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Q. 1 A.Y. 2009-10
Add :
Disallowance u/s 40A(3) 100,000
Life insurance premium for self 20,000
Interest on proprietor's capital 45,000
Purchase of lottery tickets 1,000
Income tax paid 10,000
Son's school fees 10,000
Wealth tax 5,000
Sales tax penalty 4,000
Depreciation as per books 30,000 225,000
435,000
Less :
Depreciation as per Income tax 35,000
Income tax refund 15,000
Dividend from co-operative bank 30,000
Gift from mother - exempt u/s 56(2)(vii) 10,000
Lottery prize - taxable under IOS 100,000 190,000 245,000
Less :
Indexed COA
Rs.3,00,000*582/100 1,746,000
Indexed COI
Rs.1,00,000*582/116 501,724 2,247,724
Taxable capital gains 177,276
2009 Computation of taxable income
Q. 4 AY 2009-10
Notes :
1 Since actual rent of LOP > municipal rateable value, actual rent = GAV