Compute Business Income of shri P.S. Rathore for The Year Ended 31.03.2020
Net profit as per profit and loss A/c (Before charging the following 575000 Rs.
1. Expenditure on Family planning 45000 Rs
2. Lump-sum Payment made for Technical know-how 90000 Rs
3. Entertainment Expenditure 30000 Rs.
4. Expenditure on acquiring Patent Right 84000 Rs.
5. Expenditure on Advertisement- paid in cash 18000 Rs.
6. Amount paid to Rajasthan University for an approved Research programme in Social Science Not connected with his business 20000 Rs.
7. Provision for Excise duty 45000 Rs.
(He paid only Rs. 20000 before the due date of filling I.T. return)
Answers
Answer:
Compute Business Income of shri P.S. Rathore for The Year Ended 31.03.2020
Net profit as per profit and loss A/c (Before charging the following 575000 Rs.
1. Expenditure on Family planning 45000 Rs
2. Lump-sum Payment made for Technical know-how 90000 Rs
3. Entertainment Expenditure 30000 Rs.
4. Expenditure on acquiring Patent Right 84000 Rs.
5. Expenditure on Advertisement- paid in cash 18000 Rs.
6. Amount paid to Rajasthan University for an approved Research programme in Social Science Not connected with his business 20000 Rs.
7. Provision for Excise duty 45000 Rs.
(He paid only Rs. 20000 before the due date of filling I.T. return)
Explanation:
31.03.2020
Net profit as per profit and loss A/c (Before charging the following 575000 Rs.
1. Expenditure on Family planning 45000 Rs
2. Lump-sum Payment made for Technical know-how 90000 Rs
3. Entertainment Expenditure 30000 Rs.
4. Expenditure on acquiring Patent Right 84000 Rs.
5. Expenditure on Advertisement- paid in cash 18000 Rs.
6. Amount paid to Rajasthan University for an approved Research programme in Social Science Not connected with his business 20000 Rs.
7. Provision for Excise duty 45000 Rs.
(He paid only Rs. 20000 before the due date of filling I.T. return)