how to solve 1st question of tax
Answers
Answer:
Income from salary head
basic salary = 6000×12=72000
dearness allowance
(2000×12). =24000
Commission. =30000
commission in sales
600000×2%. =12000
HRA. = 16200
Gross salary. = 154200
(-) standard deduction =50000
Taxable salary. = 104200
Explanation:
calculation of exempted amount of H.R.A.
Following of the least amount is exempt
1. actual HRA received.
5000×12 =60000
2. rent paid - 10% of salary
54000 -10200=. 43800
3. 50% of salary
102000×50%. =51000
Least amount 43800 is exempt
Amount of HRA (60000-43800) =16200 is taxable
Meaning of salary for HRA
basic salary. 60000
DA (part of salary) 12000
fixed commission. 30000
total. 102000