Mr.Aman (58 years) receives the following income from XYZ Limited during the year
ending 31-03-2020. From the following particulars calculate his total income & his tax
liability for the assessment year 2020-21.
(i) Basic salary Rs.65, 000 p.m.
(ii) Dearness allowance 10% of basic salary.
(iii) Tiffin allowance (actual expenditure Rs.20, 000) @Rs.2, 000 p.m.
(iv) Reimbursement of medical expenditure for the treatment of Aman and his
family members Rs.20,000
(v) Transport allowance @200p.m.
(vi) Unfurnished flat provided at Delhi at a nominal rent of Rs.6, 000 p.m. (rent paid
by the employerRs.18, 000 p.m.)
(vii) On 1-10-2019 the company gives its music system to him for domestic use.
Ownership is not transferred. Cost of music system in 2016 to the employer is
Rs.15, 000.
(viii) He has contributed 18% of his salary as recognized provident fund account to
which his employer made equal contribution. Interest @ 12.5% p.a. amounting
to Rs.50, 000 has been credited to the above recognized provident fund during
the previous year on 10-12-2019.
(ix) He donated Rs.18, 000 to National Defence fund.
(x) Employer company sells the following assets to Aman on 10-01-2020:
Asset sold Car (Rs.) Computer (Rs.) Fridge (Rs.
Cost of assets to
the employer
4,00,000 60,000 20,000
Date of purchase
(put to use on
same day)
10-06-2017 12-07-2016 05-04-2017
Sale price 2,00,000 8,000 12,000
Answers
Answer:
Mr.Aman (58 years) receives the following income from XYZ Limited during the year
ending 31-03-2020. From the following particulars calculate his total income & his tax
liability for the assessment year 2020-21.
(i) Basic salary Rs.65, 000 p.m.
(ii) Dearness allowance 10% of basic salary.
(iii) Tiffin allowance (actual expenditure Rs.20, 000) @Rs.2, 000 p.m.
(iv) Reimbursement of medical expenditure for the treatment of Aman and his
family members Rs.20,000
(v) Transport allowance @200p.m.
(vi) Unfurnished flat provided at Delhi at a nominal rent of Rs.6, 000 p.m. (rent paid
by the employerRs.18, 000 p.m.)
(vii) On 1-10-2019 the company gives its music system to him for domestic use.
Ownership is not transferred. Cost of music system in 2016 to the employer is
Rs.15, 000.
(viii) He has contributed 18% of his salary as recognized provident fund account to
which his employer made equal contribution. Interest @ 12.5% p.a. amounting
to Rs.50, 000 has been credited to the above recognized provident fund during
the previous year on 10-12-2019.
(ix) He donated Rs.18, 000 to National Defence fund.
(x) Employer company sells the following assets to Aman on 10-01-2020:
Asset sold Car (Rs.) Computer (Rs.) Fridge (Rs.
Cost of assets to
the employer
4,00,000 60,000 20,000
Date of purchase
(put to use on
same day)
10-06-2017 12-07-2016 05-04-2017
Sale price 2,00,000 8,000 12,000
Explanation:
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