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  • Case Study 18 Solution

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    Divya Maloo
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    This document contains details of a case study's income and tax calculations for the year. It shows the individual's total income as Rs. 9,80,81,10 consisting of income from various sources including salary, house property, capital gains, other sources like interest and gifts. It then lists various deductions claimed under sections 80C, 80CCD, 80D, 80G totaling Rs. 23,55,000. After deductions, the total income is calculated as Rs. 9,56,26,10. Applying tax rates, the total tax payable is calculated as Rs. 30,67,388 including surcharge and cess. The individual has already paid advance tax of Rs. 20,80,000

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    CASE STUDY 18 SOLUTION

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    This document contains details of a case study's income and tax calculations for the year. It shows the individual's total income as Rs. 9,80,81,10 consisting of income from various sources including salary, house property, capital gains, other sources like interest and gifts. It then lists various deductions claimed under sections 80C, 80CCD, 80D, 80G totaling Rs. 23,55,000. After deductions, the total income is calculated as Rs. 9,56,26,10. Applying tax rates, the total tax payable is calculated as Rs. 30,67,388 including surcharge and cess. The individual has already paid advance tax of Rs. 20,80,000

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views3 pages

    Case Study 18 Solution

    Uploaded by

    Divya Maloo
    This document contains details of a case study's income and tax calculations for the year. It shows the individual's total income as Rs. 9,80,81,10 consisting of income from various sources including salary, house property, capital gains, other sources like interest and gifts. It then lists various deductions claimed under sections 80C, 80CCD, 80D, 80G totaling Rs. 23,55,000. After deductions, the total income is calculated as Rs. 9,56,26,10. Applying tax rates, the total tax payable is calculated as Rs. 30,67,388 including surcharge and cess. The individual has already paid advance tax of Rs. 20,80,000

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    case stu

    SALARIES
    Salary 0
    HOUSE PROPERTY 0

    0
    PGBP

    Income as per schedule 9790110

    CAPITAL GAINS 0

    Other Sources
    SB Interest 18000
    Gift (relative -exempted) 0 18000

    GROSS TOTAL INCOME 9808110


    Ded:
    80C comibined ceiling
    PPF 120000 120000 80C+80CCC+80CCD(1)<=150000
    80CCD(1) NPS 30000 150000
    80CCD(1B) NPS 50000
    80D 21000
    4000 25000
    80G(assuming in other th 21000 50% 10500
    80TTA 10000 245500

    TOTAL INCOME 9562610


    ROUND OFF 9562610
    TAX 2681283
    SURCHARGE 268128.3
    2949411

    ADD: SHEC @4% 117976.5


    TOTAL TAX PAYABLE 3067388

    TAX PAID
    ADVANCE 208000
    SELF ASS 408000 616000

    NET TAX PAYABLE 2451388


    ROUND OFF 2451390
    case study 21
    Profit for tax calculation
    profit as per P/L
    items to be added:
    excess adv exp u/s 40A(2) 18000
    TDS on commission paid u/s 40(a)
    (ai) 45000
    personal exp u/s 37(1) 10000
    salary not paid till due date u/s 43B
    300000
    VAT penalty u/s 37(1) 2000
    Dep as per profit and loss a/c 1584500
    Less:
    Dep allowed u/s 32 195960
    Income under the head PGBP

    Depreciation allowable
    P&M 800000 15%
    60000 15% 1/2
    add dep 60000 20% 1/2
    d ceiling
    CC+80CCD(1)<=150000 computer 100000 40%
    80000 40% 1/2

    F&F 89600 10% 1


    10000 10% 1/2

    GROSS ADJUSTED INCOME


    Gross total income 9808110
    less: ded 80C TO 80 U Except 80 G 235000
    9573110

    10% 957311
    8026570

    1959500

    195960
    9790110

    120000
    4500
    6000 130500

    40000
    16000 56000

    8960
    500 9460
    195960

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