire Insurance (10,000relates 30,000 Interest on Debentures 3,600 to House Property) (Listed in recognized stock Income Tax & Wealth Tax Exchange) Net of Taxes 27,000 Household expenses 42,500 Depreciation (allowable) 23,800 Contribution to a University approved and notified U/s 35(1)(11) 1,00,000 Municipal taxes paid for House property 36,000 Printing & Stationary 12.000 Repairs & Maintenance 24,000 Net Profit 1.32,200 5,54,000 5,54,000 Other information: Mr. Devansh owns a House Property which is being used by him for the following purposes: 25% of the property for own business 25% of the property for self-residence 50% let out for Residential purpose Rent received from 50% let out portion during the year was 1,65,000 On 1-12-2019 he acquired a vacant site from his friend for 1,05,000. The state stamp valuation Authority fixed the value of the site at 2,80,000 for stamp duty purpose. (iv) He received interest on Post-office Savings bank Account amounting to 500 Cash gift on the occasion of marriage includes gift of 20,000 from non-relatives. (vi) LIC premium paid (policy value * 3,00,000 taken on 01-6-2019) * 60,000 for his disabled son He purchased 10000 shares of X Company Ltd. on 01-01-2015 for * 1,00,000 and received 1 : 1 bonus on 01-01-2016. He sold 5000 bonus shares in September 2019 for * 2,20,000 (Shares are not listed and STT not paid). Compute Total Income and Net Tax payable by Mr. Devansh for the Assessment Year 2020-21
