Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Rahul is a production manager of an industry at Mumbai. The particular of his salary income are given below: (i) Basic Salary .15,000 p.m.

image text in transcribed

Mr. Rahul is a production manager of an industry at Mumbai. The particular of his salary income are given below: (i) Basic Salary .15,000 p.m. (ii) DA. 5,000 p.m. (which enters the retirement benefits as per the terms of employment) (iii) Entertainment allowance .1000 p.m. (iv) City Compensatory allowance .1200 p.m. (v) Medical Allowance 2.800 p.m. (vi) House Rent Allowance . 4000 p.m. (vii) Rent paid for the house . 5000 p.m. Small car provided by employer for private and official use. Employer meets all expenses of car He and his employer (each) contribute 15% of salary to P.F Compute income under the head salary for the assessment year 2020-2021.of Mr.Rahul (viii) (ix)

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

The Bank Analysts Handbook Money Risk And Conjuring Tricks

Authors: Stephen M. Frost

1st Edition

0470091185, 978-0470091180

More Books

Students also viewed these Finance questions

Question

What type of boss do you prefer?

Answered: 1 week ago