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    Profits and Gains of Business or Profession

    Uploaded by

    Kumar Gajula
    1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

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    Profits and Gains of Business or Profession

    Uploaded by

    Kumar Gajula
    212 views3 pages
    1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

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    1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    212 views3 pages

    Profits and Gains of Business or Profession

    Uploaded by

    Kumar Gajula
    1. This document is Bagyamma Ega's statement of income for assessment year 2018-2019. 2. It shows that her net income from trading of foods was Rs. 372,000. After deductions under Chapter VI-A including rent paid of Rs. 38,590 and medical insurance of Rs. 25,400, her total income was Rs. 295,510. 3. She had no tax payable after claiming a rebate of Rs. 2,276 under section 87A of the Income Tax Act.

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    A.Y.

    2018-2019
    Name : BAGYAMMA EGA Previous Year : 2017-2018
    Father's Name : KUNTA POCHAIAH PAN : ADBPE 8882 E
    Address : H NO. 2-3-55 Ward/Circle : 15(2)
    CHINNA CHERLAPALLY Status : Individual
    GHATKESAR, HYDERABAD - 501 301 Date of Birth : 16-Sep-1976
    Aadhaar No. : 9850 1312 2969
    Resident
    Statement of Income
    Rs. Rs. Rs.
    n Profits and gains of Business or Profession
    Business-1: TRADING OF FOODS
    Net Profit Before Tax as per P & L a/c 372,000
    Add: Inadmissible expenses & Income not included
    Depreciation debited to P & L a/c 6,804
    Adjusted Profit of Business-1 378,804
    Total income of Business and Profession 378,804
    Less: Depreciation as per IT Act 3 6,804

    Income chargeable under the head "Business and Profession" 372,000

    n Gross Total Income 372,000


    Deductions under Chapter VI-A
    80GG - Rent paid 1 38,590
    80D: Medical Insurance Premia 2 25,400
    Investment u/s 80C, CCC, CCD
    Tuition fees 12,500
    Deduction subject to ceiling u/s 80CCE 12,500 76,490
    n Total Income 295,510
    Tax on total income 2,276
    Rebate u/s 87A 2,276
    Tax after rebate 0
    n Balance tax payable 0

    Schedule 1
    80GG-Deduction for rent paid
    Actual rent paid 72,000
    Total Income for deduction u/s 80GG 334,100
    Rent paid in excess of 10% of total income 38,590
    25% of total income 83,525
    Limit specified 60,000
    Total deduction 38,590
    Schedule 2
    80D-Medical Insurance Premium/Contribution, Medical
    expenses, etc.
    Insurance Medical Health check-
    In respect of Parents
    Premium expenses up
    Senior Citizen (Resident) 14,200
    In respect of Self / Family
    Others 11,200
    Total Deductible amount 25,400

    Bank A/c:

    Date : 21-May-2018
    Place : HYDERABAD [ BAGYAMMA EGA ]
    Name: BAGYAMMA EGA A. Y. 2018-2019

    Schedule 3
    Depreciation as per Income Tax Act

    WDV as on Additions Additions WDV as on


    01-Apr- used >=180 used <180 Depreciatio 31-Mar-
    Block Rate 2017 days days Deletions Total n 2018
    4: Furniture, electrical fittings 10% 68,040 68,040 6,804 61,236
    Total 68,040 68,040 6,804 61,236

    [ BAGYAMMA EGA ]

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