total income for the A.Y. 2009-10

This query is : Resolved

Arun Iyer (Querist)
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08 December 2010 Dear Sir,

Pls. kindly solve the below the income tax sum

Compute the total income for the A.Y. 2009-10 :
Rs.
Income from Business A (Non-speculation) 15,00,000
Income from Business B (Speculation) 8,00,000
Loss from Business C (Non-speculation) 18,00,000
Loss from Business D (Speculation) 2,00,000

Unabsorbed depreciation :

A.Y. :
2004-05 2,50,000
2005-06 3,00,000
2006-07 4,00,000
9,50,000

Unabsorbed business loss ;

Business B : A.Y. :
2003-04 50,000
2004-05 1,00,000

Long term Capital Gain 3,00,000
Short term Capital Gain 2,00,000
Short term Capital Loss 3,00,000
Loss from owning & maintaining race loses Rs. 70,000
Income from Salary Rs. 4,00,000
Loss from self-occupid property Rs.1,50,000

CA Navin Jain

CA Navin Jain (Expert)
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10 December 2010 Computation of total income for Assessment Year 2009-10

Salaries
Income from Salary 400,000
Less: Loss from self-occupied property 150,000
Balance Income 250,000

Profits and Gains of Business or Profession
Income from Business A (Non-speculation) 1,500,000
Less: Loss from Business C (Non-speculation)1,500,000
Net Income from Non-speculative business NIL

Income from Business B (Speculation) 800,000
Less: Loss from Business D (Speculation)200,000
Loss from Business C (Non-speculation) 300,000
Total Business Loss set-off 500,000
Balance Income 300,000
Less: Carried forward Business Loss set-off
AY 2003-04 50,000
AY 2004-05 100,000
Total 150,000
Balance Income 150,000
Less: Unabsored Depreciation set-off AY 2004-05 150,000
Net Income from Speculative Business NIL

Capital Gains

Long term Capital Gain 300,000
Short term Capital Gain 200,000
Total Capital Gain 500,000
Less: Short term Capital Loss 300,000
Net Capital Gain 200,000

Total Income 450,000

Notes:
(i) Losses Carried Forward to future years:
Loss from owning & maintaining race horses 70,000
Unabsorbed Depreciation:
AY 2004-05 100,000
AY 2005-06 300,000
AY 2006-07 400,000
Total 800,000
(ii) Unabsorbed depreciation should be set-off against profits and gains of business only.
(iii) Losses of non-speculative business can be set off against profits of speculative business.