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Profits and Gains of Business or Profession

Deepa Nair's income statement for the assessment year 2022-2023 shows a total income of Rs. 4,97,450 after deductions and rebates. Her net profit from business is Rs. 5,16,052, with deductions for medical insurance and life insurance premium. The final tax payable is zero after applying the rebate under section 87A.

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CCA Sagar Shinde
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47 views2 pages

Profits and Gains of Business or Profession

Deepa Nair's income statement for the assessment year 2022-2023 shows a total income of Rs. 4,97,450 after deductions and rebates. Her net profit from business is Rs. 5,16,052, with deductions for medical insurance and life insurance premium. The final tax payable is zero after applying the rebate under section 87A.

Uploaded by

CCA Sagar Shinde
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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A.Y.

2022-2023

Name : Deepa Nair P. Y. : 2021-2022


Father's Name : Jayadev Nair P.A.N. : BCKPN 0163 N
Address : Adarsh Colony, D.O.B. : 02-Aug-1990
NAdarsh Nagar,
Status : Individual
Dehuroad,
Kiwale, Pune - 412 101

Resident
Statement of Income
Sch.No Rs. Rs. Rs.

 Profits and gains of Business or Profession


Business-1: Shop
Net Profit Before Tax as per P & L a/c 5,16,052
Add: Inadmissible expenses & Income not included
Depreciation debited to P & L a/c 5,293
Adjusted Profit of Business-1 5,21,345
Total income of Business and Profession 5,21,345
Less: Depreciation as per IT Act 2 5,293
Income chargeable under the head "Business and 5,16,052
Profession"
 Gross Total Income 5,16,052
Deductions under Chapter VI-A
80D: Medical Insurance Premia 1 5,000
Investment u/s 80C, CCC, CCD
Life insurance premium 13,600
Deduction subject to ceiling u/s 80CCE 13,600 18,600
 Total Income 4,97,452
Total income rounded off u/s 288A 4,97,450
Tax on total income 12,373
Rebate u/s 87A 12,373
Tax after rebate 0
 Balance tax payable 0

Schedule 1
80D-Medical Insurance Premium/Contribution,
Medical expenses, etc.
In respect of Parents Insurance Medical Health check-up
Premium expenses
Others 5,000
Total 5,000

... 2
2
Deepa Nair Asst year: 2022-2023

Total Deductible amount 5,000

Bank A/c: IFSC:

Date : 11-Jul-2022
Place : Pune (DEEPA NAIR)

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