Mr. Akhil is employed as an engineer in Indian railways. He is getting Rs.7.500 p.m. as...
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Mr. Akhil is employed as an engineer in Indian railways. He is getting Rs.7.500 p.m. as basic pay; Rs.2.500 p.m. as D.A. and Rs.2.500 p.m. as dearness pay. During the year 2020-21, he received the following allowances also: Rs.16,500 as running allowance p.m. Rs.2,000 p.m. as entertainment allowance Rs.200 p.m. per child as educational allowance for his 2 children One of his sons is staying in a hostel on which Akhil is spending Rs.800 p.m. He is getting Rs500 p.m. as hostel allowance for meeting this expenditure. Rs.250 p.m. as CCA Rs.400 p.m. as uniform allowance, fully spent for employment purposes. Rs. 1250 p.m. as HRA. He pays Rs. 1500 p.m. as rent to house owner. He contributes 13% of his basic pay and DA to SPF and the Indian railway contributes a similar amount. Compute his taxable salary for the AY 2021-22. Mr. Akhil is employed as an engineer in Indian railways. He is getting Rs.7.500 p.m. as basic pay; Rs.2.500 p.m. as D.A. and Rs.2.500 p.m. as dearness pay. During the year 2020-21, he received the following allowances also: Rs.16,500 as running allowance p.m. Rs.2,000 p.m. as entertainment allowance Rs.200 p.m. per child as educational allowance for his 2 children One of his sons is staying in a hostel on which Akhil is spending Rs.800 p.m. He is getting Rs500 p.m. as hostel allowance for meeting this expenditure. Rs.250 p.m. as CCA Rs.400 p.m. as uniform allowance, fully spent for employment purposes. Rs. 1250 p.m. as HRA. He pays Rs. 1500 p.m. as rent to house owner. He contributes 13% of his basic pay and DA to SPF and the Indian railway contributes a similar amount. Compute his taxable salary for the AY 2021-22.
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Related Book For
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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