Poonawalla fincorp
Poonawalla fincorp

It return of a mla

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(Querist)
23 August 2011 A MLA received basic salary Rs. 120000/- and allowances Rs. 480000/- and he paid LIP Rs. 25000/- during the FY 2010-11. What will be the tax liability for the AY 2011-12.
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Ravikant

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Ravikant (Expert)
23 August 2011 Tax liability is NIL, as allowances are exempt from tax u/s 10 (17)

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