Mr. Ved is working in a company. He received following facilities, receipts in the previous Year:
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Net Salary (After deducting contribution and Income tax) 4,00,000
Contribution of Mr. Yashveer in provident fund 70,000
Employer’s contribution in provident fund 75,000
Income tax deducted 30,000
Commission on sale @ 1%(Sale Rs 40. Lakh)
Entertainment Allowance 1,000 Per month
Salary Advance 50,000
House Rent Allowance 6,000
He lives in his house. Fair rent `7,000 per month. Amount paid by employer on life insurance
`40,000. Cloth of company’s own mill worth ` 20,000 which was sold at a discount of 25%.
`1,50,000 were the travelling and staying expenses of Mr. Ved and his father on their foreign tour.
Mr. Yashveer’s employer reimbursed these expenses.
Professional Tax paid in previous year `2,000.
Compute Mr. Yashveer’s taxable income salary for the assessment year 2017-18
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75,000
Income tax deducted 30,000
Commission on sale @ 1%(Sale Rs 40. Lakh)
Entertainment Allowance 1,000 Per month
Salary Advance 50,000
House Rent Allowance 6,000
He lives in his house. Fair rent `7,000 per month. Amount paid by employer on life insurance
`40,000. Cloth of company’s own mill worth ` 20,000 which was sold at a discount of 25%.
`1,50,000 were the travelling and staying expenses of Mr. Ved and his father on their foreign tour.
Mr. Yashveer’s employer reimbursed these expenses.
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