Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2009 B.B.A BB0019 – Business Taxation - Assignments for springsession - Question Paper

House B: Ground floor is let out at Rs. 30,000 per month. 1st floor, identical to ground floor, is occupied by him for his residence. Municipal taxes paid at 12.5% amount to Rs.1,00,000. Loan
was taken to purchase the house in 2005-06. Interest payable for the year is Rs.4,50,000. During 2006-07, there was unrealized rent of 1 month. It is recovered during 2007-08.
House C: It is situated at England and it is let out £ 2000 p.m. and rent is received at England. Local authority has fixed its value after a repair allowance of 20%. Fire insurance premium paid is £1,000. It is compulsory according to government orders. Municipal taxes paid £4,500 at15%. 1 £=Rs.60. Natesh is ordinarily resident during the previous year.
calculate income from house property for the assessment year 2008-09.

4.Dr. R.K. Jain is a renowned medical practitioner. He furnishes his receipts and payments account for the year 2007-08
Receipts
Rs
Payments
Rs.
To balance b/d
To consultation fee
2005-06
2006-07
2007-08
To visiting fees
To loan from bank for professional purposes
To sale of medicines
To gifts from patients
To remuneration from articles published in journals
To rent from house property
To interest on PONSC
35000

5000
70000
12000
30000

125000
73000
5000

6000
11000
7000
By rent of clinic
2004-05
2005-06
2006-07
By electricity and water
By purchase of professional books
By house hold expenses
By municipal taxes paid in respect of property
By purchase of motor car
By fire insurance in respect of property
By surgical equipment
By advance income tax
By salary to compounder
By entertainment expenses
By Purchase of X-ray machine
By expenses of income tax proceedings
By life insurance premium
By gifts to spouse
By interest on loan
By loan a/c-installment paid
By donation to congress party
By car expenses
By purchase of medicines
By balance c/d

600
4800
600
6000

2000
8000

2000
45000

200
4700
13000
12000
6000
100000

15000
15000
5000
2000
5000
500
15000
35000
79800
Total
379000
Total
379000
calculate his income from profession and gross total income for the assessment year 2008-09 after taking into account the subsequent additional info.
1.One 3rd of car expenses are in connection with personal use.
2.Depreciation on motor car is allowed at 15%

Earning:   Approval pending.