Taxation - April Mtp 2023 MTP

Computation of total income of Mr. Rishabh for A.Y. 2023-24 under the regular provisions of the Act Particulars I Income from business or profession Net profit as per profit and loss account 82,45,000 Add: Items of expenditure not allowable while computing business income (i) Interest on loan taken for purchase of plant & machinery [Interest from the date on which capital was borrowed till the date on which asset was first put to use, not allowable as deduction under section…

Mr. Sarthak is an Indian citizen living in Dubai since 2005 who never came to India for a single day since then, he would not be a resident in India for the P.Y. 2022 -23 on the basis of number of days of his stay in India as per section 6(1). However, since he is an Indian citizen having total income (excluding income from foreign sources) of ` 23 lakhs, which exceeds the threshold of ` 15 lakhs during the…

Computation of income from house property of Mr. Ramesh for A.Y. 2023-24 Particulars Annual value is nil (since house is self occupied) Less: Deduction under section 24(b) 2,40,000 Interest paid on borrowed capital ` 20,00,000 @ 12% 48,000 Pre-construction interest ` 2,40,000/5 2,88,000 As per second proviso to section 24(b), interest deduction restricted to Loss under the head “Income from house property” of Mr. Ramesh 2,00,000 (2,00,000) Computation of income from house property of Mr. Suresh for A.Y. 2023-24 Particulars…