Mr. X is employed in a company at 15000 per month.He is a member of reconignised provident fund to which he and his employer contributes 15% of salary.During the year he was given credit of 12000 as intrest on the provident fund balance of Rs. 1,00,000.Calculate the taxable amount of annual accretion to be included in his income under the head salaries.u
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use the formulas of commercial mathematics you get ans
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Answer:
Step-by-step explanation:
Basic salary (15000*12) =Rs 180,000
taxable contribution in RPF by employer (15%-12%) of salary =Rs (180,000*3%)
=Rs 5400
Exempted amt of Interest in fund balance (9.5% of Rs 100,000) =Rs 9500
Taxable amount of Interest in fund balance (12000-9500) =Rs 2500
Ans.
Total taxable amt of annual accretion to be included in his
income under the head salaries (5400+2500) = Rs 7900
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