Calculation of taxable income
This query is : Resolved
01 August 2011
Mr. X is a New Partnership Firm having follwing position:
ASSETS
Land construction Rs. 30 lacs
Building construction Rs. 60 lacs
Total Rs. 90 lacs
LIABILIIES
Partners Capital Rs. 50 lacs
Bank Loan RS. 40 lacs
Total Rs. 90 lacs
For some reason Firm could not start Business & so whole unit is rented out for Rs. 24 lacs p.a.
interest on capital Rs. 6 lacs
interest on Bank loan Rs. 4.8 lacs
Municipal Tax Rs. 0.5 lacs
Total Rs. 11.30 lacs
How total income of the firm can be arrived at ?
ASSETS
Land construction Rs. 30 lacs
Building construction Rs. 60 lacs
Total Rs. 90 lacs
LIABILIIES
Partners Capital Rs. 50 lacs
Bank Loan RS. 40 lacs
Total Rs. 90 lacs
For some reason Firm could not start Business & so whole unit is rented out for Rs. 24 lacs p.a.
interest on capital Rs. 6 lacs
interest on Bank loan Rs. 4.8 lacs
Municipal Tax Rs. 0.5 lacs
Total Rs. 11.30 lacs
How total income of the firm can be arrived at ?
01 August 2011
Dear Pravinbhai,
Income from rent taxable under the head Income from house property and Taxable accordingly.
In This case take benefit of Interest cost on bank borrowing, Manciple Tax (if paid during the year) and Standard deduction of 30%.
No other expenditure are admissible for calculating Tax liabilities.
Income from rent taxable under the head Income from house property and Taxable accordingly.
In This case take benefit of Interest cost on bank borrowing, Manciple Tax (if paid during the year) and Standard deduction of 30%.
No other expenditure are admissible for calculating Tax liabilities.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- CREDIT NOTES WITHOUT GST
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
