Scribd
Upload
236 views3 pages

Profits and Gains of Business or Profession

1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

Uploaded by

Kumar Gajula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
236 views3 pages

Profits and Gains of Business or Profession

1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

Uploaded by

Kumar Gajula
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 3

A.Y.

2018-2019
Name : BAGYAMMA EGA Previous Year : 2017-2018
Father's Name : KUNTA POCHAIAH PAN : ADBPE 8882 E
Address : H NO. 2-3-55 Ward/Circle : 15(2)
CHINNA CHERLAPALLY Status : Individual
GHATKESAR, HYDERABAD - 501 301 Date of Birth : 16-Sep-1976
Aadhaar No. : 9850 1312 2969
Resident
Statement of Income
Rs. Rs. Rs.
n Profits and gains of Business or Profession
Business-1: TRADING OF FOODS
Net Profit Before Tax as per P & L a/c 372,000
Add: Inadmissible expenses & Income not included
Depreciation debited to P & L a/c 6,804
Adjusted Profit of Business-1 378,804
Total income of Business and Profession 378,804
Less: Depreciation as per IT Act 3 6,804

Income chargeable under the head "Business and Profession" 372,000

n Gross Total Income 372,000


Deductions under Chapter VI-A
80GG - Rent paid 1 38,590
80D: Medical Insurance Premia 2 25,400
Investment u/s 80C, CCC, CCD
Tuition fees 12,500
Deduction subject to ceiling u/s 80CCE 12,500 76,490
n Total Income 295,510
Tax on total income 2,276
Rebate u/s 87A 2,276
Tax after rebate 0
n Balance tax payable 0

Schedule 1
80GG-Deduction for rent paid
Actual rent paid 72,000
Total Income for deduction u/s 80GG 334,100
Rent paid in excess of 10% of total income 38,590
25% of total income 83,525
Limit specified 60,000
Total deduction 38,590
Schedule 2
80D-Medical Insurance Premium/Contribution, Medical
expenses, etc.
Insurance Medical Health check-
In respect of Parents
Premium expenses up
Senior Citizen (Resident) 14,200
In respect of Self / Family
Others 11,200
Total Deductible amount 25,400

Bank A/c:

Date : 21-May-2018
Place : HYDERABAD [ BAGYAMMA EGA ]
Name: BAGYAMMA EGA A. Y. 2018-2019

Schedule 3
Depreciation as per Income Tax Act

WDV as on Additions Additions WDV as on


01-Apr- used >=180 used <180 Depreciatio 31-Mar-
Block Rate 2017 days days Deletions Total n 2018
4: Furniture, electrical fittings 10% 68,040 68,040 6,804 61,236
Total 68,040 68,040 6,804 61,236

[ BAGYAMMA EGA ]

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy