Taxable amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2014 Question :- Mr X has basic salary rs 20000, per month , da rs 10000, per month H R A rs 10000 compute taxabel salary mr x rent paid Faridabad 8000 rent paid .

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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03 December 2014 Taxable salary will be Rs.384000 as under,

Total salary (40000 X 12) 480000
Less : *HRA Allowance 96000
Taxable Salry 384000

*lower of below is exempted as HRA
1. 40% of Salary (Basic + DA)= 144000
2. Rent paid less 10% of salary (96000-36000) = 60000
3. HRA received =96000

Rupesh Jain

Rupesh Jain (Expert)
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03 December 2014 you can take Hra exemption

40% of basis salary (8000)
rent paid excess of 10% salary (8000-2000)=6000
HRA received= 10000

whichever is less

rs6000/- exempt

remaining HRA will be taxable

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CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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03 December 2014 @ the querist, HRA exemption will be Rs.60000 not 96000, as 60000 is the lowest amount (as per my calculation above)

@ Mr. Rupesh, HRA exemption will be Rs.5000 per month and not Rs.6000.
As salary will include Basic + DA while calculating HRA.

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2014 Question :- Compute Income Tax on Rs. 700000 Lakh ,1500000 Lakh 12000000 for individual as below 60 ,above 60, above 80, partnership form , & domestic , Company.fy 2013-2014