For the previous year ending March 31,2021, A has submitted following details: Basic salary: 1,50,000; dearness allowance: ' 50,000 (40 percent is for retirement benefits); commission: `20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment year 2021-22.

For the previous year ending March 31,2021, A has submitted following details: Basic salary: 1,50,000; dearness allowance: ' 50,000 (40 percent is for retirement benefits); commission: `20,000; and children education allowance of Rs.7200. His employer contributes 20,000 p.m. to provident fund, matching contribution is made by A as well. His employer has also provided him rent free accommodation in Mumbai, lease rent of the property being 50,000. Assuming A is not a government employee. Determine his income chargeable under the head salary for the assessment year 2021-22.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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