mi the fpllowing data cxelafin wore _ cha eh under the Vhéad “Salarks tos Mr, Pensa, Compute “ Basic Sal. 4000 p.m Mt | | House Kent Allowance - 1500 p.m uw lomm®sfoa ae aS | Bonus 5 Capel eto | Income tax decuctecl G50 pip: Pasir us = o| Pr deducted 360 p.m ; exsfonal tax deducted |=.40p.m pays a House Rent of 3.1200 pm at Cofmb fore « nm! = cullection of taxable HRA Mr- Perumal AYs9021-: : | Actral HRA Reatved (I500xi2) % Ig,000 Less& ed uls to (IZA) Rule 2A ea List f the Jollowfrg i > Ackeal Hea revel b 18.000 _ b> Rent poaczl - 10%l0 & Sal Moo x12=14co}, 4,600 | | = 4800 = 9600) eb, ti > 40% 49,000 (salary). 19,200” | @é00), Taxable HRA S400 +DA (fntertn. Seele = Basic age “4 Commes fon 2_A8,000 + NIL + NIL ARO000 | a gor HRA ResNearest Bowe 4 teria b lah Golan. be G_ Mr. Rocumadl fer ANS 12 Basfe Seel ony (4ec0x19) 48,000 Hea ' _ 8,400 Commission 000 L Bonus 6000 aot Gross Salen =t0,A60 | Less? Deductions vfs Vié la Standaid deduchsa (Gee00 @ Gross oK ross ose Salary) 50,000 b> Entertainment Mlowance eQ¢s NIL o> Prrepessfonal Tare 430 ig ag Taxable Seder A920 Income unden the head Saloxfes —__ |Mete’ PF deduction |deductech & co Contribute to powvtdent fund % leek. | er leduchin vfs SOC. a =a Income tax declucted wPll be reduced grom the tax ayable Py the eraplayes -Peo eee as 1020-90! ef Sale det upto 21 3i| [3]2020 - 20,000 peolils o3ibso1 + From _1|al2020 - 26.06 bm | Transport Allowance | Gontrebution to Re Bede proviclent lund | Children ucakon™ Adowdrce es f > Compensector Allowance - | Z. _| Hostel expenses AMlowance Dons + ee ABO | 1% per Allowance (Ackicl Expenses 3400) eam Leger AN 8 2021-9090 Mlb \N. steels Ltd, Dux, e_gets jetloutng emoliments from hi oa es ey Bie. chow payable me Mr.M : the | 2 chfldren er. Varner (xk) | =. 380 pm er | %. 5000 2.2500 | . nputation of, taxalle Sala fs sf Sal 20,000 prox Smonth) (95,000 pm x ¥month) ‘J (tn excess off 12% of Sala 4) te Allowance steal rcxeble Lae \Contrfbutién to Recog ked Pecov' dent fund MreM dor AY2 2021-9020 _ al | 00000 | { ti \$5,000 | 975,000 | 24000 es : 3,600 _|..33,000 | $,250 t lary De ebo wise)" 4 fe41,a506 f ZI- of '3 (a#5,000K19%). Educ, 2 Allowance | 6000 af Q4oo) & aa ellis, | oh ualPlowance (300%) + 3 mE S600 Exp Allowance (30x12) A5ED t {S00 protvzea Then Allowance Tax paid on fnplegment me Income less? Deduchén Us 1é (Gop00 or Gs)2wEL 1D Standard deduchmm UD €ntetafnmert allowance iD = tax @ raphe proc Vanable Salary. Sy ease +NILI+NIL = 245,000 - 3> | Mr. Mohtt f caplageh ubth XN Hd on a bose ae 4 _|%.1g000_pm. He Te, also erttHed to DA @ toot L eg Basho es 50% feb Socluded fa Sa a Nov 2090 40 Mazch 202) -Fen00 pm for an accorodé | ih Deth? 2 teams ment, The. Ci a him Hbuse Cot ee o aheco p no eiay ad facreased, to SF. 722 m__ ulth Dip ‘)foo2s «He also a Sperone oh 2: 1000 per month %n his Bask&'Salany “tth egect | fp]zene.. Rent oe ‘by hin _duxi Taz PY 2090- | % as under. a a : x . April ¢ May 2020 - -Nol as be A> wht h&s Bar. June 4p OF 2020-2. ooo pm ferac aceomodatisn fm 6 |{a0nz |, [Date pute hf Gres at : AY 2021-9099 . 1a 142020 i ies not 6000X%2 = 12,000 6000 house rent T0o00 house rent Taxable HRA fpr -the period 1[s[2020 to g020 % Ghaz Pabad . A a HRA auteived (6000 pr x 5months 30,000 _ phon vig lo(i3A) Rule 2A» the qollowing E a> Actual HRA mecPrell 30000 Rent pail - ae salen (60005 23q.000-4500) coo Be aacooJ ct 7 oe i eos 7500 . = 10,000 x5 + (50,000k 50/2) +NIL- 50,000+ 250004%NEL |> lonfPnue s : | Gomputesheor of taxable HRA dor the paced i[u[2020 to ais 3[202, 3, | peut > Ane | PERE X Ameunt Pmount . if Actuet HeA necived [2000x5) : 40,006 | Less exernplion uls 10 [ise unden 2.4 \ Least of the poulowia fF a. Actual HRA ered 40000 b. Rent peutt 10% of Salevry $000 bor 9 monthenleoo Toco pm x Smonths = 21,00 0 33,000 : ele = Basie Salary +DA +Commission z [io,oooxs | +[000%2 | + [2000x S0°/- | = 39000 + 92.000 + 26000 z 13,000 TWSC00KIOT+ 2 TSOO T3,000XGO07!s = 39000 Compubechon o Gross Salen & Mr. MehA 2020-2024. Casta Sater 10,000x%1 100,c00 I1,000x%2 22,000 122,000 an DA 100 %> of ae Nae 000 / : House Kert Allowance (1,263) “5 1 ——> == lagoo 12000Doms GRA ur TY Us (2) SDEATH- CuM- RETIREMENTS BENEFITS Fer tent “Govt Employees ~ Covered by the ment x Gratit act 1972 ey il tf 7 Actual Gratuity xevived ih Diol hae» cast ey the ale? a b> "ae x calas a axcwen xNo f op sevice "(ound 4) je ap o ce Umet Aixable Gra: qa37 | Se | | o> AR) oh 20,0 00,000 |_ X Xx , 20,00,000 | Note s 1. Salary last cbeawon = Bast Salary +DA se + “seasonal, employote Int Const. 