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From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month?
Most Upvoted Answer
From the following particulars of Nagaraj, compute the taxable house r...
Calculation of Taxable House Rent Allowance:
Basic Salary:
- Nagaraj's basic salary is ₹60,000 per month.
Dearness Allowance:
- Nagaraj receives a dearness allowance of ₹10,000 per month.
House Rent Allowance (HRA):
- Nagaraj receives a house rent allowance of ₹8,000 per month.
Actual Rent Paid:
- Nagaraj pays a monthly rent of ₹12,000.
Calculation of Taxable House Rent Allowance:
To calculate the taxable house rent allowance, we need to compare three scenarios and choose the one with the lowest taxable amount. The three scenarios are as follows:
1. Actual HRA Received:
- The actual house rent allowance received by Nagaraj is ₹8,000 per month.
2. 50% of Basic Salary:
- 50% of Nagaraj's basic salary (₹60,000) is ₹30,000 per month.
3. Rent Paid minus 10% of Basic Salary:
- 10% of Nagaraj's basic salary (₹60,000) is ₹6,000 per month.
- The rent paid minus 10% of basic salary is ₹12,000 - ₹6,000 = ₹6,000 per month.
Comparison and Calculation:
Now, we need to compare the above three scenarios and choose the one with the lowest taxable amount.
1. Actual HRA Received: ₹8,000 per month
2. 50% of Basic Salary: ₹30,000 per month
3. Rent Paid minus 10% of Basic Salary: ₹6,000 per month
Out of these three scenarios, the lowest taxable amount is ₹6,000 per month (Rent Paid minus 10% of Basic Salary).
Hence, the taxable house rent allowance for Nagaraj is ₹6,000 per month.
Basic Salary:
- Nagaraj's basic salary is ₹60,000 per month.
Dearness Allowance:
- Nagaraj receives a dearness allowance of ₹10,000 per month.
House Rent Allowance (HRA):
- Nagaraj receives a house rent allowance of ₹8,000 per month.
Actual Rent Paid:
- Nagaraj pays a monthly rent of ₹12,000.
Calculation of Taxable House Rent Allowance:
To calculate the taxable house rent allowance, we need to compare three scenarios and choose the one with the lowest taxable amount. The three scenarios are as follows:
1. Actual HRA Received:
- The actual house rent allowance received by Nagaraj is ₹8,000 per month.
2. 50% of Basic Salary:
- 50% of Nagaraj's basic salary (₹60,000) is ₹30,000 per month.
3. Rent Paid minus 10% of Basic Salary:
- 10% of Nagaraj's basic salary (₹60,000) is ₹6,000 per month.
- The rent paid minus 10% of basic salary is ₹12,000 - ₹6,000 = ₹6,000 per month.
Comparison and Calculation:
Now, we need to compare the above three scenarios and choose the one with the lowest taxable amount.
1. Actual HRA Received: ₹8,000 per month
2. 50% of Basic Salary: ₹30,000 per month
3. Rent Paid minus 10% of Basic Salary: ₹6,000 per month
Out of these three scenarios, the lowest taxable amount is ₹6,000 per month (Rent Paid minus 10% of Basic Salary).
Hence, the taxable house rent allowance for Nagaraj is ₹6,000 per month.
Community Answer
From the following particulars of Nagaraj, compute the taxable house r...
Calculation of HRA
salary =basic salary +dearness allowance
(60000×12) + (10000×12)
840000
least of the following are exempted
(a) actual HRA received =8000×12= 96000
(b) rent paid -10%of salary=12000×12-840000×10÷100
= 144000-84000= 60000
(c) 40%of salary =840000×40÷100 = 336000
exempted amount is 60000
taxable amount= actual HRA received - exempted amount
96000 - 60000
36000 answer
salary =basic salary +dearness allowance
(60000×12) + (10000×12)
840000
least of the following are exempted
(a) actual HRA received =8000×12= 96000
(b) rent paid -10%of salary=12000×12-840000×10÷100
= 144000-84000= 60000
(c) 40%of salary =840000×40÷100 = 336000
exempted amount is 60000
taxable amount= actual HRA received - exempted amount
96000 - 60000
36000 answer
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From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month?
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From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month? 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 From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month?.
From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month? 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 From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following particulars of Nagaraj, compute the taxable house rent allowance:- basic salary 60 thousand per month, Dearness allowance 10000 per month, house rent allowance 8000 per month, actual rent paid 12000 per month?.
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