total income for the A.Y. 2009-10
This query is : Resolved
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
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
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.
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.
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
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Application of 115BAC
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