15]26 | Fer Alon = Gort erp gratuthy act 14 2 Exemption’ us 10 (10) Least the goed a5 Actual Gralutty Rechved "2 x 10 months avery 2 Salar Least ( XO No. spo pl ay o> Maximum ae taxable Gratis Bs. _4}2000,00°Dons | + ; = lomonths Average Salon aa [yermtdly past aetirement benefit |tonsiclesing — bent Basie Salary | pearness Mlowance + Pz. on based on aaa percentage $ fanover achieved 7 —— rae S _ | / |, { poms : eS » aifr[2020 after rendlern ben neffts) § 2.2000 as Alok fs a dec ed oe) es Alok fs neta Governmen Irploye but y — payment 4% Gretetly Act 91942 ee Fae AUK #s ole oa pices Employee £-albso not _ Tae by papa 4 Gabel AaRaTo. ShENT Alok te a Government fmplayee8 ‘ : wy exe: [amount of: rabithy .neceSved Vby him ens ee ehternent % ye tax Us “ele) . Alok % not a geverrPrerct orp f bat Covered iby t fgets act (942. ae. a eceived : = a. Foo,cco _Less3 Exerrpption vfs to(to) | ee ee eee _ ay Actual Gratut ty" Rect, eas |b ‘26 x Sal. lay clr S ORE Bans — _4. sewice (Round 4b) _|_15[26x 24,000 pm x 26 years = le> Moti fie Sed yrw : E < ee SS ——— 3400 Ret _tomonths 4 Salen ee eon: I DA te 5 eS 360,000 T b000+3000 G—————— | : SBBCTS . on . aa oorD + Caer: ti 2 24,000 OBA? 24, | S.F,00,000. His ‘Salar. at the time retirement “evr. 2 7 b ° |— . under? Bosze S416 000 a . DA (euryi ble 4 Refiven.,| | es ee he ett. | 20,00,000 (360% sowie of 25 years £ months. He reatved grarbuty) |— = _- — La _- = | afen @ 123 4's 6 i | e000 pmXiomouths = I6,o00 Boo pm omontts = Bv,00 0 Conmissfon noe 24qp00 BB alt 2 Gorerment fmpleyee ¢ also not Coverect 7 Payment tl2020 dor to moult, | DOMS Pr lO moa, (Grats er fac es be Achicel Grahuth | Reaver 7 $00,000 Se i less$ Mast ie 4 Fofs_to(co) | east ofthe dotiowin ae fas, (a> Actua! Graf 1 eleva, _ 4,00000 estan, Me x10 oe aver. danke age x « No.of 2 3,00,000 | filly lomplctec_ ele iielee. eine. Yo.% 24,000 pm Se BEX 2: > ‘o Aotiffed limet_ F 1. 20,00000 3,060,000 4,00,000 Taxable ae Mr. Shah, an Accourdts Manager , has aetfredl fom Dereon Bfi[2021 after nenderfin Sprite hid 30 glee ¢ t menths. afoor0 4 HS salary %s F. 25.00 £ Z 24000 there f. He also Ss F.2000 as Deainess Mlowance (522 4 tt Ps a of Sale a a net ement benepfts). He % | os one epost 1Gratuthy Act, 1972 « He has nec = 2! ehakhs as rots om h& Employer lom any Compute the Exemp: Hen us lo(ic) £ dross Fhtome under Salaxfes . 30 Yeans F ‘re ___2.125,000 pm »_(S0/2Ja0) ‘. 2,000 (thereafter ifefoore) eae cco) pe (ss)IQ Mr. Shah. % not @ Gov exnmert Emplajes luck pet Coven) te ‘eo 4 geatiily tote Ackual Graluthy Rectved ES | ec seetentet: in_vufs_toCio) ead feast 6 follow? — &® Actial Grahaty n ee oy $00,000 _ b> I/2 x 10 month alierags Salou Xno. f 490500 | vast: 26700 K So Years . le Aloftffed Lim?et ; 90,06060 44.0050, 6 rc ma 399505 __ &temphin uls lo(ic) %& 400,500 . 3 pion | fs 44 La ob See Aw Ge Rien Be TO Mae 123 t5/fro2 } > NS y +— : ee ra 25,000 pmx T month 2%4,000x 3menth 1,+5,000 $1,000 ia Baste Seal lor 10 month (iz5000 +8\o0D) e, 56000 | Dearness wance for lOmonths H,000 |= (2000 pm x 10x55 Yo)* Commissfon sete Jo months NIL (i He 2,6F,000 |_ | 267000 = 26400 pm . i 10 months* , ¢ FDOME | rege W __l\80,000. 