Question
Mr. Keshav is an employee of ACC ltd in Delhi. His salary details are as below: a) Basic Salary 28,000 p.m b) DA (only 50%
Mr. Keshav is an employee of ACC ltd in Delhi. His salary details are as below: a) Basic Salary 28,000 p.m b) DA (only 50% enters to retirement benefits) of Rs 5,500 p.m c) City compensation allowance Rs 2,500 p.m d) He was allotted 2500 equity shares in August 2020 at Rs 300 per share against FMV of Rs 550 per share. e) Professional tax paid by the employer Rs 2,500 f) Education allowance of Rs 800 per month for three children g) Employee contribution to RPF is Rs 6,200 p.m and also similar amount contribution from employer as well. And interest credited on the accumulated balance of Rs 30,000 at 10%. h) Stay in Rent free accommodation (not owned by the employer), where company pays Rs 20,000 p.m. He is also provided with furniture and refrigerator worth of Rs
50,000 and Rs 40,000 respectively. Compute his taxable income from salary.
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