AOP TAX CALCULATION

AOP TAX CALCULATION
Net profit
Add
Inadmissible expenses
Less
Capital Gain on sale of Securities
Income from property (Credited)
Total Business Income
Add
Income from property (Credited)
Less:  Repair charges
Taxable Income
Tax liability of the firm
Allocation of profit among partners
Taxable Income of AOP
Less
Income tax liability of the firm
Allowable expenses of the firm
Income allocatable to partners
Computation of total income of partners
Particulars
Share of divisible profit
Allowable Expenses
Total Income of partners
Add
Other Income of partners
Income from Property
Less: Repair Charges 1/5th RCT
Gain on sale of shares of private company
Interest from government securities (gross)  FTR
Dividend FTR
Brokerage and Commission FTR
Total taxable income for rate purpose
Computation of Gross Tax of Members
Computation of tax payable on actual taxable income
Tax on taxable income for rate purpose
X
Actual Taxable Income
taxable income
Amount allowed for rebate
Less
Average Relief
Tax on taxable income for rate purpose
X
Amount allowed for rebate
taxable income
Tax Payable with return
Income covered under FTR
Note:
FTR will not be written off for income below taxable limit


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