Question

3.
Mr. X submits the following information for the previous year 2019-20
(i) Salary Income:
Basic salary Rs. 41,000 p.m.; Dearness Allowance 50% of basic salary;
Children Education allowance for his only child Rs. 300 p.m., Free use of
employer's Motor Car of 1000 cc (including driver) both for personal and
official works; Professional tax paid by him Rs. 150 p.m. He is provided with
a house for which his employer pays rent of 2000 p.m.
(11) Income from Profession Rs. 1.20,000;
(111) Bank Interest on fixed deposit Rs. 8,500;
(iv) Dividend from Indian Company Rs. 11.000;
(v) Life Insurance Premium on his own life Rs. 16,000;
(vi) Deposited in PPF Rs. 10,000;
(vi) Payment of health insurance premium (self) Rs. 10,000;
Compute total income and tax liability of Mr. X for the assessment year 2020-21,
availing all the allowable deductions.​

Answer 1

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