Q 4. X, an employee of New Horizons Ltd., draws 5,00,000 as basic pay, ` 5,000 per month as dearness allowance (60 percent is used for end term benefit calculations); following for the previous year 2020-21: children education allowance: 400 per month for each of 4 children, Hostel allowance 2000 per month for each of 4 children; helper allowance: '10,000; tiffin allowance: '12000. Company provided him furnished accommodation in Goa (Population 1200000) property is owned by company, vehicle facility (1800CC with driver) for private purpose for which Rs.2000 p.m is charged from him. Lease rent paid by the company for furniture 10,000 per month. Calculated his income chargeable to head salary for the assessment year 2021-22. 50,000 as bonus. He received
Q 4. X, an employee of New Horizons Ltd., draws 5,00,000 as basic pay, ` 5,000 per month as dearness allowance (60 percent is used for end term benefit calculations); following for the previous year 2020-21: children education allowance: 400 per month for each of 4 children, Hostel allowance 2000 per month for each of 4 children; helper allowance: '10,000; tiffin allowance: '12000. Company provided him furnished accommodation in Goa (Population 1200000) property is owned by company, vehicle facility (1800CC with driver) for private purpose for which Rs.2000 p.m is charged from him. Lease rent paid by the company for furniture 10,000 per month. Calculated his income chargeable to head salary for the assessment year 2021-22. 50,000 as bonus. He received
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Q 4. X, an employee of New Horizons Ltd., draws
allowance (60 percent is used for end term benefit calculations);
following for the previous year 2020-21: children education allowance: 400 per month for each of 4
children, Hostel allowance `2000 per month for each of 4 children; helper allowance: `10,000; tiffin
allowance: 12000. Company provided him furnished accommodation in Goa (Population 1200000)
property is owned by company, vehicle facility (1800CC with driver) for private purpose for which
Rs.2000 p.m is charged from him. Lease rent paid by the company for furniture 10,000 per month.
Calculated his income chargeable to head salary for the assessment year 2021-22.
5,00,000 as basic pay, ` 5,000 per month as dearness
50,000 as bonus. He received
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