Mr.Mac (age 32 years) receives the following emoluments during the previous year ending March 31,2020: Rs. Basic Pay 5,52,000 Commission 2,60,000 Free car facility for Mr.Mac and his family Only for private use ( expenditure of the employer Including normal wear and tear: Rs.1,21,000) 1,21,000 Entertainment allowance 30,000 On October 1, 2020, the employer gave a housing loan of Rs. I1,70,000 @ 2% p.a(repayable in 15 annual installments)(SBI lending rate:10.15%). He contributes Rs.1,60,000 towards the recognised provident fund. His income from other sources is Rs.2,40,000. Determine the taxable income for the Assessment year 2020-21 if Mr. Mac is a Government employee.
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May Allah bless him. Have a nice day.
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