The auxiliaries to trade are also known as business services or facilities. These services are essential and indispensable for the smooth flow of trade and industry. The examples of business services are Banking, insurance, transport, warehousing Advertisement and communication. Services are separately identifiable, essentially an intangible activity which provide satisfaction of wants and cannot be stored for future. Identify and explain the features of business services discussed in above case study.
Answers
Answer:
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Explanation:
Mr. Manishis the General Manager of a transport
company drawing a basic salary of Rs. 15,000 per
month. He is also receiving D.A. (60% forming part
of salary) Rs. 10,000 per month and entertainment
allowance of Rs.1,500 per month. He is provided
by the company with a car having engine cubic
capacity of 1.8 litres for is personal and official
use, but running and maintenance expenses for the
same are borne by the assessee himself. He is in
receipt of bonus equivalent to 2 month's basic salary.
He also owns two house properties in Meerut,
the details of which are given below:
House 1 House 2
Nature
Self occupied Let out
Municipal value (Rs.) 45,000 65,000
Annual rent (Rs.)
Nil 78,000
Municipal tax paid (Rs.) 3,000 6,000
Interest on taken for
construction of house (Rs.) 12,500 21,300
During the previous year he contributed Rs.
36,000 to Recognised Provided Fund, Rs. 25,000
as Life Insurance premium and Rs. 4,000 as medi-
claim insurance premium.
Compute the total income of Mr. Manish.