Question

Mr. Kashyap received basic salary of 20,000 p.M. From his employer. He also received children education allowance of 3,000 for three children and transport ` allowance of 1,800 p.M. The amount of salary chargeable to tax for p.Y. 2018-19 ` is

Answer 1

Answer:212600

Explanation:

basic salary-12*20000=240000

Transport-12*1800=21600

*Education allowance-1000

Gross salary-262600

Standard deduction sec16(ia)-(50000)

Taxable salary=212600

*Note- exemptions on education allowance will be given to 2 children maximum of 100 pm the 3rd chilld education won't get any exemptions

Answer 2

The Net Taxable salary will be 212600

Given in the question, Mr. Kashyap receives basic salary of 20,000 per month and children allowance of ₹3000 and transport allowance of 1,800 per month.

Basic salary                                     = 20000*12

                                                         = 240000

children education allowance        = 1000

(allowance will be given for 2

children ₹150/month)

transport allowance                          = 21600

Total salary                                        = 262600

basic deduction                                = (50000)

Net taxable salary                             =212600