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 cld : 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. (6) Donation to Mata Mansa Devi Trust (notified u/s 80G) 50,000. (C) Expenses incurred on obtaining a loan for business * 5,000 from a public financial