(a) For the previous year ending March 31,2021, A has submitted following details: Basic salary: 1,50,000; dearness allowance: 50,000 (40 percent is for retirement benefits); commission: *20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being ` 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment vear 2021-22.
(a) For the previous year ending March 31,2021, A has submitted following details: Basic salary: 1,50,000; dearness allowance: 50,000 (40 percent is for retirement benefits); commission: *20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being ` 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment vear 2021-22.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 50P
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Transcribed Image Text:(a) For the previous year ending March 31,2021, A has submitted following details: Basic salary:
'1,50,000; dearness allowance:
*20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m.
to provident fund, matching contribution is made by A as well. His employer has also provided
him rent free accommodation in Mumbai, lease rent of the property being 50,000. Assuming A
is not a government employee. Determine his income chargeable under the head salary for the
assessment year 2021-22.
50,000 (40 percent is for retirement benefits); commission:
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