A Trading organization provided the following information: Year 1 2 3 4 5 6 7 8 9 Profit (loss) (Rs) (260,000) (230,000) (75,000) (50,000) 100,000…
2024 · Solved Question with Answer
A Trading organization provided the following information:
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
| Profit (loss) (Rs) | (260,000) | (230,000) | (75,000) | (50,000) | 100,000 | (50,000) | 300,000 | 90,000 | 700,000 |
On scrutiny, it was found that profit of 6th year was derived after deducting donations Rs 50,000 paid to tax exempt entity. Similarly, the profit of 9th year was calculated before deducting pollution control cost Rs 200,000.
Required: Taxable income with giving explanation wherever is necessary