solve it plzzzzz( very urgent)

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student

77 Points Joined September 2009

A firm with A, B and C as equal partners , furnished following information for the previous year 2008-2009.

profit from business ( after deducting the following amounts) 181000

!)SALARY to A 9000

2) Interest paid for non payment of sales tax 5000

3) interest on capital @ 12%

A 5000

B 4000

C 3000 12000

4) donation to university 2000

5) donation to a scientific research association 10500

(and after taking account the following incomes)

a ) long term capital gains 20000

b) interest on securities(gross) 29000

c)income from house property (computed) 14000

d) Dividends(gross) 10500

compute the taxable income of the firm and allocate it amongest the partners , the fim fulfills the conditions of sec. 184.

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learning is my passion

338 Points Joined December 2009

Computation of taxable income of Firm
Particulars		Amount	Amount
Income From House property (Computed)			14000
Income From PGBP
Net profit as per p&L account		181000
ADD: Dissallowed expenses
Interest on non payment of sales Tax (Note 1)		5000
Donation to unversity		2000
Less: Allowed Expenses
(125% of 10500) (Note2)		-2625
Less : income treated under other head
LTCG		-20000
Interest on secutities		-29000
Income from House property		-14000
Dividend		-10500
Income From PGBP			111875
Income From Capital Gain
LTCG		20000
Income From Capital Gain			20000
Income from other sources
Interest on securities		29000
Dividend (Note-3)	10500
Exempt under section 10(34)	-10500	0
Income from other sources			29000
Gross Total Income			174875
Less Deduction Under Chapter VI A
Deduction under section 80G (Note 4)		1000	-1000
Net Taxable income			173875

Note-1
Interest is allowed only if it is part of sales tax liability

Note 2
IF an assesse made contribution to scintific reasrech then eligible for 125% of amount paid
100% already taken as per section 35(2A) of income tax Act

Note 3
It is assumed that dividend from indian company

Note 4
It is assumed that donation made to approved univerisity and eligible for 50% of full amount
GTI	174875
Less: LTCG	-20000
Adjusted GTI	154875
10% of Adjusted GTI	15487.5
Actual donation	2000
Maximum permisible donation	2000
50% of max donation	1000