Sageer, an individual in residence, works as a professor at the Knowledge Institute (KI).The following is a
Question:
Sageer, an individual in residence, works as a professor at the Knowledge Institute (KI). The following is a detail of his monthly remuneration during the year ended June 30, 2020:
Basic Salary Rs. 200,000
Transportation allowance Rs. 50,000
Bonus of Rs. 300,000
Medical Allowance Rs. 20,000
ex-gratia payment received under
golden handshake scheme Rs. 2,000,000
In addition to the above, you were provided with the following:
Medical insurance for Sageer and his dependents subject to the conditions of employment. For this purpose, KI pays an annual insurance premium of Rs. 40,000
Provident Fund contribution of Rs. 15,000 per month to a recognized provident fund. Sageer also contributed an equal amount to the fund.
On August 31, 2019, he received a vacation charge of Rs. 100,000 corresponding to the previous year.
Rent-free accommodation has been provided to Sageer. The fair market value of the accommodation is Rs. 500,000
During the year, Mr. A has received an interest-free loan for the construction of a house worth Rs 1,150,000.
The detail of determined income and determined tax for the last three years is as follows:
Rs. Rs.
2019 1.300.000 270.000
2020 1.500.000 370.000
2021 2.200.000 560.000
Calculate Sageer's taxable income and corresponding tax for tax year 2022
Expert Answer:
To calculate Sageers taxable income and corresponding tax for the tax year 2022 we need to take into ... View the full answer
