Reference no: EM132978526

Question - Innovative limited company provides the following details for the year ended June 30, 2018

Income from Business 7,000,000

Income from dividend 200,000

Income from property rented out 8,000,000

Insurance premium paid on property 500,000

Rental income paid to H.B.F.C 1,80,000

Ground rent paid 700,000

Repair expenditures 1,000,000

Muncipal tax paid 2,000,000

Unrealized rent 1,000,000

Required - Calculate the total income and tax payable by the company.

Note:

1. Company is an active tax payer.

2. Company has made all possible efforts but failed amount which is now claimed as unrealized rent.

3. Advance tax withheld @ 17 % of gross tax by tenant.