Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribed

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. (20

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Auditor Guide Theory And Application Made Easy

Authors: Warren Alford

1st Edition

1453899774, 978-1453899779

More Books

Students also viewed these Accounting questions

Question

=+-cach nonempty one contains a rational.

Answered: 1 week ago