Ans.
(4.7
7. Raman is employed as an Engine Driver in Indian Railways. He is getting ? 15,000 p.m, a
Basic pay; * 2,500 p.m. as dearness pay and * 2,500 per month as dearness allowance.
During 2019-20, he received the following allowances also :
(i) 16,500 as Running allowance.
(ii) 200 p.m. per child as educational allowance for his two children.
(ii) One of his sons is staying in a hostel on which Raman is spending ? 800 p.m. He is getting
500 p.m. for his son as hostel allowance for meeting this expenditure.
(iv) 250 p.m. as C.C.A.
(v) * 400 p.m. as uniform allowance fully spent for employment purposes.
(vi) 2,500 p.m. as H.R.A. He pays 3,000 p.m. as rent to the house owner.
Compute his Taxable Salary for the Assessment Year 2020-21.
Ans. * 2,17,750.
8. X is a pilot in Indian Airlines. He draws 37,20,000 as salary, 7 1,80,000 as dearness allowance
,
36,00,000 as flight allowance to meet personal expenses while on duty, 12,000 as conveyance
allowance (actual expenses * 9,000) and * 7,200 as an educational allowance for his three
children studying in a public school.
Determine the taxable value of the allowances paid to him.
Ans. * 6,67,800.
9. X gets 3,40,000 as basic pay, 24,000 as commission, * 10,000 as bonus, * 6,000 as uniform
allowance (60% utilised for the uniform), transport allowance 22,800,
A rent free unfurnished flat is provided in a place where the population is (a) more than 25
lakh, (b) more than 10 lakh but not exceeding 25 lakh, (c) not exceeding 10 lakh.
Determine the taxable value of rent free flat.
Ans.(a) 59,880; (b) 39,920; (c) * 29,940.
(4.8
(4.9)
Answers
TAXABLE SALARY
Taxable salary means the income of an individual after subtracting all the allowable taxable deductions. It is the final amount on which income tax is levied.
In the following question, taxable salary is found after making all the adjustments of allowances and their exemptions.
Running allowance, Education allowance, hostel allowance Uniform allowance, cca along with House rent allowance have been added to basic pay, dearness pay and dearness allowance after deducting all the possible exemptions have been deducted to find Gross Salary and then standard deductions have been made.
Please find the statement of the taxable salary attached.
WORKING NOTES
Minimum following exemptions are allowed:
HRA Received (2500*12) 30000
Rent paid - 10% of salary
(3000*12 - 10/100*180000) 15000
40% of salary (210000*40/100) 84000
Exempted HRA 15000
Taxable HRA (30000-15000) 15000
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Answer:
In the world of payroll, paying in arrears usually refers to paying an employee for work completed from a previous pay period instead of the current pay period. For example, let's say you paid your employees on January 20 for the January 1-15 pay period.
Explanation:
TAXABLE SALARY
A taxable salary means an individual's income after subtracting all the allowable deductions. It is the final amount on which income tax is levied.
In the following question, taxable salary is found after adjusting allowances and their exemptions.
Running allowance, Education allowance, hostel allowance, Uniform allowance, cca along with House rent allowance have been added to basic pay, dearness pay and dearness allowance after deducting all the possible exemptions to find Gross Salary, and then standard deductions have been made.
Please find the statement of the taxable salary attached.
WORKING NOTES
Minimum following exemptions are allowed:
HRA Received (2500*12) 30000
Rent paid - 10% of salary.
(3000*12 - 10/100*180000) 15000
40% of salary (210000*40/100) 84000
Exempted HRA 15000
Taxable HRA (30000-15000) 15000
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