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Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.?
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Mr. Praveen is employed in RBI as Manager. He gives you the following ...
Calculation of Gross Salary Income for A.Y. 2019-20
Basic Pay
Dearness Allowance (D.A.)
House Rent Allowance (HRA)
Gross Salary Income
Basic Pay
- Mr. Praveen's basic pay per month is Rs. 42,000.
- Therefore, his basic pay for the year (12 months) = 42,000 x 12 = Rs. 5,04,000
Dearness Allowance (D.A.)
- Mr. Praveen's D.A. per month is Rs. 12,000.
- 20% of his D.A. is used for the benefits of retirement.
- Therefore, the actual D.A. per month = 12,000 - (20% of 12,000) = Rs. 9,600
- So, his D.A. for the year (12 months) = 9,600 x 12 = Rs. 1,15,200
House Rent Allowance (HRA)
- Mr. Praveen's HRA per month is Rs. 12,000.
- He pays rent of Rs. 14,400 per month in Chennai.
- So, his actual HRA per month = 12,000 - 14,400 = (-) Rs. 2,400
- Since HRA is exempt from tax, the least of the following amounts is deductible from the gross salary:
(i) Actual HRA received
(ii) Rent paid in excess of 10% of basic pay
(iii) 40% of basic pay (50% in case of metro cities) - In this case, the least amount is (ii) which is Rs. 1,44,000 - 10% of Rs. 5,04,000 = Rs. 92,400.
- Therefore, the actual HRA exemption is Rs. 2,400 x 12 = Rs. 28,800
Gross Salary Income
- Gross salary income = Basic pay + D.A. + HRA
- Therefore, Mr. Praveen's gross salary income for the A.Y. 2019-20 = Rs. 5,04,000 + Rs. 1,15,200 + Rs. 28,800 = Rs. 6,48,000
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Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.?
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Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? 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. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.?.
Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? 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. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.?.
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Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.?, a detailed solution for Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? has been provided alongside types of Mr. Praveen is employed in RBI as Manager. He gives you the following details for the previous year 2018-19. Compute gross salary income for the A.Y. 2019-20: i. Basic Pay Rs. 42000p.m. ii. D.A Rs. 12000 p.m. (its 20% is used for benefits of retirement) iii. HRA Rs. 12000 pm. He pays Rs. 14400p.m. as rent for his accommodation in Chennai.? theory, EduRev gives you an
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