Question

X, an employee of New Horizons Ltd., draws 5,00,000 as basic pay, . 5,000 per month as dearness
allowance (60 percent is used for end term benefit calculations): 50,000 as bonus. He received
following for the previous year 2020-21: children education allowance: 400 per month for each of 4
children, Hostel allowance 2000 per month for each of 4 children; helper allowance: 10,000; tiffin
allowance: '12000. Company provided him furnished accommodation in Goa (Population 1200000)
property is owned by company, vehicle facility (1800CC with driver) for private purpose for which
Rs 2000 p.m is charged from him. Lease rent paid by the company for furniture 10,000 per month.
Calculated his income chargeable to head salary for the assessment year 2021-22.​

Answer 1

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