From the following particulars given below, compute the total income and tax payable of Mr.Deb, a...
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From the following particulars given below, compute the total income and tax payable of Mr.Deb, a Central Government employee working in Chandigarh: 1. (1) Salary (2) T.A Bill Actual expenditure (3) Bonus (4) His contribution to Statutory Provident Fund Rs.1,700 p.m. (5) Employer's contribution to S.P.F.10% of salary (6) Interest on accumulated balance of S.P.F. @13% Rs.12,000 Rs.1,000 p.m. (7) Entertainment allowance II. He owns two houses, one of which is let out at a rent of Rs.4,000 p.m. and other (whose annual value is Rs.10,000) remained vacant throughout the year on account of his employment at Ambala where he has taken a house on rent. The two houses are subject to Municipal Taxes of Rs.5,000 and Rs. 1,000 respectively III. During the year he sold shares of Honda Ltd. and earned a short-term capital gain of Rs. 50,000 [STT paid]. 2 Rs.25,000 p.m Rs. 5,000 p.a. Rs.6,000 p.a. Rs.25,000 FAA Rs.1.700 p.m. (5) Employer's contribution to S.P.F.10% of salary (6) Interest on accumulated balance of S.P.F. @13% Rs.12,000 Rs.1,000 p.m. (7) Entertainment allowance II. He owns two houses, one of which is let out at a rent of Rs.4,000 p.m. and other (whose annual value is Rs.10,000) remained vacant throughout the year on account of his employment at Ambala where he has taken a house on rent. The two houses are subject to Municipal Taxes of Rs.5,000 and Rs.1,000 respectively. III. During the year he sold shares of Honda Ltd. and earned a short-term capital gain of Rs.50,000 [STT paid]. IV. He earned Rs. 11,500 as interest from government securities and bank interest on SBI fixed deposits Rs.11,000 and on a saving account Rs.10,600. He pays Life Insurance Premium of Rs. 25,000 on his life policy of Rs.4,00,000. He deposited Rs.10,000 in Home Deposit Account. From the following particulars given below, compute the total income and tax payable of Mr.Deb, a Central Government employee working in Chandigarh: 1. (1) Salary (2) T.A Bill Actual expenditure (3) Bonus (4) His contribution to Statutory Provident Fund Rs.1,700 p.m. (5) Employer's contribution to S.P.F.10% of salary (6) Interest on accumulated balance of S.P.F. @13% Rs.12,000 Rs.1,000 p.m. (7) Entertainment allowance II. He owns two houses, one of which is let out at a rent of Rs.4,000 p.m. and other (whose annual value is Rs.10,000) remained vacant throughout the year on account of his employment at Ambala where he has taken a house on rent. The two houses are subject to Municipal Taxes of Rs.5,000 and Rs. 1,000 respectively III. During the year he sold shares of Honda Ltd. and earned a short-term capital gain of Rs. 50,000 [STT paid]. 2 Rs.25,000 p.m Rs. 5,000 p.a. Rs.6,000 p.a. Rs.25,000 FAA Rs.1.700 p.m. (5) Employer's contribution to S.P.F.10% of salary (6) Interest on accumulated balance of S.P.F. @13% Rs.12,000 Rs.1,000 p.m. (7) Entertainment allowance II. He owns two houses, one of which is let out at a rent of Rs.4,000 p.m. and other (whose annual value is Rs.10,000) remained vacant throughout the year on account of his employment at Ambala where he has taken a house on rent. The two houses are subject to Municipal Taxes of Rs.5,000 and Rs.1,000 respectively. III. During the year he sold shares of Honda Ltd. and earned a short-term capital gain of Rs.50,000 [STT paid]. IV. He earned Rs. 11,500 as interest from government securities and bank interest on SBI fixed deposits Rs.11,000 and on a saving account Rs.10,600. He pays Life Insurance Premium of Rs. 25,000 on his life policy of Rs.4,00,000. He deposited Rs.10,000 in Home Deposit Account.
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To compute the total income and tax payable we need to consider the various components of Mr Debs income his investments and the allowances provided t... View the full answer
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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