Reference no: EM132980391
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.
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