Old MathJax webview

Old MathJax webview

Old MathJax webview

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2105 5.000 12.600 8.000 Hal insurance of Vishal 10.000 p Medical in Vishal's wita e dial urance Vishal's som 2000 pa (2) Following metical expenses of 13 and luis Camily members are crimborsed by the employer (a) Mit B Son medical bulls B's we's medical hills (c) Mr Biserendent on medal bulls (NB's daughter's (not rendent on B) medical hills MB's dependent brother's metal Nils Mrs. B's father's medical hills (Mr. B's dependent minor daughter's medical bills 22 Mr. B and his wife had taken treatment from a notified hospital whereas all other members of family were treated by priate clinics (w) What difference it will make it in above paint (un) all the family members are treated in a hospital maintained by employer (1) Mr B is Managing Director of a company and his son is suffering from a major illness for which he is allowed to go abroad for medical treatment Following expenses are incurred and reimbursed by the employer (a) Expenses on trealment of san : 300.000 and foreign exchange allowed by RBI is for 320.000 (6) Expenses on stay of son and his mother, si ho accompanied him, are 1.60,000 and foreign exchange allowed 50.000 (c) Travel expenses of son and mother paid by employer are 1.20.000 Salary of Mr Bis 18.000 pm 6.000 2000 2.000 4.000 10.000 LO ILLUSTRATION ! 12,1095 12995 5,60,000 20,000 7,000 12,000 11,000 By Gross profit " Commission Sundry rcccipis Rent from let out house 30$ >>> 10$ 20.000 8355) 20 Following is the Profit and Loss Account of Mr. S.K. for the year ending 31-3-2015. Credits Debits To Salary Repairs Patents [1/14th part) " Bad debts Profit from sale of old machine 1636 Provision for bad debts " Bad debt recovered " Revenue expenditure on Scicntific " Interest on Govi. Securities Research (investment made out of Expenditure on promotion of family business funds) planning amongst employees 14,000 Interest on income tax refund 15,000 Donation to an approved institution Health insurance premium of cmployees 16,000 Contribution to cmployees provident fund @ 15% of employees salary 30,000 Advertisements 40,000 Expenses on Guest House 36,000 Interest on borrowed money 50,000 Entertainment expenses 20,000 Loss of stock due to thcft by an employec 8,000 n Sales tax penalty 12,000, Donation to a university for research 40,000 Gratuity 30,000 Depreciation 1,20,000 Income tax 40,000 Provision for income tax 20,000 Net profit 2,03,000 Total 13,24,000 Total 13.24.000 Additional information : 1. 50% of health insurance of employees has been paid in cash. 2. Income tax provision is excessive to the tune of 8,000. 3. Patents were acquired on 1-11-2014. 4. Income accrued during the year but not credited to P & L account 20,000. 5. Expenses on advertisement include an expenditure of 15,000 on neon sign board. (Rate of dep, ts:15%) 6 WDV of machine sold was Nil. 7. Rouch conducted by the university is not related to assessee's field of business. 8 WDV or assets on 142014 was Factory building