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Income Tax Q.2. Mr. Aniruddha is a State Government employee and provides you the following particulars for the Previous Year 2020-21: - Basic salary Rs.
Income Tax
Q.2. Mr. Aniruddha is a State Government employee and provides you the following particulars for the Previous Year 2020-21: - Basic salary Rs. 60,000 p.m. - Dearness allowance Rs.30,000 p.m. ( 40% forms part of salary for computing retirement benefits). - Commission at a fixed percentage of turnover Rs. 25,000 . 1 Scanned by Tap - Entertainment allowance received Rs.22,000. - Transfer allowance Rs. 4,000 p.m. ( 80% is utilized for official purposes) - Uniform allowance Rs. 10,000 p.a. (Amount actually spent Rs. 7,000) - The employer's contribution to the recognized provident fund Rs. 1,45,750. - Interest credited to recognized provident fund (a)13\% Rs. 13,000. - Children's education allowance received @ Rs. 250 p.m. for 1 child. - Children's hostel expenditure allowance received for @ Rs. 400 p.m. for 1 child. - Profession tax paid by the employer Rs. 2,000. Compute his Taxable Salary Income for the Assessment Year 2021-22. (20Step by Step Solution
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