Ms. Shikha, an Indian resident, is very happy as her partnership firm is working very well...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ms. Shikha, an Indian resident, is very happy as her partnership firm is working very well and she gets a good amount of profit from that business. With her earning, she has travelled a lot in A.Y 2022-23. She left for Europe on June 30, 2021, and return on October 12, 2021. Before that she travelled to Japan by leaving on Jan 1, 2022 and returning on April 5, 2022. Her long-lived foreign tour dream came true in year 2021-22 only. She also owns a wholesale business as sole proprietor. As she is about to file her income tax return, she furnishes following information related to A.Y 2022-23. Salary per month Share of profit from the firm Interest on invested capital received Interest from bank on fixed deposit Interest on saving bank account Contribution toward Prime Minister National Depreciation as per books 34,000 Motor car expenses 40,000 Relief 1,00,000 44,000 40,000 55,000 20,500 Fund 50,000 Income-tax refund for A.Y. 2021-22 (including interest of 2,000) 34,500 Net profit from wholesale business Following amount is debited in wholesale business: 8,00,000 Municipal taxes for the shop 7,000 Salary to manager 22,000 The WDV of the assets (as on 1.4.2021) used in above wholesale business is as: Computers 2,40,000 Computer printer 1,50,000 Car bought on 31.10.2021 (50% used for personal use) She received arrears of rent October, 2021 Life insurance premium paid PPF Health insurance premium paid for self 7,00,000 1,35,000 60,000 70,000 35,000 You are required to calculate taxable income and tax liability for Ms. Shikha for A.Y. 2022-23 for new tax regime u/s 115 BAC and old tax regime. Ms. Shikha, an Indian resident, is very happy as her partnership firm is working very well and she gets a good amount of profit from that business. With her earning, she has travelled a lot in A.Y 2022-23. She left for Europe on June 30, 2021, and return on October 12, 2021. Before that she travelled to Japan by leaving on Jan 1, 2022 and returning on April 5, 2022. Her long-lived foreign tour dream came true in year 2021-22 only. She also owns a wholesale business as sole proprietor. As she is about to file her income tax return, she furnishes following information related to A.Y 2022-23. Salary per month Share of profit from the firm Interest on invested capital received Interest from bank on fixed deposit Interest on saving bank account Contribution toward Prime Minister National Depreciation as per books 34,000 Motor car expenses 40,000 Relief 1,00,000 44,000 40,000 55,000 20,500 Fund 50,000 Income-tax refund for A.Y. 2021-22 (including interest of 2,000) 34,500 Net profit from wholesale business Following amount is debited in wholesale business: 8,00,000 Municipal taxes for the shop 7,000 Salary to manager 22,000 The WDV of the assets (as on 1.4.2021) used in above wholesale business is as: Computers 2,40,000 Computer printer 1,50,000 Car bought on 31.10.2021 (50% used for personal use) She received arrears of rent October, 2021 Life insurance premium paid PPF Health insurance premium paid for self 7,00,000 1,35,000 60,000 70,000 35,000 You are required to calculate taxable income and tax liability for Ms. Shikha for A.Y. 2022-23 for new tax regime u/s 115 BAC and old tax regime.
Expert Answer:
Answer rating: 100% (QA)
Ms Shikha has stayed in India for Date from Date to No of days 01042021 30062021 91 12102021 01012022 82 Total no of days 173 Thus total no of days Ms Shikha has stayed in India is 173 days which is l... View the full answer
Related Book For
Entrepreneurship Successfully Launching New Ventures
ISBN: 978-0133797190
5th edition
Authors: Bruce R. Barringer, R. Duane Ireland
Posted Date:
Students also viewed these accounting questions
-
The JKLM Partnership owns the following assets on October 1 of the current year: a. Which partnership items are unrealized receivables? b. Is the partnerships inventory substantially appreciated? c....
-
A 1200 kg car is accelerated from 30 to 50 km/h in 5 s. How much work is that? If you continue from 50 to 70 km/h in 5 s is that the same?
-
True or False: 1. Sole proprietorships must file a tax return. 2. Ownership in a partnership is not transferable. 3. Creditors of a partnership must first seek recovery from partnership assets before...
-
Blocks A and B shown in the figure are free and all surfaces are non-friction. Find the velocity of the blocks at t = 3 s, since the tensile force shown in the graphic is applied to the block A...
-
List five elements included in a sequence diagram.
-
In the Assembly Department of Hannon Company, budgeted and actual manufacturing overhead costs for the month of April 2020 were as follows. All costs are controllable by the department manager....
-
Your business uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectible Accounts had a credit balance of \($1,100.\) During the...
-
Manon Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2017 and 2018: The pension fund paid out benefits in each year....
-
Which of the four global strategies (International, Multidomestic, Global-Standardization, or Transnational strategy) is 3M using? Is this the best strategy for it to use? Why or why not?
-
A shell-and-tube exchanger with two tube passes is used to heat ethanol from 60F to 140F with steam condensing at 230F in the shell. The BWG 14 steel tubes are in. OD. The design overall coefficient...
-
Let A = = (b) Let B = (c) Let C 2 33 Null(A) is a subspace of R* where k = Col(A) is a subspace of Rk where k = = 4 6 6 -5 -10 4 -7 30 7 Row (B) is a subspace of Rk where k = Null(B) is a subspace of...
-
4. A 20.0 g piece of clay moves with a constant speed of 15.0 m/s. The piece of clay collides and sticks to a massive ball of mass 0.900 kg suspended at the end of a string. a. Calculate the momentum...
-
9. An electron with an initial speed of 1000 m/s is shot at a second electron held stationary at 1.0 x 10 -3 m away. a) How close to the stationary charge does the moving charge get? b) Describe the...
-
Relationship marketing, integrated marketing, internal marketing, and performance marketing are the four pillars of what concept?
-
The fixed budget for 2 1 , 8 0 0 units of production shows sales of $ 4 7 9 , 6 0 0 ; variable costs of $ 6 5 , 4 0 0 ; and fixed costs of $ 1 4 2 , 0 0 0 . If the company actually produces and...
-
i) What are some of the characteristic of a firm with a long cash cycle and a long operating cycle? ii) What is the difference between cash management and liquidity management?
-
Which statement would most fit with the compromising conflict style? a . ) . ) Well , , clearly you don't care about my needs, so let's just do it your way! b . ) . ) This is non - negotiable. c . )...
-
An interest bearing promissory note for 90 days at 5.6% p.a. has a face value of $120,000. If the note is discounted 20 days after the issue date at a rate of 6.8% p.a., calculate the amount of...
-
What information does not qualify for trade secret protection? Make your answer as thorough as possible.
-
Which of the four financial objectives of a firmprofitability, liquidity, efficiency, or stabilitydoes participating in a buying cooperative contribute to the most?
-
Why do you think start-ups launch and distribute stock to founders and others members of their new-venture team without vesting schedules?
-
Why are auditors concerned with related parties during the planning process?
-
The auditor will not ordinarily initiate discussion with the audit committee concerning the a. Extent to which the work of internal auditors will influence the scope of the audit. b. Extent to which...
-
Which of the following should an auditor obtain from the predecessor auditor prior to accepting an audit engagement? a. Analysis of balance sheet accounts. b. Analysis of income statement accounts....
Study smarter with the SolutionInn App