Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Total Income = * 5,75,000 Special Income Normal Income Causal Income NIL Long term Short term 4,75,000 Capital Gain Capital Gain Tax @ 30% Tax

image text in transcribed

Total Income = * 5,75,000 Special Income Normal Income Causal Income NIL Long term Short term 4,75,000 Capital Gain Capital Gain Tax @ 30% Tax = 1,42,500 (B) 1,00,000 NIL Tax @ 20% Tax =20,000 (A) Total Tax (A + B) 1,62,500 (+) Surcharge Nil (+) Education less 3% 4,875 Tax Liability 1,67,375 Round off to 1,67,380. ILLUSTRATION 7 Kannu and Roohi are equal working partners of a firm asessed u/s 184. The following is the profit and loss account of the firm for the year ending 31-3-2015. PROFIT AND LOSS A/C II !!!!! 720 30,00,000 3,00,000 2,00.000 90,000 90,000 Office expenses 22,00,000 Gross profit Sunday expenses 3,00,000 Interest on securities (gross) Rent of business premises 1,00,000 LTCG on sale of plot Commission to Roohi 2,00,000 Net Loss cd : Salary to Kannu 6,00,000 Kannu Interest on capital @ 16% p.a. Roohi 1,60,000 3,20,000 4,80,000 38,80,000 1,80,000 Kannu Roohi 38,80,000 Additional Information: 1. Office expenses include : (a) 1,00,000 as donation to IIT Kanpur for approved scientific research programme. (b) Donation to Mata Mansa Devi Trust (notified u/s 80G) 50,000. nhtaining a loan for business * 5,000 from a public financial

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

QuickBooks Step-by-Step Guide To Bookkeeping And Accounting For Beginners

Authors: Kevin Ellis

1st Edition

1951345126, 978-1951345129

More Books

Students also viewed these Accounting questions

Question

Why is CRM so important to any organization?

Answered: 1 week ago

Question

What are the individual interests of each shift?

Answered: 1 week ago

Question

How might a countrys culture be a barrier to global business?

Answered: 1 week ago