1,44.000 75.000 Salary: Rs 12,000 x 12 Arrears of Salary Bonus for the year 2012-13 : (Receivable) Bonus for the year 2011-12 : (Received) Advance of Salary: April & May 2013 (12,000 x 2) Gross Salary 12.000 24.000 2,55,000 are furnished by Muhammed Labeeb, a citizen and resident in India: Basic salary after deduction of contribution to RPF Rs: 2,40,000 Own contribution to RPF Rs:20,000 Interest credited to RPF @9.5% Rs:3.600 HRA (house is at Kolar and rent paid amount to Rs:30,000) Rs: 14,400 Unit-linked insurance plan contribution paid by employer Rs: 2,000. Compute taxable income from salary of Muhammed Labeeb for the A.Y.2013-14. 2.000 .... Income from Salary for the assessment year 2013-14 basic salary (2,40,000+20,000) 2,60,000 HRA (14.400-4,000) 10,400 Ulip paid by employer Gross Salary 2,72,400 Less: Deductions Nil Taxable Salary 2.72.400 Notes: Least of the following is exempt: Actual HRA Rs:14,400 Excess of rent paid over 10% of salary (30000-26000) Rs:4,000 40% of salary Rs: 1,04,000 s33 15000 p.m 1250 p.m. Illustration :10 Mr. Varun furnished the following particulars of his income for the financial year 2013-13: Salary DA Entertainment Allowance 1000 p.m Employer's and employee's contribution to RPF 24000 each Interest from PF @ 9.5% p.a. 19000 City compensatory allowances 200p.m. Medical allowances 10000 He has been provided with the facility of unfurnished house by the employer in a town (population less than 10 lakhs) for which the employer charge Rs:500 per month. The fair rent of the house is Rs: 30,000 p.a. The house is owned by the employer. The employer has employed for him a sweeper @ Rs:200 p.m. and a servant a2 Rs:750 p.m. Compute taxable income under the head 'salary for the AY 2013-14