2A4So00 IMood 3,992,500 6,68,000{ dors Date 7 Rae day or AY 2091-9029 Taine ier es fndlrrdual y ues fee (Assectahim g Oe dbaxlgptal penser) | 80r an On a Tas Refime ltr ang sestdent hdvedual utho % below 60 years AE ha Upto _2,50,00 0 NIL E 2;50,000 - 500,000 Sele §,00,000 — 10,00,000 20°e bi ~_ Above 10,00,000 3072 cL for resident Senfor Cetiper (isho % 60 Years 4 above lest Phe $ PY) but less than $0 yearns on the Upto 3,00,00 D NEL 300,000 - 500,000 S/o $00,000 - 10,00,000 201s Above 10,00,000 30% tor a_xesfdert Sten Senfor Ctzen (lathe % 80 Years @) more @ ae time duafng a PY) 3 Upto 600,001 NOL ia ee c Above 10,co,cce aa1540 Th the net focome fs ble 1 crore to 2crore 204 Th the net fncome 7s blw 2crore to Serore 34% Tf the net frome f kb exceeds Strore. Te oe ele of total freome tax £ Beaeeaye: oe 2,50,000 * NIL : . ool +p 5,50,000 Bele ul 500,001 to £50,000 lo%le 450,001 to 10,070,000 154 A 1000,000 +0 12,460,000 2D%e 12,50,001 to '5,00,000 251- eee BEGLE, igemeos ai 364% = i 2 2,50000 wll PX the eae ex pr lim*t oer oge 4 Fod&idual . 2% Rebate us SFA fcable Suxcharge pe aI Health Gaeta bee Zi veCompute tax__%h Whe. a cases gor the A 22\-2, Case 12. H total weed GMB & 340,000 (a4 y ears) __baseos & tetal Yrcome of Mr.M & 12,46,000 (#8 «203 ase 330 total freome af Mrig Fs 10,28,200 (#5 \fears) Gasca} total frcome of Mr.R fs 18,cQ00D (65 years) ; Sot? | Case 13 (3.40,000 -2,50,000) Next 40000 xSe/e* 4500 iless8 Rebate uls 37 A loots of tax labels, 12,500 KIEL \ 4500 ‘i ; NIL “a | : _Case2 3 x (12,40,000-10,00,000) 2)46,000 x 30% 12,000 tax Foyable we 72,000 less8 Rebate vjs 87A vane seaty ; 1oD%e of tax leabel?ty Gy 12,500 WiEL 12,500 Pp aos 54,500 - | — a if Case 33 . \ A £ Bei ca | 0to,28,200 = 10,00,.000) 9 23.200 23,200 TE a a TAX cx payable A500 _ |DOHs | Page No oe 7 aos. 000,000) 300,000 X¥ 30%/e ta tax Payable Rebotel vols 87ADOHF | raze Date - Se ee ae “PENSION ‘Penston means a OAT ment made te the caapliyes by this employer’ fn Const: ation of Sewice pag abe Under the head Salaxtes fn the hands of fom muteckon % Pension monthly pension fate a ubnrbsum amount neafvable Vajten hes Uctelfrement lofioA], penton 73 ie an d Bipirfecs 2b ee CNG a LE fo reece inieiaiaaaaiaa immediltely on the sefirement. this fs eltgthle gor exemption “vuls io fion]. 4 ' Uncommuted of pensfon 2 after reftrements Tt & & monthly pension recetved employe: ? U Saleny = Base a + Deasrness Allowance » 1.Fénsoa_ufs lo(ion) o> Government aioe Uncommuted value fc nth. 2 & persion [re 4 een Taxable 4g Commuted valde persion stecetved in lumbsum Uncommated wvelud Fon] monthly persion = Taxable i —__Gmrnuted Velie Geir sss exempted oe _lo(ioa) _ by Alen- Gevesrment Employee ee E -lather Gy ably rot rey { vay v Yard of full value of — Commated penstn exem __ balance taxable js tolion) . Me du od qi Hull value of Commuted Pension + Hmeunt xectivedco Piece ‘ 0 4 Commutation to(iea) (in). Riclired on iftcoco xeaiviay =, \eoe pm as ioe By) te Comnnted 50% aU stor 4 secelve cl 0 os Commuted pens taxable persion arse fsa government employee v He fs non goveanmeat em loyer ece® fag oat the time of ae 5 nen- government employee Fs ef nreftrement t[iefsoao on lejcco pm penubn yructection pension i[2/200/ 50% F\ conmnitte of "fi Uneomrncterd value 4% pers fonts Filly Taxcble | Io,co0 x4 months) + [0,000 ¥ 507 X months] [o.000+10,000] 50000 2. Government Employee Commuted pens?on receéeved bepero | _ oii deer ated exempt vfsiofioArl 00000 | 8 Non Government Srplayee (whe te receipt rods Coins da enero te eetteen (6 00,00D la of Jatt Value of mmuted perston fs exempted 120000013 Cco,coe 4. Alon Government area who Ps not rece fpt raduPhe commuted’ persithy received 6,c0.005 C'le gutt value % Commuted pension 6,00,000 [ $2000 00% "2 NIL Taxable Pensfon i Bi [350.000ordnen, watch ero paLaeueble ty. ved Prakash — a teacher fn a Pyate School, run by a "| Sccfety yon a monthly Salary of =.lt,000. Besides sit he abso tote 0, salary) as dednners allowance =.