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Test 8 Solution
Test 8 Solution
Answer-1 0.5
Mr. Anwar
Income and tax thereon
For TY 2021
Rs. in
Calculation of taxable income ‘000’
Income from business (W-1) 2,805 0.5
Agricultural income- Exempt 200 0.5
Total Income 3,005
Less : Agricultural income- Exempt (200) 0.5
Taxable income 2,805 0.5
Rs. in
(W-1) Income from business ‘000’
Profit before tax 1,100 0.5
Add: Sewing machines wrongly expensed 1,500 0.5
Software cost wrongly expensed 790 0.5
Salary to brother paid in cash (30 x 12) 360 0.5
Damages paid to customer (allowed) - 0.5
Interest on loan paid (Personal use) 180 0.5
3,930
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