Mr. Deepak gives the following particulars of his salary income for the year ended 31st March...
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Mr. Deepak gives the following particulars of his salary income for the year ended 31st March 2021. Basic salary Dearness allowance Own contribution to RPF Employer's contribution to RPF Interest on RPF (10%) Bonus 1,44,000 28,800 20,160 20,160 10,000 12,000 He was provided with a small car for which the employer paid all the running and maintenance cost. The car is used for personal and official purposes. He was provided with a rent free accommodation at Mumbai for which the employer paid a rent of Rs.1,250 per month. Mr. Deepak was allowed the use of a refrigerator and an air conditioner costing Rs.8,000 and Rs.12,000 respectively while their WDV on 01/04/2020 were Rs.4,500 and Rs.7.000 respectively. Life insurance premium Rs.12,000 was paid by the employer on his insurance policy of Rs.25,00,000. He paid professional tax Rs.2.500 during the year. Compute taxable salary for the Assessment Year 2021-22. Mr. Deepak gives the following particulars of his salary income for the year ended 31st March 2021. Basic salary Dearness allowance Own contribution to RPF Employer's contribution to RPF Interest on RPF (10%) Bonus 1,44,000 28,800 20,160 20,160 10,000 12,000 He was provided with a small car for which the employer paid all the running and maintenance cost. The car is used for personal and official purposes. He was provided with a rent free accommodation at Mumbai for which the employer paid a rent of Rs.1,250 per month. Mr. Deepak was allowed the use of a refrigerator and an air conditioner costing Rs.8,000 and Rs.12,000 respectively while their WDV on 01/04/2020 were Rs.4,500 and Rs.7.000 respectively. Life insurance premium Rs.12,000 was paid by the employer on his insurance policy of Rs.25,00,000. He paid professional tax Rs.2.500 during the year. Compute taxable salary for the Assessment Year 2021-22.
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Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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