% “entertainment allowance ¢. = 400 pm as proctors allowance. ing the gecer he pe ees pm: aera DA, ‘He Contributes 10% h& Salary to poovident Fund. the Schoot Conttbutes an equal amourtt. Interest credited to his provident fund @ 12%/- amounted +0 %.10.000. thre e chitcten of Mrived Prakash axe Ghidy2ng Po on fnsliteckion gun by the Sokety, whith suns the Be or which patel nothing. Norma expenditure fe an fasttuton that Standard lomes' to S.1500 p.m. gor one Stucherit Ar.Ved Frakash %5 provided with a cent -free teommodahon fn a Be (population |Slakh) whith Ps sped by the Scher. Th dam ental value % 2.2500 pm yandenen for the upkeep a the garden on the back te | the house % also provided: 7 lovey of ex Amourting to F200 p.m. A.garedener. for the enex On the back silo % the hows salary of gardenen amowting to % also paid by the school. Duriag the year Mrived brakarh proceeded to 2months leave with pull pray to his eat Tatpur. The Shoot paid F.10,000 being the ax to £ grom Jaipur for hin £ his wie P is purpose. mpute the taxable Salaries facome of Mr. ved Prakash the year ending on Bl=Maxch-2020-i \Computakon o the taxable Salary o eo AY 2020-9021. N6R000 Baste Salaxy [i4,c00xi2J Dearness Ailowance Lieo%s of salar] PI t68.000 (a entertafoment atlowance [Sooxi 9,600 Proctors allowance [4ooxia] 4200 | Addttional beasness Allowance [# 250%1%] | Be00 Frovident Fund [tontribution does not exceed 12I=|_ of Salad] ’ Trteresticredited to Provident Fund fo excesr | 45 4e [100°%ra71~ X95] TAG AL (lo,co0x 12% - AF I.Se/a 10,000 = 79 (6.6) | 2084 Educcchon dactlitves (perquts Hes) 54000 (toce pm 5 rot exeript) (1S00%12%3) Rent gree aceomodatkon : Note 1-5 18940 | Gandne.s (200%12) SheeS4on Leave travel lonseckun 3 \ Gross Sal ASoi24 | &> Standard dedudton : (50,008 Taxable we : ; 380/246 Aotel3 Salary 4er REA r Salary: 168060 +1600+4800 - OE I$24e0 a — 2 182400 Kx10% ___ 2 !€24o0.| i i I Minced ycmpigas | 15% Gn 0% ON 7.5% of Salar ieee | @ Rent ackeatly paid by employbe xx) | . ] y [xx a a = These fe taker an least 4 sent empleyces| a Ackial amount of lease (0) cert paid by RcSpsOeR Zp pa ployee (or) 15% & Salar lew: x 1c} * © Rent dictated panies loyee Ae AGxex) | - XxX jalue of ee 5 bs 2 & unfurnished accomodation Lex | G) 10%. Cost 4 gotta’ ee | , 2 charges id by e ee ‘ Caxx) | a Cliches acct at | XX! - , aye a nthure nelucles, TV Rackioy Here gerobor Ae onde = (att househoteling enpenses): en Sel ye Gaste Salary + Decancss Allowance 6 enters) + DP i AU taxable es + any menetory poyment Cc ba, Taterest credited to PE , bucempted allowances > bengufsts |—> uls 72- ae % more than 25! in loLakhs but 4 Ae > Tf populato 10% of salary ~> Ip pees an fs more tha less than 2.5 LakhsTa 4g =e gL oe less than 10 Lakhs lconpel-Pan of Taxable leawe salary ger 4M 2021 | Ackucd Lene Sadan ay Y © Sree Least the etlowFn a> Actral leave aaa ‘ b> [© menth average ae x10 > Maximum limit A> [0 month ae saboot x leave not +e be on ae oe fompleted Yee f servi Tavable $s ag Shr? Manjunath was an &m ee ba lompa he tock eer eet prom Seufce on te flare afte, tinge oe fF Savice +HS ewerage salar © ad lo m on pes F.l9200F¢ be w. etter {DA 4 Zs 00 pm which wes treated os Saber Pie ee of retiem eat benefrts. He had aleclas| 19 menths easned leave while To Sevuite on the basts of 30 leave = seed Es « He was ped |e: 129500 as seterp4 23 DA % 7 3 4 easned have due~ |Conipute the amount exemple ieee 4 casned leawe pe the cies 9026 £2021vented as per employer lewe at the rat lea g Re e for eveiy yean Ff Service. Y YY ¢ face Sala 1,29,500+5,600 185100 ast of the Salk Actual leave salaly onth average sllary x10 260,000 V 3,00,000 \ leaewe not to 140,000 | @mpleted i. 26 month. 1Q month Tmenthont Gf Smt Gop Dev? # oe ae pees | pardrectanr « 1 | Baste Salasy F-léc00 pe =. i | DA SAerdpm (a+ per "poe tom of ee plage) 7 Bonus F.16000 ieee | Rent free aecoyngeneD vided) be emphey ex ot Karp, SS = iv i Cpopel ation excudking 25 lakh) the fees fertal vale 2 ¢ Uushich Is Zbo, 000 pa the lost ¥ “he farther: “prodtc ded there 70 ¥.20,000 gj V | brtertalnnvent Allowance &.10v0 pr: wi leven Conch t buchen to rewogn’s ed ported qurnd Re @ 15%. Vii_| Employers bret? bacon © “fe reseed prowfclent fund | 20,005 pa : voi Interest on Tapia aoe quod below @ 9.57» | pe_fe 2feoo” ‘ 1 Free use a losge metor Can ger both opfreral | personal ae ‘difven Ps ahoom provided by He @ " eriployen = Sot | Co tim of Sal Yncome dor AY 2021-22 | Bast Salen tee a 192000 | DA_ (Acco ki2) 48.000 am = Bonus Veoco Entertafament Allowance (Ioooxi2) " [2,000 Contr’bouhon RPE 12% of gab. aco. | Goc00- 2% $00) | E = Giterest Cede epee ee a SSE ee ee, % 9.6.42 Fs taxable | Metor Cay 240012 34,600 Foo xXIe| Doma 42200 ce 35/000 i as (50,000 30loc +DA+ CommPssfon 192000 +4e000 240000 X15+/2 = 36,000 ©: 2,A0000 X12‘ = 28.800 7200 Ashok % the printoal Ga College Fo Bengali « ee untehes the fotlowrag debrels . uo Ea gor the P42 2091- opaa ee 0 the amount entiHed to SleltNebnn uls Foc | Basic Pay F.60,000 per month © S DA under terms o erepley rae =. /bovo pe He Contributes 10% of hfs baste payte eee ey prov clent gund. The employees alo ont hites the Same a Beat: A> Educatien allowance Jor 2 children F.bo0o eclfcal Allowance Pigewe | acheal amount. spent Z.f000 lephenen Bills 2 boon paid by emplayes ccper, Sewant , watebrrans@10- salaay G Z.20 pm enson Sted Mr Ashok [their Galan. ae ptt 2 enden a ecaned leewe £ he gets as ancuit 2.25000. . 2 LEe premium paidl by employer on the life of Mr. Ashaee le hao wees provided with reat- gree a. by the __ College tebe abr rent & Ps = 26,000 pm 4 feantture gacklity F.299000 the employers - & Groep Snsurance porernbira abso peteg paid | by the eriploy en = 1560. b Set? Compectation of taxable Salavy of Mr. Ashok spr the. AN 3 2021-2099 é Basfe Sal [60,c00x15] 720000 Deasness ewance [15,000x12] 180,000 Employed Contrebeclisnn to RPF [ioT of BaricPog] = Education ftlowance less% gxenapt (leopro Knx2chedren) 2400 3600 | Mi Mecd&al Allowance + R000 ielephtene Lille Pxempt : Sweeper, Senvant , watehman[B00x3XI2] 10800 _ Bained leave - Encarhedl in the year 25000 = LIC Premitem- Eyemployers Sov 2 ker [Note-ay & Manado ma Group Insurance Premium- by employer 1560 bs Gress Salary ag “ © Standard Vdecluehion Beco) ; cs preperitoneal tax [Mr. Ashok] (2000) Taxable Bae : | 106 2450DOMS |r —- 5 Nigte 18 Value of ater gree howse if, i. ss x ae (6% 4 salary [936600] 40440 Lee Rent paid by the eaeyee Pee tA oo fdd 2 10% cost of gurnihoe NS (gcqccoxi0'/-) value of gusrished heuse[Aaomod 160,490 on REM Basic Salary + DF F20000+ 196000436004 Sp00 + 25,000 =I36600 sPonal tax pac b4 e ples e (deduckin) ce professfonal tax paid by employer (Ful v // / = g Medial FactlPtfes In Indic e & treatment of oA ploy ec C) members his pe a medeal expenses Faceunzed Fa a _ rvete nuxslog reon — praximung 5OY = medical fesurence part shih Pe approved a Govt 2 Sxenept ufs 33 . _—|grom See £ then deduchin whl ba given. i> Gort Employee = least @ the otter a i las Actual Amount necetved 2 b> 15 of Bari Ay Gadivedual 20% @2'/s% o> S-Se00 - ; Doms | tabertaPament Allowance Should be Greluded 2 Fo com i | lit> Men - Govt impleyee ~ alo deduchén - | t a govt TndustPal untt at Ketkata, Mr- Suplab podder (nestdent) fs a production ez eI t He has Substantial fnterest to the Grn pore Fi Bask Seclcory, b 15200 pra A (geen chder the tevms % enploymert) scope | Entertetnmert Hlowance lose porn | Medical Allowance 500 per month (actual medical experises Trcuxed F. 7500) HRA ; 4oce p> Rent paid 4pr the house Doo pr Can gF 1400 ce provided by the em r private £ opictal use. te meets expenses oO Cort. aes gees oe er S.iO.CoeD bs mMediclaim fnsurance the ¢ jer_on the lige & Mr. Poodder brother, usho 7% net de lepencterst- on Mr. Suplab } pode: =.3000 Free dade tt @ xesiderce =-3000. P He £ his employer (Each Contribudes 15% of Sal. PF) Mr. Redden has taken Taterest tree loan ¥ F. i“ fo puxch ave Gir pela | Recker bFll poll_by the employer F.6ovo.