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Computation

Vikash, a resident individual, filed his income tax return for AY 2022-23 declaring a total income of Rs. 465,200 under section 44AD of the Income Tax Act. His income was from other services and he maintained books of account. He had a gross receipts/turnover of Rs. 758,000 with a book profit of Rs. 465,200 (61.37% of turnover) and deemed profit of Rs. 60,640 (8% of turnover). No tax was payable after claiming rebate under section 87A. Details of his bank accounts, assets and liabilities were provided in the return.

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294 views2 pages

Computation

Vikash, a resident individual, filed his income tax return for AY 2022-23 declaring a total income of Rs. 465,200 under section 44AD of the Income Tax Act. His income was from other services and he maintained books of account. He had a gross receipts/turnover of Rs. 758,000 with a book profit of Rs. 465,200 (61.37% of turnover) and deemed profit of Rs. 60,640 (8% of turnover). No tax was payable after claiming rebate under section 87A. Details of his bank accounts, assets and liabilities were provided in the return.

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r66125082
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Name of Assessee VIKASH

Father's Name RANBIR SINGH


Address 346/04 SIR CHOTU RAM NAGAR,ROHTAK,HARYANA,124001
E-Mail [email protected]
Status Individual Assessment Year 2022-2023
Ward Year Ended 31.3.2022
PAN CKYPV3584N Date of Birth 19/07/2000
Residential Status Resident Gender Male
Nature of Business OTHER SERVICES-Other services n.e.c.(21008)
Filing Status Original
Aadhaar No: 437166222637 Mobile No Linked with
Aadhaar:
Bank Name AXIS BANK, , A/C NO:922010053910903 ,Type: ,IFSC: UTIB0002281
Tele: 8950159148 Mob:8950159148

Computation of Total Income [As per Normal Provisions]

Caution
1. 26AS not imported
2. AIS/TIS report not imported

Income from Business or Profession (Chapter IV D) 465200


Income u/s 44AD 465200

Gross Total Income 465200

Total Income 465200


Round off u/s 288 A 465200
Adjusted total income (ATI) is not more than Rs. 20 lakh hence AMT not applicable.

Tax Due 10760


Rebate u/s 87A 10760
0
Fee for default in furnishing return of income u/s 1000
234F
1000
Round off u/s 288B 1000
Deposit u/s 140A 1000
Tax Payable 0

Tax calculation on Normal income of Rs 465200/-


Exemption Limit :250000
Tax on (465200-250000) =215200 @5% = 10760
Total Tax = 10760

Income Declared u/s 44 AD


Gross Receipts/Turnover 758000.00
Book Profit 465200.00 61.37 %
Deemed Profit 60640.00 8.00 %
Net Profit Declared 465200.00 61.00 %
NAME OF ASSESSEE : VIKASH A.Y. 2022-2023 PAN : CKYPV3584N Code :706

Prepaid taxes (Advance tax and Self assessment tax)


Sr.No. BSR Code Date Challan No Bank Name & Branch Amount
1 . 1000
Total 1000

Bank Account Detail


S. No. Bank Address Account No MICR NO IFSC Code Type
1 AXIS BANK 922010053910903 UTIB0002281 (Primary)

Detail of assets and income given in return form


Balance Sheet
Liabilities Assets
S.No Particulars Amount S.No Particulars Amount
1. Partner/Member 0 1 Fixed Assets 0
capital
2. Secured Loans 0 2. Inventories 0
3. Unsecured Loans 0 3. Sundry debtors 0
4. Advances 0 4. Balance with banks 0
5. Sundry Creditors 0 5. Cash in hand 45200
6. Other liabilities 0 6. Loan and advances 0
7. Other Assets 0
Total 0 Total 45200

Signature
(VIKASH )
Date-16.11.2023
CompuTax : 706 [VIKASH]

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