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Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.?
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Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the ...
Income Components:
- Basic Pay: 5000 p.m.
- Dearness Allowance (D.A.): 120% of basic salary
- Entertainment Allowance: 600 p.m.
- Traveling Allowance (T.A.): 2000 p.m.
- Traveling Allowance (actual expenses): 4000 per annum
- Daily Allowance: 6000 per annum
- Education Allowance: 300 p.m. per child (for three children)
- House Rent Allowance (H.R.A.): 1000 p.m.
Expense Details:
- Rent paid by the assessee: 800 p.m.
- Total rent paid annually: 800 x 12 = 9600
Calculation of Taxable Income:
- Dearness Allowance: 120% of basic salary
- 60% of D.A. is under the term of service
- Taxable D.A. = D.A. - (60% of D.A.)
- Total Taxable Income = (Basic Pay + Taxable D.A. + Entertainment Allowance + T.A. + Daily Allowance + Education Allowance + H.R.A.) - Rent paid
Tax Calculation:
- Calculate the total taxable income
- Apply the applicable tax slabs to calculate the income tax liability
Conclusion:
The tax liability for the assessee can be calculated by considering all the income components, expenses, and tax deductions available. It is important to accurately calculate the taxable income and apply the relevant tax rates to determine the final tax liability.
- Basic Pay: 5000 p.m.
- Dearness Allowance (D.A.): 120% of basic salary
- Entertainment Allowance: 600 p.m.
- Traveling Allowance (T.A.): 2000 p.m.
- Traveling Allowance (actual expenses): 4000 per annum
- Daily Allowance: 6000 per annum
- Education Allowance: 300 p.m. per child (for three children)
- House Rent Allowance (H.R.A.): 1000 p.m.
Expense Details:
- Rent paid by the assessee: 800 p.m.
- Total rent paid annually: 800 x 12 = 9600
Calculation of Taxable Income:
- Dearness Allowance: 120% of basic salary
- 60% of D.A. is under the term of service
- Taxable D.A. = D.A. - (60% of D.A.)
- Total Taxable Income = (Basic Pay + Taxable D.A. + Entertainment Allowance + T.A. + Daily Allowance + Education Allowance + H.R.A.) - Rent paid
Tax Calculation:
- Calculate the total taxable income
- Apply the applicable tax slabs to calculate the income tax liability
Conclusion:
The tax liability for the assessee can be calculated by considering all the income components, expenses, and tax deductions available. It is important to accurately calculate the taxable income and apply the relevant tax rates to determine the final tax liability.
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Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.?
Question Description
Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.?.
Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Basic pay 5000p.m.,D.A 120%of basic salami (60% of which is under the term of service)entertainment allowance600p.m.T.A.2000p.m.traveling allowance7000p.a(actual expenses being 4000) daily allowance6000p.a.education allowance 300p.m.per child(for three child )H.R.A1000p.m.the assessee resident in delight in a rented house and pays 800p.m.as rent.the assessee is employed in a private company.?.
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