| DOMS | page no Baalie 4 eta children education allowance G E400 per moath dor hes elaug ben & = fo fer hfs Son. 4 bmpute’ hfs Sal Income dpr the AY 2091- 21-2099 (cincler extefing toe Reg ome. fat lsc) tax aegfes) 7 el. + note £3 Computation q taxable 1RA_ Praount Actual HRA sectved [4cooxis] 43,000 less? Least of the goll Same ba Bas peta tee voces ved | A800 | bd Rent pact - 10% of salery 3 |86,c00 1 Pu [5000x12= 60,000- 24,000] eo = | Salary gor HeAS | | Sates eest vel I+ Gmmistonlto og | | | tender be | ] = z[lapoxia] + GoooxZJ+NTLL ae | = 189000 + 6o.000+NILL Sold «| 7 ql z 2,40,000 5 ’ ing | 10% of 240,000 = 24,000 : = L | 907% Of 240,000 = 20000 4 re | co s0%e of Salar 1,20,000 | 36,006 Taxable HRA 12,000 Computation & taxable aa Of Mr. Felden ger AY 2021-2020 ik Parkeulars — BasfoSalary [15,c00x12 ] | ___180,000 ba [seudun’] | @000 €A fioxia) ‘ _| 1000 Medial Allewance [so0xi2] Pa 1100,000 HRp [Nete- 1] ie cos[ae | Papen Z 1 Date a . ~ ————— nr i] Motor cor [i¢n0x12] 21,600 | _ |e GrpterBnee geno Hex Free | Mediclaim fnsurance S00¢ | Free telephore , a { ee Conlbtlehie to RPF fo excess & T2c0 to cla i Salou gor Eco = i 2 240000 x 3%le = 71200. sy i Trterest dor loan [does not eXcers 20,002 lax Free iH 6000 | 4300 ! 1200, 3600 children Sducahin allowance fo : : oxi] q6o. © Exempkim Gooxixi2] %oo | NTL ; Gress Salax Shi400 / © Standare edu lh [50.000] [soce] 12,000 36,00 we 5000 EA i Abote ns: GA | 20% of BS Rent Pach ‘ tmable SaDOMs [rs No aL ROM Busmutes. Taxable Income rom Bates 4 Mr. & por the AY $ 2021-2022 east 2 ft as pex P£L ale lebtted + ale d? Bustrexs Income not crecltted to Phlale| XX tundertvaluathion of closing Stock evaluation a opertolg Stock Business Income Credited to Ph of closfag Stock opereag Stock‘Suea Cwewolen e7 5 testa From the gollowtng PL ale. caleulate Lnconre aster store at fan Bbre. oe | Piskutlars ~ mibunt f Paxtilers pee uiigiorey aay stock 3bo.000 | by sales per fees 4 [75 purchases aseoe0 | By a 145000, 15 Rent £ Rated 50,000 6 Comméssfon 30,000 | TO " galaates Legos roses =| He Househeld Expenses "| Booo | | t s © Income Taw 45,000 4 3 Advedisement 10,000 L (16. postage £ Telegram | \4,000 a 3 fe “inter Ust on own Feapttel $000 LC fesesve Jor future losses) 5,000 16 deprect: ahi Yn fusnttare| 1,000 {Te Met pri 304,000 total 44,50e070| Total a> openin pil 5 undervalued by lorle 4 sei Stock &{ 7 | Tv nll by 10%l | by the amount of house betel expenses include a Conbyg budiéx| o 1000 towards PPE. b iE. le Depreckachin according tp IT rules B.500. T a> Siti 4 wages trladed 12,000 being EP pul ee | | eteioe 7 _ [ | fi{ Dons lr woe Ne twee _ Rattaclars 7 a Net proftt as pex P#L ale dd 8 Tradmissable Expenses debfted “to Pk al Houweheld Expenses Theome Tax ve, terest pe on post capital eo Reserve dor duture loses i on durnture ) \d& Business Income not crecl}ed to Fleale 2Undervaluccen of closing stock Prmount NIL Overvoluati % aperfog Stock NTL | 77000 |380,c0D g Adméssable not debFted to Pk ale | Deprectatsn vis 22 as p TLncome Tax | pn Busfness Tncome cred tted +o Fliola by stock | 40704 33 Overvalua §leog 450000 10/10 less? Undervaluateérn x 3,60,000x!°/a0 speniy stock | (81,409) Gable Thome qrom bushes | 04S teal ea alas chins bechicilsD Hellowing & the propit £ loss account of Karthfle Mallya fe te fit £ loss a sb PY 8 2020-20921 fit and Joss Account Ene PnFicalans | ace me [Poy T6 Salaries Grass Frege | Saeco 1S Rent bank fnterest 450 Commissfan on Sa 2oop | By bad debts recovers} Income Tax ee Entertafnment ee es 6 Commi safer paid to lek CahePaxh co Securt ley Tatered on Comme 2000 @ embezzlement by cashver ~c8al securttes . © Municipal tax (House) 16 Bod clebts (allowed) depreation on the assets as =. 4500, Compute the t ltaxable fntcome Re the AN 2021-9099 | : a |{ DOHT | prot Eley ston 5 om Bushy ers of Kaxthok Mat fer the 2o21- ai Net profit as per’ P£L ale wes Thadmtssable &cpenses debited to Flt ale | _ tncome Tae - ___}. 