NAME OF THE ASSESSEE :- MRS. S. E.

CHAVAN
STATUS :- INDIVIDUAL
P. A. NO. :- AAWPC 2440 A
WARD :- (1) PANVEL
ASSESSMENT YEAR :- 2008-2009
PREVIOUS YEAR ENDED :- 31ST MARCH 2008

COMPUTATION OF INCOME

1) INCOME FROM SALARY :

Gross Salary Received 180,000.00

2) INCOME FROM PROFESSION :-

Net Profit as per Profit & Loss Account 276,866.94
Less :- Depreciation as per Income Tax Act 51,259.00
225,607.94

3) INCOME FROM OTHER SOURCES :

Interest on S.B. A/c 4,077.74
Interest Accrued on NSC 13,318.00
17,395.74
GROSS TOTAL INCOME 423,003.68
Less :- Deductions Under Chapter VI-A of Income Tax 1961
U/s 80 C
Life Insurance Premiums 35,416.00
NSC 55,000.00
Interest Accrued on NSC 13,318.00
103,734.00
Restricted to 100,000.00
U/s 80D
Mediclaim Premium 2,874.00
102,874.00
TOTAL INCOME 320,129.68
ROUNDED OFF TO 320,130.00

TAX WORKING

Tax Payable on Total Income 41,539.00

Add :- Education Cess @ 3% 1,246.00
TAX PAYABLE 42,785.00

Less:- Advance Tax paid on

15th Sept 2007
15th Dec 2007 10,000.00
15th March 2008 10,000.00
20,000.00
22,785.00
Contd…2
 …2…

Add :- Interest U/s 234 :

U/s 234A
On Rs. 22,700.00 @ 1% p.m for 7 months 1,589.00

U/s 234B
On Rs. 22,700.00 @ 1% p.m for 11 month 2,497.00

U/s 234C
On Rs. 2,800.00 @ 1% p.m for 3 months 84.00

On Rs. 5,600.00 @ 1% p.m for 3 months 168.00

On Rs. 22,700.00 @ 1% p.m for 1 month 227.00

4,565.00
Amount Payable 27,350.00
Rounded Off To 27,350.00
 MRS. S. E. CHAVAN
YEAR ENDED 31ST MARCH 2008
DEPRECIATION AS PER INCOME TAX ACT

Additions during the Year Dep on

Dep on
W .D .V As W.D.V & W .D .V as
Particulars Before After Total Add after Total
on 01/04/07 Add before 31/03/08
30/09/07 30/09/07 30/09/07
30/09/07
OFFICE PREMISES 89,530.00 89,530.00 10% 8,953.00 8,953.00 80,577.00

