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Salary - Income Tax

aarya (student) (66 Points)

13 June 2011

Can anybody provide me the details of taxable Income of Mr. X a Tehsildar of XYZ District..

His Basic Salary for the Year is Rs.12,000/- p.m. + transport Allowance of rs.30,000/- p.m.

Plz its Urgent Thanx...

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3 Replies

CA MAYANK WADHERA (CA CS CMA(I)) (789 Points)
Replied 19 June 2011

not taxable provided whole amount of transport allowance is spent for the purpose of employement

taxable income= 12000x12 =144000

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 19 June 2011

Originally posted by : mayank wadhera
	not taxable provided whole amount of transport allowance is spent for the purpose of employement taxable income= 12000x12 =144000

Dheeraj (Learner) (1100 Points)
Replied 19 June 2011

yes, agreed with mayank

but if the assessee is having only salary income, the whole income is exempt...

as total income is 12000*12=1,44,000 /- which is less than 1,60,000.

if there is some more income from any other sources, mainly like saving bank interest, rental income etc., than follow the slab rate to compute the total and taxable income.