Question

SOLUTION
2,92,000
Calculation of Business Income of Mr. A for the Assessment Year 2020-21
₹
Net profit as per P & L account
Add : Expenses debited but not allowed under the act :
Amount transferred to special reserve
90,000
Contribution to unapproved gratuity fund
18,000
Provision for income tax
60,000
Unabsorbed depreciation
20.000
Repairs—cost of washrooms being capital expenditure
18,000
Cost of computer for research not related to own field
30.000
Penalty for late payment of interest *
5,000
Interest on loan from Mrs. A for payment of income tax
20,000
2,61.000
5,53,000
900
Less : Expenses allowed but not debited
Depreciation on wash rooms (18,000 > 10% 1/2 year]
Less : Income credited but not taxable under this head
Bad debt recovered disallowed earlier [15,000 less allowed earlier 10,000)
Custom duty recovered—not allowed as deduction earlier
5,52,100
5,000
30,000
35.000
Business income of the year
Less : Unabsorbed depreciation
5.17,100
20.000
4,97,100
Income under the head Profit and Gains​

Answer 1

Answer:

5,00,000

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