B Com Exam > B Com Questions > Mr. Satish Kapoor (55 years, a resident indiv...
Start Learning for Free
Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary?
Most Upvoted Answer
Mr. Satish Kapoor (55 years, a resident individual) is working as a Ch...
Calculation of Taxable Income for Mr. Satish Kapoor
I. Income from Salary
(i) Basic Salary 2,00,000 p.m.
Annual Basic Salary = 2,00,000 x 12 = 24,00,000
(ii) Dearness Allowance (DA)
DA is a part of salary paid to employees to compensate for the increased cost of living due to inflation. It is fully taxable as salary income.
Annual DA = 10% of Basic Salary = 24,000 x 12 = 2,88,000
Total Income from Salary = Basic Salary + DA = 24,00,000 + 2,88,000 = 26,88,000
II. Income from Other Sources
Mr. Satish Kapoor has not provided any details of income from other sources. Hence, it is assumed to be nil.
III. Deductions
(a) Standard Deduction - Rs. 50,000
(b) Professional Tax - Rs. 2,500
Total Deductions = 50,000 + 2,500 = Rs. 52,500
IV. Taxable Income
Taxable Income = Total Income - Deductions
= 26,88,000 - 52,500
= Rs. 26,35,500
V. Tax Calculation
Tax on Rs. 2,50,000 (up to Rs. 2.5 lakh) = Nil
Tax on Rs. 2,50,001 to Rs. 5,00,000 (5% of Rs. 2.5 lakh) = Rs. 12,500
Tax on Rs. 5,00,001 to Rs. 10,00,000 (20% of Rs. 5 lakh) = Rs. 1,00,000
Tax on Rs. 10,00,001 and above (30% of taxable income above Rs. 10 lakh) = Rs. 73,440
Total Tax Liability = Rs. 1,86,940
VI. Conclusion
The taxable income of Mr. Satish Kapoor for the Assessment Year 2020-21 is Rs. 26,35,500 and his total tax liability is Rs. 1,86,940.
I. Income from Salary
(i) Basic Salary 2,00,000 p.m.
Annual Basic Salary = 2,00,000 x 12 = 24,00,000
(ii) Dearness Allowance (DA)
DA is a part of salary paid to employees to compensate for the increased cost of living due to inflation. It is fully taxable as salary income.
Annual DA = 10% of Basic Salary = 24,000 x 12 = 2,88,000
Total Income from Salary = Basic Salary + DA = 24,00,000 + 2,88,000 = 26,88,000
II. Income from Other Sources
Mr. Satish Kapoor has not provided any details of income from other sources. Hence, it is assumed to be nil.
III. Deductions
(a) Standard Deduction - Rs. 50,000
(b) Professional Tax - Rs. 2,500
Total Deductions = 50,000 + 2,500 = Rs. 52,500
IV. Taxable Income
Taxable Income = Total Income - Deductions
= 26,88,000 - 52,500
= Rs. 26,35,500
V. Tax Calculation
Tax on Rs. 2,50,000 (up to Rs. 2.5 lakh) = Nil
Tax on Rs. 2,50,001 to Rs. 5,00,000 (5% of Rs. 2.5 lakh) = Rs. 12,500
Tax on Rs. 5,00,001 to Rs. 10,00,000 (20% of Rs. 5 lakh) = Rs. 1,00,000
Tax on Rs. 10,00,001 and above (30% of taxable income above Rs. 10 lakh) = Rs. 73,440
Total Tax Liability = Rs. 1,86,940
VI. Conclusion
The taxable income of Mr. Satish Kapoor for the Assessment Year 2020-21 is Rs. 26,35,500 and his total tax liability is Rs. 1,86,940.
Community Answer
Mr. Satish Kapoor (55 years, a resident individual) is working as a Ch...
His salary was 20000
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary?
Question Description
Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? 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 Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary?.
Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? 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 Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary?.
Solutions for Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? defined & explained in the simplest way possible. Besides giving the explanation of
Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary?, a detailed solution for Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? has been provided alongside types of Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? theory, EduRev gives you an
ample number of questions to practice Mr. Satish Kapoor (55 years, a resident individual) is working as a Chief Manager (Materials Department) with M/s Kiteflying in Nasik, Maharashtra. He furnishes the following information for the Previous Year 2019-20. Compute his taxable income for the Assessment Year 2020-21. S. No. Particulars Amount (Rs.) (i) Basic Salary 2,00,000 p.m. (ii) Dearness Allowance (40% forms part of all retirement benefits) 10% of basic salary? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup