Question
Mr. X is employed in A Ltd. getting basic pay of Rs.11,000 per month, dearness allowance Rs.4,000 per month and commission of Rs.10,000. Employer has
Mr. X is employed in A Ltd. getting basic pay of Rs.11,000 per month,
dearness allowance Rs.4,000 per month and commission of Rs.10,000.
Employer has paid children education allowance Rs.500 per month per child
for 3 children. The employee has paid hostel allowance Rs.800 per month for
1 child and employer incurred Rs.2000 per month for the same. Employer
also paid transport allowance of Rs.900 per month (X spent Rs.700 per month
on it) and house rent allowance of Rs.4, 000 per month. The employee paid
rent of Rs.2500 per month.
Calculate Taxable Income for A.Y. 2006-07
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started