Sweetee is a regular employee of a Delhi-based private organisatión where she was appointea on 1.1.2018 in the scale of 90,000 p.m as basic. Under the terms of employment, she is paid 10% of basic as DA and alsơ bonus equivalent to one month's pay (including DA) as on the last month of the financial. She is provided with free housing facility which has been taken on rent by the employer on rent for 12,000 p.m. Besides, she is provided with the following facilities: (a) Transport allowance @ 3,500 p.m. is paid to her and Conveyance allowance of 1,000 per month is given by the company. Children and hostel allowance of Rs. 700pm and 1200 p.m respectively. She is having 3 children. (b) She is getting telephone allowance @ 3500 p.m. (c) Company paid the medical allowance 25,000. (d) HRA paid Z8000 p.m
Sweetee is a regular employee of a Delhi-based private organisatión where she was appointea on 1.1.2018 in the scale of 90,000 p.m as basic. Under the terms of employment, she is paid 10% of basic as DA and alsơ bonus equivalent to one month's pay (including DA) as on the last month of the financial. She is provided with free housing facility which has been taken on rent by the employer on rent for 12,000 p.m. Besides, she is provided with the following facilities: (a) Transport allowance @ 3,500 p.m. is paid to her and Conveyance allowance of 1,000 per month is given by the company. Children and hostel allowance of Rs. 700pm and 1200 p.m respectively. She is having 3 children. (b) She is getting telephone allowance @ 3500 p.m. (c) Company paid the medical allowance 25,000. (d) HRA paid Z8000 p.m
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5PA
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Transcribed Image Text:1. Sweetee is a regular employee of a Delhi-based private organisation where she was appointed
on 1.1.2018 in the scale of 390,000 p.m as basic. Under the terms of employment, she is paid
10% of basic as DA and also bonus equivalent to one month's pay (including DA) as on the last
month of the financial. She is provided with free housing facility which has been taken on rent
by the employer on rent for 312,000 p.m. Besides, she is provided with the following facilities:
(a) Transport allowance @ 3,500 p.m. is paid to her and Conveyance allowance of 1,000
per month is given by the company. Children and hostel allowance of Rs. 700pm and 1200
p.m respectively. She is having 3 children.
(b) She is getting telephone allowance @ 2500 p.m.
(c) Company paid the medical allowance 25,000.
(d) HRA paid Z8000
P.m
(e) Bonus paid 50000
(f) House building loan at a concessional rate of 6% p.a. 2,00,000 (Loan was taken on
01.08.2019 and not repaid so far. SBI interest rate on 01.04.2020 and 01.04.2019 are 8.45%
and 9.35% respectively).
Compute the assessee's taxable income from Salaries for the assessment year 2020-21.
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