Mr. Varun furnished the following particulars of his income for the financial year 2020-21. 15000 p.m....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr. Varun furnished the following particulars of his income for the financial year 2020-21. 15000 p.m. Salary 1250 p.m. 1000 p.m. 24000 each DA Entertainment Allowance Employer's and employee's contribution to RPF Interest from PF @ 9.5% p.a. City compensatory allowance Medical allowance 19000 200 p.m. 10000 He has been provided with the facility of unfurnished house by the employer in a town (population less than 10 lakhs) for which the employer charge Rs.500 per month. The fair rent of the house is Rs. 30,000 p.a. The house is owned by the employer. The employer has employed for him a sweeper @ Rs.200 p.m. and a servant @ Rs.750 p.m. Compute taxable income under the head 'salary for the AY 2021-22 Mr. Varun furnished the following particulars of his income for the financial year 2020-21. 15000 p.m. Salary 1250 p.m. 1000 p.m. 24000 each DA Entertainment Allowance Employer's and employee's contribution to RPF Interest from PF @ 9.5% p.a. City compensatory allowance Medical allowance 19000 200 p.m. 10000 He has been provided with the facility of unfurnished house by the employer in a town (population less than 10 lakhs) for which the employer charge Rs.500 per month. The fair rent of the house is Rs. 30,000 p.a. The house is owned by the employer. The employer has employed for him a sweeper @ Rs.200 p.m. and a servant @ Rs.750 p.m. Compute taxable income under the head 'salary for the AY 2021-22
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
4 Mr. Musfiqur Rahman furnished the following particulars of his income in the income year 2019-2020. Considering all of this information, calculate his total income and tax liability for the...
-
Mr. Haroon Malik is working in Iffan Sugar Mills as Manager, in the pay scale 50,000-3,000-80,000. He furnished the following particulars of his income for the tax year June 30, 2021. S.No....
-
Mr. Ahmed is working in an organization as Manager, in the pay scale 60,000-5,000-90,000. He furnished the following particulars of his income for the tax year June 30, 2021. S.No. Particulars 1...
-
Use the formula A= P(1+) to find the total amount of money accumulated for an initial investment $600 at 8% compounded semiannually after 7 years. Round to the nearest cent (in dollars and cents)....
-
Go to this texts Web site at academic. cengage.com/blaw/clarkson and select Chapter 29. Click on Video Questions and view the video titled Secured Transactions. Then answer the following questions....
-
1. Find the regular expression for the following finite automaton using ardens theorem? a F
-
List the professional requirements for internal environmental auditors and external environmental verifiers and identify the groups which may be equipped to undertake this work.
-
Winston Clinic is evaluating a project that costs $52,125 and has expected net cash inflows of $12,000 per year for 8 years. The first inflow occurs one year after the cost outflow, and the project...
-
Blossom Company purchases $50,300 of direct raw materials and it incurs $65,400 of direct factory labor costs. Supporting records show that (a) the Assembly Department used $25,800 of direct raw...
-
Ryan Ross (111-11-1112), Oscar Omega (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal active members in ROCK the Ages LLC. ROCK serves as agent and manager for...
-
If the average balance of debtors has increased, which of the following might not show a change in general? A B C D Total Sales Average Payables Current Ratio Bad Debt loss
-
True Or False The classical reformers eliminated sovereign immunity.
-
True Or False Parents can be held liable for any tortious acts of their children.
-
True Or False (new) A release and a covenant not to sue are the same thing.
-
True Or False Concurrent tortfeasors cannot be jointly and severally liable.
-
What problems arise in reference to contribution when the plaintiff releases a defendant?
-
Breckenridge Corporation manufactures a part in a single production process in Department B. The company reports the following information about conversion costs for June: Units Conversion Costs WIP...
-
Teasdale Inc. manufactures and sells commercial and residential security equipment. The comparative unclassified balance sheets for December 31, 2015 and 2014 are provided below. Selected missing...
-
Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2012. The corporation also has $20,000 in dividends from publicly traded domestic...
-
Sherry rents her vacation home for 6 months and lives in it for 6 months during the year. Her gross rental income during the year is $4,000. Total real estate taxes for the home are $950, and...
-
Indicate, in each of the following situations, the number of exemptions the taxpayers are entitled to claim on their 2012 income tax returns. Number of Exemptions a. Donna, a 20-year-old single...
-
For each of the following sets of numbers, calculate a \(95 \%\) confidence interval for the mean ( \(\sigma\) known); before going through the steps in calculating the confidence interval, the...
-
Consider a 3 -year \(10 \%\) coupon bond. The underlying short rate of interest follows a lattice with initial value of \(R=1.15\) and then has an factor of 1.02 , a down factor of .99 , and...
-
Using the density function of the stopping time probability for a fixed \(\lambda\), find the average time to the first event over the entire interval \([0, \infty)\).
Study smarter with the SolutionInn App