Taxation

13. Shri. R.K. is getting Rs.27,500 p.m. as basic pay, Rs. 7,500 p.m as Dearness Pay and Rs. 7,500 as Dearness Allowance. During the previous year he received the following allowances and other benefits also: a. Rs. 200 p.m. per child as Education allowance for the education of his two sons. b. one of these sons is living in hostel on whom he is spending Rs. 800 p.m. He is getting Rs. 500 p.m. for his son as Hostel allowance for meeting his expenditure. c. Rs. 750 p.m. as CCA d. Rs. 400 p.m. as Uniform allowance, whole of it is spent for official purposes. e. . Bonus Rs. 24,000. f. Commission Rs. 20,000. g. Medical allowance Rs. 600 p.m. h. Tiffin allowance Rs. 1,000 p.m. i. Entertainment allowance Rs. 15,000. j. Transport allowance Rs. 2,800 p.m. k. Advance salary Rs. 60,000 . 1. Employer \& employee both contributed 10% of basis pay towards Statutory Provident fund and Interest credited to accumulated balance on SPF Rs. 9,000. m. He is provided with a small car with a chauffeur driven used for official purpose. n. Leave encashment Rs . 25,000 not related to current previous year. o. He got a loan of Rs. 5,00,000 from his employer at a nominal rate of interest of 5.30%. SBI rate of interest as on 1.4 .2021 is assumed to be 11.80% p.a. p. He is provided the facility of a free lunch in the office during lunch break at Rs.100 per day for 250 days. . Professional tax paid by the employer Rs. 2000. r. He was transferred to Bhopal while his family stayed in Delhi. He stayed in hotel for 10 days for a tariff of Rs. 1,500 per day and was paid by the employer. Compute his Taxable Income from Salary under Alternative Tax regime u/s 115BAC for the A.Y. 2022-2023