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    Computation of Total Income: Zenit - A KDK Software Product

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    Abhishek Saxena
    Mr. Abhishek Singhal, a resident of Haridwar, Uttarakhand, filed his individual income tax return for the 2019-2020 fiscal year. He reported a total income of Rs. 4,96,900 from financial leasing business activities. His business income was Rs. 60,2560 as per section 44AD of the Income Tax Act. He claimed deductions of Rs. 1,05,665 under Chapter VIA. After deductions, his total taxable income was Rs. 4,96,900 and his total tax amounted to Rs. 12,345, which was fully rebated under section 87A. Therefore, his net tax payable was Rs. 0.

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    Computation of Total Income: Zenit - A KDK Software Product

    Uploaded by

    Abhishek Saxena
    42 views2 pages
    Mr. Abhishek Singhal, a resident of Haridwar, Uttarakhand, filed his individual income tax return for the 2019-2020 fiscal year. He reported a total income of Rs. 4,96,900 from financial leasing business activities. His business income was Rs. 60,2560 as per section 44AD of the Income Tax Act. He claimed deductions of Rs. 1,05,665 under Chapter VIA. After deductions, his total taxable income was Rs. 4,96,900 and his total tax amounted to Rs. 12,345, which was fully rebated under section 87A. Therefore, his net tax payable was Rs. 0.

    Original Title

    ITR AY2021

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    Mr. Abhishek Singhal, a resident of Haridwar, Uttarakhand, filed his individual income tax return for the 2019-2020 fiscal year. He reported a total income of Rs. 4,96,900 from financial leasing business activities. His business income was Rs. 60,2560 as per section 44AD of the Income Tax Act. He claimed deductions of Rs. 1,05,665 under Chapter VIA. After deductions, his total taxable income was Rs. 4,96,900 and his total tax amounted to Rs. 12,345, which was fully rebated under section 87A. Therefore, his net tax payable was Rs. 0.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views2 pages

    Computation of Total Income: Zenit - A KDK Software Product

    Uploaded by

    Abhishek Saxena
    Mr. Abhishek Singhal, a resident of Haridwar, Uttarakhand, filed his individual income tax return for the 2019-2020 fiscal year. He reported a total income of Rs. 4,96,900 from financial leasing business activities. His business income was Rs. 60,2560 as per section 44AD of the Income Tax Act. He claimed deductions of Rs. 1,05,665 under Chapter VIA. After deductions, his total taxable income was Rs. 4,96,900 and his total tax amounted to Rs. 12,345, which was fully rebated under section 87A. Therefore, his net tax payable was Rs. 0.

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    © All Rights Reserved
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    of 2

    Code :- 349

    Name : Mr. ABHISHEK SINGHAL


    Father's Name : Mr. NAVEEN SINGHAL
    Address(R) : H NO 52, NIRANJANI AKHARA, MAYAPUR, HARIDWAR, UTTARAKHAND-249401

    Permanent Account No : BQTPK6617F Date of Birth : 15/10/1979


    AADHAR No. : 390500685533
    Sex : Male
    Status : Individual Resident Status Resident
    Previous year : 2019-2020 Assessment Year : 2020-2021
    Ward/Circle : Return : ORIGINAL
    Nature of Business or Financial leasing - 13003
    Profession

    Computation of Total Income


    Income Heads Income Income After
    Before Set off Set off

    Income from Salary 0 0

    Income From Business or Profession 602560 602560

    Gross Total Income 602560

    Less : Deduction under Chapter VIA 105665

    Total Income 496895

    Rounding off u/s 288A 496900

    Income Taxable at Normal Rate 496900


    Income Taxable at Special Rate 0

    TAX CALCULATION
    Basic Exemption Limit Rs. 250000
    Tax at Normal Rates 12345
    Total Tax 12345
    Less : Tax Rebate u/s 87A 12345
    Tax Payable 0
    Amount Payable 0
    Tax Rounded Off u/s 288 B 0
    COMPREHENSIVE DETAIL

    Income from Business & Profession Details


    602560
    Business Income u/s 44AD
    Gross Receipts (Banking channel) 0
    Gross Receipts (Other mode) 5566580
    Total Gross Receipts 5566580
    Actual Profit 602560
    Actual Profit %age is 10.82%
    Deemed Profit @6% on Gross Receipts 0
    (Banking channel)
    Deemed Profit @8% on Gross Receipts (Other 445327
    mode)
    Deemed Profit against Turnover 445327
    Higher of Assessable profit 602560
    Business Income From 44AD 602560
    Total of Business & Profession 602560

    Deductions Under Chapter VIA 105665

    Description Gross Deductable


    Amount Amount
    u/s 80C In Respect of Investments 80676 80676
    ZenIT - A KDK Software Product
    Life Insurance Premium 44456
    Tuition Fees 36220
    u/s 80D Medical Insurance Premium 24989 24989

    Self/Spouse/Child
    Premium Amount 24989
    Health Check Amount 0
    Medical Expenditure 0
    Parents
    Premium Amount 0
    Health Check Amount 0
    Medical Expenditure 0

    44AD Turnover Detail


    Description Turnover(Non Turnover Gross Actual Profit Actual Profit
    Banking) (Banking Turnover (%)
    Channel)
    Total Turnover 5566580 0 5566580 602560 10.82
    Total 5566580 0 5566580 602560

    Return Filing Due Date : 31/07/2020 Return Filing Section : 139(1)

    Interest Calculated Upto : 13/06/2020

    Details of Bank Accounts :


    No of Bank Account :- 1
    Sr.No. IFS Code Name & Branch Account No. Type
    1 PUNB0019900 PUNJAB NATIONAL BANK-HARDWAR, DISTT. 0199000109066995 Saving
    HARDWAR (UTTAR HARIDWAR

    Verified By : ABHISHEK SINGHAL

    ZenIT - A KDK Software Product

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