COMPUTER 58.00 58.00 60% 35.00 35.00 23.00

VEHICLE 181,381.00 (130,000.00) 200,000.00 251,381.00 15% 37,707.00 37,707.00 213,674.00

AIR CONDITIONER 10,843.00 10,843.00 15% 1,626.00 1,626.00 9,217.00

FURNITURE 14,899.00 14,899.00 10% 1,490.00 1,490.00 13,409.00

TYPE WRITER 1,257.00 1,257.00 15% 189.00 189.00 1,068.00

INVERTOR 6,259.00 6,259.00 15% 939.00 939.00 5,320.00

MOBILE PHONE 2,131.00 2,131.00 15% 320.00 320.00 1,811.00

-
306,358.00 (130,000.00) 200,000.00 376,358.00 13,552.00 37,707.00 51,259.00 325,099.00
 MRS. S. E. CHAVAN

BALANCE SHEET AS ON 31ST MARCH 2008

PARTICULARS SCH AMOUNT

I. SOURCES OF FUNDS

1) OWN FUNDS A
MRS. S. E. CHAVAN CAPITAL
ACCOUNT 1,373,345.52
CAPITAL IN CHAVAN BROTHERS 81,308.69
1,454,654.21

2) BORROWED FUNDS B 143,594.38

TOTAL RS. 1,598,248.59

II. APPLICATION OF FUNDS

1) OFFICE PREMISES 159,600.00

2) BUSINESS FIXED ASSETS C 370,805.00

3) OTHER FIXED ASSETS D 586,183.25

4) INVESTMENTS & DEPOSITS E 362,409.80

5) CURRENT ASSETS AND LOANS F 119,250.54

& ADVANCES

TOTAL RS. 1,598,248.59

MRS. S. E. CHAVAN
 MRS. S. E. CHAVAN

SCHEDULES TO BALANCE SHEET AS ON 31ST MARCH 2008

SCHEDULE 'A'
MRS. S.E.CHAVAN CAPITAL ACCOUNT

PARTICULARS AMOUNT PARTICULARS AMOUNT

To Drawings 175,553.58 By Opening Balance 1,234,724.42

To L. I.C. Premium 35,416.00 By Salary 180,000.00
To Demat Charges 750.00 By Net Profit as per
To Income Tax W/Off 20,000.00 Profit & Loss Account 276,866.94
To Tata AIG Insurance By Interest on S.B. 4,077.74
Premium 25,339.00 By Interest Accrued on NSC 13,318.00
To Mediclaim Policy By Dividend 5.00
Premium 2,874.00 By Maturity of Postal Saving 37,425.00
To Loss on Sale Of Car 113,139.00

To Balance C/d 1,373,345.52

TOTAL RS. 1,746,417.10 TOTAL RS. 1,746,417.10

SCHEDULE 'B'
BORROWED FUNDS

UNSECURED LOANS 143,594.38

TOTAL RS. 143,594.38

SCHEDULE 'C'
BUSINESS FIXED ASSETS

Cost of Vehicle 19,305.00

Cost of car (Qualis) 200,000.00
Air Conditioners 21,500.00
Typewriter 5,500.00
Furniture 29,400.00
Computer 82,250.00
Invertor 9,900.00
Mobile 2,950.00

TOTAL RS. 370,805.00

SCHEDULE 'D'
OTHER FIXED ASSETS
Land 56,300.00
Amount Spent on Construction 377,883.25
434,183.25
Advance for Property 82,000.00
Color T.V. and V.C.R 70,000.00
TOTAL RS. 586,183.25

Contd….2
 …2…

MRS. S. E. CHAVAN

SCHEDULES TO BALANCE SHEET AS ON 31ST MARCH 2008

SCHEDULE 'E'
INVESTMENTS & DEPOSITS
Investment in Self 12,000.00
F.D with Swayamsiddha Mahila Nagari Sahakari Pathpedhi. 12,000.00
Shares of Swayamseva Mahila Nagari Sahakari Pathpedi. 500.00
National Saving Certificates with Accrued Interest 236,478.00
Electric Connection Deposit 14,995.00
Investment in Mutual Funds 75,000.00
Investment in Shares 11,436.80

TOTAL RS. 362,409.80

SCHEDULE 'F'
CURRENT ASSETS AND LOANS & ADVANCES

Balances at Bank 106,767.38

Cash on Hand 12,483.16

TOTAL RS. 119,250.54

 MRS. S. E. CHAVAN

STATEMENT OF PROFESSIONAL INCOME

FOR THE YEAR ENDED 31ST MARCH 2008

Professional Fees Received 479,441.00

Car Insurance Claim 7,109.00
486,550.00

Less : Expenses :
Salary 59,200.00
Telephone Charges 29,174.98
Electricity Expenses 25,190.00
Repairs & Main. 5,510.00
Vehicle Expenses 51,034.00
Petrol Expense 9,109.08
Muncipal Taxes 4,878.00
Printing & Stationery 8,458.00
Membership Fees 500.00
Interest on Loan & Bank Charges 16,629.00
209,683.06

Net Profit Transferred to Mrs.S.E.Chavan Capital A/c. 276,866.94

MRS. S. E. CHAVAN