Question

2.Sumit was the Manager of the P Ltd company, He retired from the services on 31 December
2019 after completing 30 years and 5 months of services. He provided the following
information of his income for the financial year 2019-20:
a) Basic salary: Rs. 30,000 p.m.
b) Dearness allowance: Rs. 5,000 p.m. (60% forms part of the salary for the retirement
benefits),
c) Commission: 1% of the turnover achicved by him (turnover from April 2019 to
December 2019 is Rs, 5.00.000)
d) House rent allowance: Rs. 10,000 p.m. He paid a rent of Rs. 12,000 p.m from 1 April
2019 to 30 September 2019. After that, he shifted to his own house,
c) Medical allowance: Rs. 4.000 p.m. He spent Rs. 2.000 p.mon the medical treatment
of his family
f) A car of 1.5 litres engine capacity is provided by the company for his personal and
official purpose. All the running and maintenance expenses of the car and the salary of the driver are also borne by the company.
g) he contributes 15℅of the basic salary to RPF. a machine contribution is also made by the company.
h) at the time of retirement,he received ₹800000 as gratuity. he is not covered by the payment of gratuity act.
compute total income and tax liability of sumit for the assessment year 2020-21 assuming that he paid ₹25000 in cash as insurance premium of his mediclaim policy? ​

Answer 1

Answer:

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