Question

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Answer 1

Answer:

Mr. Nitish, an employee of a public limited company at Banglore, received the following emoluments for the previous year 2017-18 ₹ 3,60,000 (1) Basic salary @ 30,000 p.m. 36,000 (ii) D.A. as per terms of employment 3,000 p.m. 33,000 (iii) Bonus equal to 1 month's salary 60,000 (iv) Commission 66,000 (v) Advance salary 48,000 (vi) Employee's contribution in recognised Provident Fund 48,000 (vii) Employer's contribution in Recognised Provident Fund (viil) Special allowance @ 2000 p.m. 24,000 1,20,000 (ix) House rent allowance received @ 10,000 p.m. (x) Rent paid by him @ 12,000 p.m. 1,44,000 (xi) Entertainment allowance * 3,000 p.m. 36,000 (He spends the whole amount while performing his official duties) (xi) During the year employer has provided him a Honda city car of 1600 cc capacity with chauffeur which he uses for his personal purposes. Employer's expenditure of the running and maintenance of the car including salary of the driver is 1,20,000 during the year. Cost of the car is 7,50,000. (xiii) Interest credited to his recognised provident fund @ 12% is * 30,000.1 (xiv) Employer company has provided him free club facility which costed the company * 24,000 and free lunch for 300 days cost being * 150 per day. (wy) During the previous year he has been provided'a interest free loan of 18,000 to purchase a moter cycle. In November 2017 his father fell ill (disease specified under Rule 3A) and he again got interest free loan of 50,000 from his employer for the medical treatment of his father

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