Q1 Mr. Uma Shankar is employed by a XYZ Ltd., Kolkata. From the information
given below find out net income and tax liability of Mr. Uma Shankar for the
assessment year 2019-20 –
Basic salary: 85,520 per month, commission at the rate of Rs. 13,225 per
month, dearness allowance Rs. 48,000 per month (3/4 is part of salary for computing
pension but only 60 percent is part of salary for computing other retirement benefits,
like provident fund, gratuity etc.), house rent allowance Rs. 18,500 per month and
tiffin allowance Rs 14,000 per month (but only with effect from February 2019).
He resides in rental accommodation at 14/2 Motilal Basak Lane, Girish Park, Kolkata
(rent being Rs. 21,150 per month). He contributes 14,000 per month towards
Recognized Provident Fund. Contribution by the employer is not more than 12% of
salary. Provident fund interest is credited is at the rate of 18.25% which comes Rs.
4,25,000 for the previous year.
He pays life insurance premium on the life of his daughter-in-law (annual insurance
premium being Rs. 29,520, sum assured Rs.10,00,000). His income from long term
capital gain is Rs. 79,500. Besides he gets family pension of Rs. 1,440 per month in
previous year.
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