URGENT! QUERY REGARDING TAX

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CA FINAL
207 Points Joined October 2008

A is working as a General manager of P co. ltd. Particulars of his salary for the financial year 2009 - 10 are as under:

i) salary                                                                                                  10000 p.m

ii) Bonus                                                                                                 19200

iii) Conveyance allowance (70% spent on official duties)            2000 p.m

iv) Medical allowance                                                                            500 p.m

         He has been provided with a rent free accomadation in Moradabad whose population exceeds 10 lacs but does not exceeds 25 lacs.

          

         Compute the value of the rent free accomadation to be included in the salary income of A for the assessment year 2010 - 11 , if,

a) the accommodation is owned by the co.

b)  the accommodation has been taken on rent  by the co. at Rs, 7000 p.m.

 

please reply as early as poosible.

 

THANKS IN ADVANCE.

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On 25 October 2010 at 11:56 Report
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ca final
287 Points Joined August 2010
In case A 10 percent of 1,20,000 +19,200 + 7,200 + 6,000 will b the taxable value i.e.15,240
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On 25 October 2010 at 12:15
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ca final
287 Points Joined August 2010
In case B LOWER OF THE BELOW 2 WILL B TAXABLE 15 % OF 1,52,400 i.e. 22860 OR 84,000( 7,000 *12) Hence taxable value is 22860
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On 25 October 2010 at 12:18
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CA FINAL
207 Points Joined October 2008
THANKS FOR REPLY.
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On 26 October 2010 at 10:34
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CA FINAL
207 Points Joined October 2008

 

I HAVE ONE MORE QUERY REGARDING SALARY HEAD

Shri Vinod, who was in part - time employment with A ltd. & B ltd. furnishes the foll information:

                                                                                         A LTD.                              B LTD.

Basic Salary per month (last drawn)                       10000                                 6000

Dearness Allowance                                                  30%                                     30%

                                                                      (Forming part of                   (40% forming part

                                                                       Salary for                              of salary for

                                                                  retirement benefits)             reteriment benefits)

Date of Reetirement                               1/12/2009                               15/01/10

Period of service                           22 Years 11 months                20 Years 4 months

amount of Gratuity received                   143000                                  120000

Date of last increment in basic salary     01/04/09                          01/08/2008

amount of last increment                     1000 per month                  500 per month

 

               Compute the Gross Salary of Shri Vinod for assessment year 2010 - 11

 

ANSWER TO THIS QUESTION IS Rs. 233960.

THANKS IN ADVANCE.

 

 

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On 26 October 2010 at 10:48


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