find salary income

PROBLEM 29 Shri R.K. is employed as an Engine Driver in Eastern Railway. He is getting 727,500p.m. as basic pay 7,500 p. as dearness pay and 7,500p.m. as dearness allowance. During the previous year he received the following allowances also: (1) 16,500 as running allowance. (2) 200p.m. per child as education allowance for the education of his two sons. (3) One of these sons is living in hostel on whom Sh. R.K. is spending + 800p.m. He is getting 500 p.m. for his son as Hostel Allowance for meeting this expenditure. (4) 7750 p.m. as City Compensatory Allowance (5) 400p.m. as Uniform Allowance: whole of it is spent for official purposes. (6) 75,500p.m. House Rent Allowance. Shri R.K. has taken a house for his residence at Ranchi ar 7,500 per month as rent. He contributes 10% of his basic pay and dearness pay to his Statutory Provident Fund and the Eastern Railway also contributes a similar amount. Compute the salary income of Shri R.K. for the Assessment Year 2020-21. PROBLEM 32 Shri Sukhwasi is Secretary to Hamesha Nuksan Lid. Pune (Population 20 lakhs) and for the period between 1.4.2019 and 31.3.2020 has received the following salary and other payments from his company : 10,000 p.m. 800 pm 12,000 p.a. (i) Salary 48,000 p.m. (ii) Dearness allowance (iii) City compensatory allowance (iv) Entertainment allowance (v) Commission on sales achieved by him 24,000 (vi) Rent-free accommodation of building (furnished) for which Co. pays a municipal tax on 60,000 per annum and furniture value is 1,20,000. (vii) Medical bills reimbursed by company. (Treatment taken from a private hospital.) = 12,000 (viii) He is provided with a car of 1.8 lt. capacity which is partly used for personal and partly for employment purposes. During the year company incurred ? 24,000 on maintenance of car. Normal depreciation on car is 30,000 and driver's salary is 12,000 p.a. It was agreed by the Assessing Officer that 40% of the car time is used for personal purposes. (ix) As per terms of agreement his professional tax of 2,000 was paid by the employer. (x) During the year he travelled in connection with his job and was paid i 16,000 as travelling allowance and 12,000 as daily allowance. (xi) He and his employer contributed 90,000 p.a. (each) to R.P.F. (xii) During the year he paid 6,450 as life insurance premium to insure the life of his major son. Compute his income under the head Salaries and qualifying amount for deduction ws 80C. PROBLEM 32 Shri Sukhwasi is Secretary to Hamesha Nuksan Ltd. Pune (Population 20 lakhs) and for the meriod between 1.4.2019 and 31.3.2020 has received the following salary and other payments from his company : 10,000 p.m. 800 p.m. 12,000 p.a. (i) Salary 48,000 p.m. (ii) Dearness allowance (iii) City compensatory allowance (iv) Entertainment allowance (v) Commission on sales achieved by him 24,000 (vi) Rent-free accommodation of building (furnished) for which Co. pays a municipal tax on 260,000 per annum and furniture value is 1,20,000. (vii) Medical bills reimbursed by company. (Treatment taken from a private hospital.) = 12,000 (vii) He is provided with a car of 1.8 lt. capacity which is partly used for personal and partly for employment purposes. During the year company incurred 24,000 on maintenance of car. Normal depreciation on car is? 30,000 and driver's salary is 12,000 p.a. It was agreed by the Assessing Officer that 40% of the car time is used for personal purposes. (ix) As per terms of agreement his professional tax of 2,000 was paid by the employer. (x) During the year he travelled in connection with his job and was paid i 16,000 as travelling allowance and 12,000 as daily allowance. (xi) He and his employer contributed 790,000 p.a. (each) to R.P.F. (xii) During the year he paid 6,450 as life insurance premium to insure the life of his major son. Compute his income under the head Salaries and qualifying amount for deduction w/s 80C. PROBLEM 26 (a) X retires from PQR (P) Ltd. on March 31, 2019. POR Ltd. pays 78,000 per month as pension but does not pay any gratuity. On the request of X, POR (P) Ltd. Pays 1,00,000 in lieu of commutation of 20% of pension with effect from February 1, 2020. What is the amount of pension which is taxable for the assessment year 2020-21 if his pension is paid on the last date of the month. (b) X not being covered by the payment of Gratuity Act, 1972, retires on 6.1.2020 from PQR Ltd. and received 2.50,000 as gratuity after service of 29 years and 11 months. His average monthly salary during 1.3.2019 to 31.12.2019 is ? 12,500. Determine the amount of gratuity exempt from tax for the assessment year 2020-21. 3/3