Question

Mr. X is employed by ABC Co.Ltd. at Mumbai since I Jan 2008. He has been receiving a basic salary of Rs. 275, 400 p.a. plus DA @ 20% of his basic salary (50%). of which forms part of salery). a He has been provided with a rent free house owned by the Co., the fair rent of which is Rs. 72,000 p. a.. He is getting a transport all. of Rs. 1,800 pm. for travelling from, residence to office & back, Medical all of Rs.: 1,000 fm. and Servant all of Rs. 500p.m., His club bills worth Rs. 5,000 were also reimbursed by the Co. He has been provided with a car of 1800 CC by the to for Official use only. Two children of Mr. X are studying in an institute ven by the employer for which no fees is paid. Normal expenditure per student in such institutions is Rs 800 p.m.. Compute net taxable salary of Mr.X for the AY 2020-24.​

Answer 1

Explanation:

Here 'salary' means basic salary, dearness allowance (DA) (if it forms part of the retirement benefit) and commission received on the basis of percentage of turnover. No other allowances like special allowance are added into to your salary for computing the tax-exempted HRA amount.

Here 'salary' means basic salary, dearness allowance (DA) (if it forms part of the retirement benefit) and commission received on the basis of percentage of turnover. No other allowances like special allowance are added into to your salary for computing the tax-exempted HRA amount.Let us assume that you live in Delhi and pay a monthly rent of Rs 12,000. Your basic salary is Rs 30,000 per month and you get a monthly HRA of Rs 15,000. The tax exempted HRA amount will be the lowest of the following:

Here 'salary' means basic salary, dearness allowance (DA) (if it forms part of the retirement benefit) and commission received on the basis of percentage of turnover. No other allowances like special allowance are added into to your salary for computing the tax-exempted HRA amount.Let us assume that you live in Delhi and pay a monthly rent of Rs 12,000. Your basic salary is Rs 30,000 per month and you get a monthly HRA of Rs 15,000. The tax exempted HRA amount will be the lowest of the following:there's a table

Here 'salary' means basic salary, dearness allowance (DA) (if it forms part of the retirement benefit) and commission received on the basis of percentage of turnover. No other allowances like special allowance are added into to your salary for computing the tax-exempted HRA amount.Let us assume that you live in Delhi and pay a monthly rent of Rs 12,000. Your basic salary is Rs 30,000 per month and you get a monthly HRA of Rs 15,000. The tax exempted HRA amount will be the lowest of the following:there's a table have look

Here 'salary' means basic salary, dearness allowance (DA) (if it forms part of the retirement benefit) and commission received on the basis of percentage of turnover. No other allowances like special allowance are added into to your salary for computing the tax-exempted HRA amount.Let us assume that you live in Delhi and pay a monthly rent of Rs 12,000. Your basic salary is Rs 30,000 per month and you get a monthly HRA of Rs 15,000. The tax exempted HRA amount will be the lowest of the following:there's a table have look The lowest amount is mentioned above is Rs 1.08 lakh which will be exempted from the tax. Rest of the amount received will be taxable. Therefore, Rs 72,000 (Rs 1.80 lakh minus Rs 1.08 lakh) will be taxed according to your income slab.