Question
Q.2. How much tax an employee will pay in a tax year 2020-2021 based on receipts of following amounts pertinent to his/her salary and who
Q.2. How much tax an employee will pay in a tax year 2020-2021 based on receipts of following amounts pertinent to his/her salary and who will deduct the tax in such case: 10
Basic Salary per month = 40,000
Bonus received in tax year = 12,000
Annual Daily Allowance = 16,000
Medical Allowance (No medical facility provided by organization) per month = 5000
Internet Usage (Official Use) = 12,000
Interest Free Loan = 1200000
Annual value of Accommodation Provided by the employer (Accommodation facility provided in declared Big city) = 100,000
Conveyance provided by the employer for official and personal use. Fair market value of vehicle provided is 1,000,000.
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