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  • Computation of Total Income Profits and Gains From Business and Profession

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    The document contains computations of total income and tax liability for an individual. It shows income of Rs. 320,900 from business/profession and Rs. 5,000 from other sources, for a gross total income of Rs. 325,900. It then calculates tax payable as Rs. 1,330 after deducting rebate and adding cess, but the total tax payable is shown as Rs. 0 after adjusting for self-assessment tax already paid.

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    The document contains computations of total income and tax liability for an individual. It shows income of Rs. 320,900 from business/profession and Rs. 5,000 from other sources, for a gross total income of Rs. 325,900. It then calculates tax payable as Rs. 1,330 after deducting rebate and adding cess, but the total tax payable is shown as Rs. 0 after adjusting for self-assessment tax already paid.

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    9 views1 page

    Computation of Total Income Profits and Gains From Business and Profession

    Uploaded by

    vishal_srivastava_48
    The document contains computations of total income and tax liability for an individual. It shows income of Rs. 320,900 from business/profession and Rs. 5,000 from other sources, for a gross total income of Rs. 325,900. It then calculates tax payable as Rs. 1,330 after deducting rebate and adding cess, but the total tax payable is shown as Rs. 0 after adjusting for self-assessment tax already paid.

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    © All Rights Reserved
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    of 1

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    COMPUTATION OF TOTAL INCOME

    PROFITS AND GAINS FROM BUSINESS AND 320900


    PROFESSION

    PROFIT U/S 44AD - NET PROFIT FROM BUSINESS


    PROFIT DEEMED U/S 44AD @ 8% OF RS. 1215400 97232
    PROFIT DECLARED U/S 44AD 320900
    PROFIT (HIGHER OF THE ABOVE) 320900
    INCOME FROM OTHER SOURCES 5000
    OTHER INCOME 5000
    TOTAL 5000

    GROSS TOTAL INCOME 325900


    TOTAL INCOME 325900
    TOTAL INCOME ROUNDED OFF U/S 288A 325900

    COMPUTATION OF TAX ON TOTAL INCOME


    TAX ON RS. 250000 NIL
    TAX ON RS. 75900 (325900-250000) @ 5% 3795
    TAX ON RS. 325900 3795
    3795
    LESS : REBATE U/S 87A 2500
    1295
    ADD: EDUCATION CESS @ 2% 26
    1321
    ADD: SECONDARY AND HIGHER EDUCATION CESS @ 1% 13
    1334

    TAX ROUNDED OFF U/S 288B 1330


    LESS SELF ASSESSMENT TAX U/S 140A
    0510080 - 27498 - 07-07-2018 1330 1330
    TAX PAYABLE NIL

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