X, an employee of New Horizons Ltd., draws 5,00,000 as basic pay, 5,000 per month as dearnessallowance (60 percent is used for end term benefit calculations); 50,000 as bonus. He receivedfollowing for the previous year 2020-21: children education allowance: '400 per month for each of 4children, Hostel allowance 2000 per month for each of 4 children; helper allowance: '10,000; tiffinallowance: '12000. Company provided him furnished accommodation in Goa (Population 1200000) ,property is owned by company, vehicle facility (1800CC with driver) for private purpose for whichRs.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.

Under Income Tax Act , 1961 Incomes are divided into Salaries, House Property, Capital Gains, Profit…

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); 50,000 as bonus. He received 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: '10,0003; 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.

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); 50,000 as bonus. He received 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: '10,0003; 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.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 16E

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