2600 fssfon paid to lotlect frterest on = Securtties tax (House 40,100 __deprectation piel bite 51270 ssfble not debited to Pit ale ufs 32 as’ per ITT Law siness Tncome credited to Ft a WM Cecieaest zy rom House THoper Taber st On Commessfon e (tr750) 39526recovered (allowed Goud easllen), 12,000 Interest on Fost 56,000 fee Savy Fe Bank) 42,000 | 2000 4500 2,500 2,05600 459,600Net pref as per PSL ale 2 Snodmisable Expenses debited to P4r ale i expenses 20008 | =e Resexwe_dor Income Tax Ee 5.000 Stee. | on Deprectahen | i200 Henbirtghrts (S6,c00-14,o00 Conbthuhon to RPF [urpaie wT Denahon 4200D 2000 2500 Business Income not credited to PEL | NIL ea (Valuation of closing stock Besiay fok| overvaluahim of bpening Stock. NIL b j fesable expenses net debrted Pl, ofs 32 as per IT Law oD Business Yrcome Credited to Pl Fdend terest on post cbfice Seating Beek lTaxable $70m Income Buxiners W500. a itemmmenidaaie Bid ihCee 4) ‘Dr Sarerdra fs a renowned medi deus books 4 aaourt cn Cash basis, parishes his oeceipts ae “payments ale dor the Fioancfal Year Ico _| Rent of clinie 2 2019-2020 Balarce bld Consultahin Fees? 2019-9090 Zood 2020-202) 15000 _| 2021-2022 16 oeee Bitte clei weber _| 900 30,000 4 Sonal| 25,000 bial profestio- Aeon nal books bccn _|Heuscheld &xperses | 78-0 pees alte Mek anes cad foo boo PvPdend Preome Motor cas based | Z0007 2090-2031 2021-2022 DOT yy Lekome tax 7 stagh 15,000 Sasgteal Eyutprrents [4800 |F a es hank ale fa Joint (a Fnserance Prem? Bcon Name B00 Sicterest on loan |2000__ Car Fapenses 15,000 ase pedicel Ac, cco im Balance cfd 20200 77000 ute his Taxable Proesstaal Income dor the AY 3 2091-902 after as tato account the following add?tional ingormation 4 en Ward of the use & Cay relates tp h& Personal use |Note? Lear 7" Bank % net prefessfonal Tp ean rom clients HTS pregess! fonal’. | + 6%ts drom relofives fs net taxable OMS 700 Moter-Car allowable %s I5°%l=, on books WH & £ on 8 L equipments % % 15¢/+ Gite £ presents! rede F800 from patents % Opprecectior his medical Sewrce 4 F.2c00 reatved as ae lay 2gt- Ble. a Feats rs the AY? goa 9020). tt i + PROFESSIONAL 2 2021-202 20805 20000 Vint ee "oe: ’ 139.00 © lisale L medtifioe 60,00 0 G Zo00 6200 | LI9,000 Rent op clfente 3 nfe 3 2019- 2020, 600 20201 - BO2!— 9009) ~ 60 & Electefefy 4 waten Brls - 290 © Deprevaten on en fon. ooks (40%) 1600 Depreciate 0 ‘on Metor ca” Bopooxis% xa | 300 5 Surgical Suulpment LAsoox I5%] | 70 Ap gst bees, =aCex Expenses Dis,eo ox 2/2J: — rohas é of _meci2ines = (She Me N.¢.Sharma %& a Chartered Atsounlant. He has Pope = ehere ae the year enclineg 2/s) [Pmeunt | taome” | fs 3.410,c00 ¢ fesslonal Tome fer the AX 9021-9099 Sncicess ltow?ng potats & baw eee pial al popes 4 atlowed atte thc ee work *s Fsbo | b> Filocm domestic Sewant ae %& Yacluded I cerplyge f Salas: __ 16> lean hes been taken fen personal e385 fo Soe books @ 40%. —— fl [ { 4 L =A Lae -—1 ) DOMST | page vi | | Date fen f prob ssfonal Income gor the AYS9091- PROFESSIONAL RECEIPTS & Audit Fee |. FRoFESSTONAL EXPENDITURE § office Expenses boy ees ee Books 5500x! : Can Expenses (2000 x50%0) : precation on Motor ca7 bts accourd a Grauct : Seine Book = : a Ke peur Howse 1200 focal taves @to%» | 600 Maintanance Eup opcen 2000 lop ffi’ Exes & nperas £2 4000 Domestic Expperseda |1,20p00 |[ ons a3 2 a ee I - Gy feel eh 4co lm \Tncome- tax q Assessment? Sixperdibard Zoo 2 Bank depes? a I3ccm [ ie provident jurd | coo | Balance fd 100932 |q 234532 294532 ig Add Honal Trformatien § [_ he aS 3" pant of building ?s wed fer propesston £ ols for seg | _ nestdertte- v the can Fs used fr projerston 4 personal work qe yy fo Books purchased gor teaching 00 4 reeset ficteeee (allow depreciabien @ 40%/c) | Compute Mr. eae FropersPonal Preome~ E L 3 om, cee Taxable Jncome KB 1 AY S 2091-2022 FRoFESSIONAL Recerprs Fees Reaived [ ca) 240,000 | PRoFESSTONAL EXPENDITURE? i Books purchased [00-200 =600K4072 Repae house [1200 x Vat ie Aoo tecal Tax [boox'/s] Maintan ce Expense & can Booox sore J ee Expense 7 |edthe 1 lefining WoARl ne * , _ Asset mi be owhed |b je assesee ssef must be used for the purpose % buf, dusing the PY Becton ne 7 ; assets sec 2(u means a qroups 9 assets hrc Same rate “% cera & ch oe mA aes 2 plants 8 plant A £ plant & on _s[rea0 (ra ¢ dahin (5% Wov en [4 [2020 'F-2,37500). the Company er abenn ger Fin 0000 Z compet eee 2 = of jav2e. plant & on | D for F-10,000 15,000 £ F.24,000 res, ~ brecfatiin amount of the block. Te Q el g 8 > 8 20,000 2.570003 Plone 25,000 (A4ooo) _ (Miow fer cipecanomce ai[3[2021 2,08,00 0 Lead @157- 31,200. 