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I will vote your answer don't give Wrong Answer thank you Rs: Rs: 2.40.000 4.800 2.44.800 2.44.800 Particulars Income from Salary: (a) Salary (20,000 x
I will vote your answer don't give Wrong Answer thank you
Rs: Rs: 2.40.000 4.800 2.44.800 2.44.800 Particulars Income from Salary: (a) Salary (20,000 x 12) (b) Wardenship Allowance ( 400 x 12) Gross Salary Less : Deduction Net Salary Income from Other Sources: (a) Examination duty remuneration (b) Royalty from books (c) Lottery winnings ( 21.000 100/70) (d) Income from card games Total Gross Total Income Less : Deduction us QQB (assumed as scientific books) Total Income 10,800 36,000 30,000 12.800 89,600 3,34,400 36,000 2,98,400 9.840 Computation of Tax Liability: Up to Rs: 2,00,000 For balance (98,400 x 10%) Total Add: Education Cess (9,840 x 3% ) Total Tax Liability Tax Deducted at Source Net Tax Liability 9.840 295 10.135 9,000 1,135 Less S42 Illustration: 5 Mr. Nair is working in a private company in Mumbai. He furnished the following details of his income for the financial year 2012-13: a) Monthly salary Rs: 11,200 b) DA per month Rs:3.850 c) A rent free unfurnished accommodation for which he pays Rs: 340 p.m. d) A car with an engine capacity of 1.8 litres with a driver is provided by the employer. All expenses relating to the car is met by the employer. The car is used for both personal and official purposes. e) He is also getting an amount of Rs: 1.000 p.m.as entertainment allowance. 1) He paid Rs: 1,200 as profession tax for the last financial year. g) Education allowance for two children @ Rs: 600p.m. h) Cost of electricity bill paid by the company Rs: 22,000. i) His income from let out house property Rs: 25,000. He spent Rs: 12,000 for its repairs in the previous year. j) He contributed Rs: 3,000 p.m. to a recognized provident fund. He also paid Rs: 16,000 towards his life insurance premiumStep by Step Solution
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