Particular AMOUNT AMOUNT

INCOME FROM SALARY

Basic Salary 60,000*12 720,000
Lunch Allowance 6,000*12 72,000
Deduction:
Standard Deductions 50000 -50000 742,000
Set-off Loss of House Property -11,000
INCOME FROM HOUSE PROPERTY
Net Annual value Self -Occupied 0
Deduction u/s 24:
Interest on Loan Constuction -11,000 -11,000
Set-off with Salary -11,000
INCOME FROM CAPITAL GAIN
Sale Proceeds 220,000
(- Expenses on Sale) -20,000
Net Consideration 200,000
(- Cost of Acquisation) -250,000
Short Term Capital Loss -50,000
Carried Forward to Next Year 50,000
INCOME FROM BUSINESS
Net Profit 600,000
Add: Disalloawed Expense
Donation 10000
Genral Reserve 60000
Income Tax Paid 30000
Personal Car Expense 4000
Penalaty of GST 6000 110000
Less: Alloawed Expense
Repair of Machinery -3000
Salary of Watchman -6000 -9000
Less: Disalloawed Income
Bank Interest -16000 -16000
Add: Alloawed Income
Discount recieved from Creditors 2000 2000 687,000
INCOME FROM OTHERS SOURCES
Dividend Income from ForiegnCompany 6000
Cash gifted by Friends 70000
Jwellery gifted by Friend 200,000
Winning from Lottery 6000
Bank Interest 16000 298,000
Gross Total Income
Deduction u/s 80
u/s 80C
Life Insurance of Own life -20000
Contribution to Public Providend Fund -60000 -80000
u/s 80 D
Medical Insurance Of Own -20,000
Medical Insurance Of Father -20,000 -40,000
u/s 80 G
National Defence Fund -10000 -10000
u/s 80 TTA
Bank Interest -10000 -10000
Total Taxable Income
AMOUNT

731,000

687000

298,000
1,716,000

-140,000
-140,000
1,576,000