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PGBP Assignment 1

The document outlines the computation of business income for an individual named Sajal, detailing various admissible and inadmissible expenses and incomes. The final income from business is calculated to be Rs. 355,300 after adjustments. Key figures include net profit, household expenses, and income from government securities and house property rent.

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Biman patra
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7 views2 pages

PGBP Assignment 1

The document outlines the computation of business income for an individual named Sajal, detailing various admissible and inadmissible expenses and incomes. The final income from business is calculated to be Rs. 355,300 after adjustments. Key figures include net profit, household expenses, and income from government securities and house property rent.

Uploaded by

Biman patra
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
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Computation business income of sajal

Particulars Amount(Rs.)
Net profit as per profit & loss account
Add: inadmissable expense
Household expense 17300
Provision for bad debt 12000
Life insurance premium 17900
Wealth tax 7430
Interest on capital 39000
Provision for income tax 3500
Rent of house property:
Used for personal perpose 26000
{23000+(29000-23000)*1/2}
Legal charges of trademark 4500
Depretiation as per book 25000
Lose on sale of personal car 18000

Less : Admissible expense


Depreciation as IT act 17000
Actual bad debt 5500

Less : Inadmissible income


Interest on govt. securities 52000
Rent received from house property 54000

INCOME FROM BUSINESS


ome of sajal
Amount(Rs.)
313170

170630

22500

106000
355300

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