Tax calculation
This query is : Resolved
Vibhor Pandey
(Querist)
25 June 2013
Dear All,
One Of My Client Has An Oil Mill.He is sole proprietor, Has Given Some Of His Factory Shed On Rent.Position At The Year End On 31.3.13 Is As Follows , In P&L Net Profit 425000. Factory Shed Rent 245000 On Credit Side.All The Other Items Of P&L A/c Are Of General Nature. Now What Will Be The Tax Treatment For AY 2013-14.
Thanks And Regards.
One Of My Client Has An Oil Mill.He is sole proprietor, Has Given Some Of His Factory Shed On Rent.Position At The Year End On 31.3.13 Is As Follows , In P&L Net Profit 425000. Factory Shed Rent 245000 On Credit Side.All The Other Items Of P&L A/c Are Of General Nature. Now What Will Be The Tax Treatment For AY 2013-14.
Thanks And Regards.
CA PARAS BAFNA
(Expert)
25 June 2013
The income may be divided under the two heads.
.
On the basis of sales turnover he may show the income of Oil Mill U/s 44AD.
.
Rental Income may separately be considered under the head Income from House Property.
30% Standard Deduction can be claimed.
.
.
On the basis of sales turnover he may show the income of Oil Mill U/s 44AD.
.
Rental Income may separately be considered under the head Income from House Property.
30% Standard Deduction can be claimed.
.
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