Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2: From the Following information compute taxable salaries. (a) Basic Salary 3,60,000 (b) D.A 15% [Forming part of retirement benefits] (c) RFA provided by

image text in transcribed

Question 2: From the Following information compute taxable salaries. (a) Basic Salary 3,60,000 (b) D.A 15% [Forming part of retirement benefits] (c) RFA provided by the employer. Rent paid by the employer * 12,000 p.m. (d) Laptop provided for personal use costing * 40,000. (e) Reimbursed the medical treatment bill of dependent brother of * 20,000. (1) Conveyance allowance of * 1,200 per month is given by the company towards actual reimbursement (g) Premium on Personal accident policy 5,000 paid by the employer. (h) Telephone allowance received * 500 per month (i) Medical insurance premium of his family paid by employer * 10,000 (j) Contribution to RPF both the employer and employee 15% of salary

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

ISE Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Philip Olds

9th Edition

1260565483, 9781260565485

More Books

Students also viewed these Accounting questions

Question

Why would any firm pay another firm to not produce?

Answered: 1 week ago