Question

Ms. Avantika is the owner of a small-scale industry. The following are the particulars of her business and other related matters during the accounting year 2020-21: (a) Net Profit as per Profit & Loss Account - 2,45,660, (b) The Profit & Loss Account was debited for 2 3,670 as her interest on capital and for 2 15,230 as remuneration to selt, (c) Ms. Avantika has taken goods for her personal consumption valued at 19,480 (Sales Account was credited for 12,680 only), (d) Opening and Closing Stocks were valued at 26,300 and 8,100 respectively, which were 10% below cost; (e) Profit & Loss Account was debited for 8,160 as rent for godown owned by Ms. Avantika; (f)) Profit & Loss Account was credited for 7,580 as interest on fixed deposit with bank and dividend from Indian Company 4,250 (gross); (g) Profit & Loss Account was excess debited by 5,780 on account of depreciation; (h) Profit & Loss Account was debited for 11,230 as a donation to NDF. From the above particulars, compute the taxable business income of Ms. Avantika for the Assessment Year 2021-22​

Answer 1

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