Net Profit of Honey Sugar Ltd Jalgaon for the year ended 31.03.2021 is ₹8,60,000 after charge of the following expenses to Profit and Loss account: (i) Interest on loan payable to SBI of ₹45,000 (shall be paid on 10.10.2

CS Executive · Tax Laws · PYQS · December 2021
Net Profit of Honey Sugar Ltd Jalgaon for the year ended 31.03.2021 is ₹8,60,000 after charge of the following expenses to Profit and Loss account: (i) Interest on loan payable to SBI of ₹45,000 (shall be paid on 10.10.2021) (ii) License fees to Maharashtra Government of ₹50,000 (was paid on 25.05.2021) Honey Sugar Ltd during the previous year 2020-21, made payments of the following expenses pertaining to earlier years which have not been debited to Profit & Loss Account for the period 01.04.2020 to 31.03.2021: (i) Interest on loan payable to SBI of ₹30,000 for the P.Y. 2019-20 (was paid on 10.10.2020) (ii) License fee to Maharashtra Government of ₹60,000 for the P.Y. 2019-20 (was paid on 25.05.2020) Compute the total income of Honey Sugar Ltd for A.Y. 2021-22 by taking that due date for submission of Return of Income (ROI) is Sep. 30th of the A.Y.
(A) ₹8,15,000
(B) ₹8,75,000
(C) ₹9,25,000
(D) ₹8,65,000

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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