Accountancy, asked by ayushmahajan413, 6 months ago

Discount of bill of chapter bills of exchange

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Answered by Anonymous
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Answer:

Mr. Manishis the General Manager of a transport

company drawing a basic salary of Rs. 15,000 per

month. He is also receiving D.A. (60% forming part

of salary) Rs. 10,000 per month and entertainment

allowance of Rs.1,500 per month. He is provided

by the company with a car having engine cubic

capacity of 1.8 litres for is personal and official

use, but running and maintenance expenses for the

same are borne by the assessee himself. He is in

receipt of bonus equivalent to 2 month's basic salary.

He also owns two house properties in Meerut,

the details of which are given below:

House 1 House 2

Nature

Self occupied Let out

Municipal value (Rs.) 45,000 65,000

Annual rent (Rs.)

Nil 78,000

Municipal tax paid (Rs.) 3,000 6,000

Interest on taken for

construction of house (Rs.) 12,500 21,300

During the previous year he contributed Rs.

36,000 to Recognised Provided Fund, Rs. 25,000

as Life Insurance premium and Rs. 4,000 as medi-

claim insurance premium.

Compute the total income of Mr. Manish.

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