Question

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:

Answer 1

Answer:

Mathematics includes the study of such topics as quantity, structure, space, and change. It has no generally accepted definition. Mathematicians seek and use patterns to formulate new conjectures; they resolve the truth or falsity of such by mathematical proof.