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Working note needed. The following is the profit&loss account of Mr. A. aged 58 years, Eesident for the year ended 31.03.2020 Particulars Rent Repairs of
Working note needed.
The following is the profit&loss account of Mr. A. aged 58 years, Eesident for the year ended 31.03.2020 Particulars Rent Repairs of car 2,85.000 25.000 Particulars 60.000 Gross profit 3.000 Gitt of cash from a friend received on 15.09.19) 3,000 Sale of car 4.500 Interest on income tax refund 18.000 3.000 1.500 2,35,000 Wealth tax Medical expenses Salary Depreciation on car Advance income to Net Profit 17.000 3,000 3.30,000 330.000 Other information: (1) Mr. A bought a ear during the year for 20.000. He charged depreciation 15% on the value of the car. The shove car was sold during the year for 17,000. The use of the car was 3/4" for business and 1/4" for personal use. (2) Medical expenses were incurred for the treatment of his wife. (3) Salary had been paid on account of car driver (4) Rent includes arrears of rent from April 16 to October 16 25.000 p.m. paid in cash on 1.11.2019 (5) Mr. A bad also let out a house property at a monthly rent of 25,000. The annual letting value is considered to be 2.50.000. The municipal taxes are 6,000 out of which 3.000 are paid by the tenant and 3,000 are yet to be paid by Mr. A lusterest on loan taken for the house property is * 20.000 (6) Mr. A's minor daughter received 75,000 from stage acting, interest on company deposits of Mr. A's daughter (Deposit was made out of income from stage acting) was 10,000 (7) Mr. A incurred an expense of 50,000 on the medical treatment of his dependant son, who has disability of more than 80% (8) Mr. A had taken a loan during the year 2019-20 for the education of his son, who is pursuing B.com in Delhi University. Interest paid on the same during the year was 10,000. Compute the total income of Mr. Aditya for the assessment year 2020-21Step by Step Solution
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