Question

Compute taxable salary of Arun :
Prticulars
Salary : 5,00,000
Dearness Allowance (not forming part of salary) :20,000
House Rent Allowance 1,20,000
Actual Rent paid 1,50,000

Place of Service :Chennai
CCA : 200 p.m
Medical allowance : 100 p.m
Ans.₹4,93,600.​

Answer 1

Answer:

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Explanation:

You need to pay tax on this rental income. However, if your total taxable income in India (including rental income or any other source of income) does not exceeds the maximum amount not chargeable to tax (2.5 lakh), you are not liable to pay tax on it. The gross rent received by you is not fully taxable.Usually, basic salary is 40% to 50% of CTC (Cost to Company). Statutory components such as bonus, PF, gratuity and other benefits are determined on the basis of the basic salary.CTC = Earnings + Deductions

Here, Earnings = Basic Salary + Dearness Allowance + House Rent Allowance + Conveyance Allowance + Medical Allowance + Special Allowance. Given below is a simple example of a salary slip showing all the basic breakups under two heads, earnings and deductions.In order to calculate the HRA, the salary is defined as the sum of the basic salary, dearness allowances and any other commissions. If an employee does not receive a commission or a dearness allowance, then the HRA will be around 40% - 50% of his/her basic salary.

Answer 2

Answer:

500000+20000+120000+200*12+100*12-150000=493600