2? | Mr. KasthikK, a pellfed CA hed acquctred the pollowtn _jassets gor "hes fg fag the #4 eh a. ipredabed tah can be cla®med rom his ie the BY 2091-2092. ‘4 | Deseréphon Kate of _|pate of deprecfahde|acquisthons the amount (prop exsfonal ee freleo Hinfee ato/eo tfroleo Sete | Block -E _ (FuinPfure lol) DAten HY calng ulby as on ifaJeose : 3.00000 adds Vaddthonal ie (00 ,coD Less? Sales . ALL bib gor deprect ohn Be oo deprectahen @ 10% E = 1o[20 uber lefteloo $500| DOMS | page n [Dau Block - Tir (1ev%/o _|perhteclars|\dete uthen z iB. Vale _ Mibv 23 On total el%Ple al iole a reeds | ofs 0 eb ie IT Act g | Block LT tots 30000 Block 1 60%- mois g50) Block Wi toot-~ 13,000 i ae Total. 86,950 —- = —a a _© |birttten down value on PD ilaleozo (=) [10,000aa ieste Theleate set pect touardepr Tune 1, 2020 | fo 400000 June $4 2090 Jane 812020 | 5 4,40,000 Pugust 12, 2020 Sptemben!,2020} '5 2,10,000 September IS, 2020 |Septembex!4,2070} 15° 12030.| 40 May 10, 2020 7 Tine 53 2020 may 1, 2020 Tale 652020 Mag Wy 2020 __| May (6, 2020 E eee 18,9020 December 84 2020 QI50Od 32,000- lon the asumpten thet addtional deprectaten ® not | cwattecb iy Biock-T Rafe of Aepree%akion lo% | Kfpy as 07 31 sJoo20 L ag 13,50.000 i __2,25}000 15,15,00 0 Pdd?hd nals oo. purchase! )- 3 betermive the amourt of deprecfaten foc the AY 2020-202 Z!0,75,000 107,500 Latin 52/0 ae as on 3/4/2020 tie BaP eee 40,000 s 12 httbeinals <_ fie 2 4g E 2 = ie 440,.00O ie a | less: — x ee Oe | Were Io, 2.0, a ae 5% E “4 ‘ = é __|Block-T Rate q deprectahion 151. * [4/2020 Adcl?hé nals ae EE 4,90 CoD we --———— Ee 2,(0,c00 ee plant H 130,500 S.205o0 W43,600 B — Aiaore ~ ; Bo Taste re chation@ 154» "38,540 -wy on 20 datas 7 hIbv_ 1000 | a ete ie 3g000, i s i a 150,000. I td |___ (oe | } be __ | tess? Sale . A i ae plant co 2\5000 i plant _b ae NEE _—s + ] co dep & more) ;- Total _etta?ble deprectahion Of 32 of rT Act 3 Brock c= Iol- 107500 i Block ID - Sele aes 1 | Block T= 15 138540 L Block TW - 40% 268040 A> |blerk out the amount cake allowance Jor the a goai-202% grem the a parheuloors % ausets & a saa | r | Assets hiov as on t[aleco0. Deprecatecr et _ 15, 41,380 lore WST40 . 10°fe 35,00.000 — 50,000 En 25,17 aon 4 pochased £ fnstalled od machc,.., et of 2.500 a ost GS-50 Peco she godown (kthose tniov Jas on : . es__ [las Fz4i5.c0c)was complet i ey cdesbcyed by ore en thjood ZalcQeco was receved Yrem “i bece company, fo pect there K ie ee Block-2. Rate of depredakin tole kipv 2s em 1faloo20 4 a7 IS.47, 380 2,165,740 ¥ - Pure 25,170 '7882¢0 = Add addthenals NIL 2. = | 11,88,990 : Less? Sales (Gedown) Qigo,oo) | Se kibv gor depreciate 8s.290 5 a ‘Deprecfation @ '0°/+ 163829 a etl __|BLock-2: Kate % deprectahen 15*/e i) ie j | kiov as on 1[4{2020 | Machi — |Add: addtonale Ad Machin at Less than ($0 ays 2 Sales Depreciation % less predation? a B5O0CTORS he EE ma: ery HOD,ccOxI5S*%-x Fra 375) ‘ i a “e fo 5é85c0 Se ee ee |__ Woy. ee fpr ts felestegs Ferme jee 100,000 afer the ny, 4orye 2,60.000 ‘ Bove 710,000 love 2,600,000 Lita Sta 7,00,000 too" B.c0,0m0 hi sales dusing the yean 2020-2021 i i Date | me a pI ae ti> purchase __ebate oy +the PY- 2020-209)» Peottiulars afafeoso “Plant G Gore \[5]2020 Plant H 157s ‘Jelo020 FianPhure lore 1[3|[2020 sang 5 \[a[2020 Compu 607° tftef2020 Frachtse Toph 25 7/= a 3ifro[z020 Plant ¢ Bowe . 2iforfso20 Plant Db (600 1 6[2020 Funtture 50.000 6l3|2021 Bulld?ng- € 200,002 . Rate fdeprecahin = 0,000 Ig,o00 60,002, 5,00, 00 1,00,00°, f 10,0000EE $2 Block I Rate of deprecfahon IS* [ulbv_as on [4 [2020 lant AyByc 100,000 Add? Add?tonals o eee Bs plant H ence ~ __I8,000 lie 1 _ 13,000 _ tess? Sale ae ow plant € (25,000) se : 13,000 | Deprecfahin @15°/= 13,950 = Block IE Late 5 deprefachin 4O72 ee: __kipv a5 on [4/2020 = placet- pdLE 260,000 2,60,000 Adds Addttionals AICL less? Sales '5,000 245,000 preciation @ 40° = 98,00 © _ Block Ti Rate g depreclahion 50%. bov 28 on ifafoo20 plant E 10,000 Bdds Addthonals = 10,c00 less Sales = 70,000 35,000