nikhil ((CA Final) Article) (363 Points)
02 June 2011let me know about the income of the person (income tax)(salaries)
education allowance for two children(expenditure being Rs600) 3600rs
hostel expenditure allowance for one child(expenditure being Rs7000) 6800rs
what will be the gross total income and how plz let me know ...........:-)
nikhil
((CA Final) Article)
(363 Points)
Replied 02 June 2011
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 02 June 2011
education allownace is 100 p.m p.c or actual exp which ever is less is exempted . hostel allowance is 300 p.m p.c or act exp which is less is xmpted from tax
edu allo 100*12*2=2400 act exp 600 so 600 is exempted . so taxable income = 3000
hostel allo 300*12*1=3600 act exp 7000 . so 3600 is exm. so taxable income =3200
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taxable income = 6200
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mounika
(semi qualified chartered accountant)
(981 Points)
Replied 02 June 2011
interst on investments is admissable only if such investments are held ae stock in trade . otherwise they r taxable under d head othersourses
C.A.M.S.ROY
(C. A.)
(478 Points)
Replied 02 June 2011
CAclubindia
