CA, B.Com.(H) Z is a public relation officer of M/s. A Ltd. at Gurgaon. He has furnished the following details of his income for the year ended 31-3-2013: 1. Basic salary Rs.30,000 p.m. 2. Dearness allowance (50% forms part of salary for retirement purposes) Rs.8,000 p.m. 3. Commission Rs.3,000 p.m. 4. Entertainment allowance Rs.800 p.m. 5. Transport allowance Rs.1,000 p.m. (Actual expenditure incurred on commutation between office and residence Rs.500 p.m. only) 6. Employer company provided him with rent free accommodation for which the company was required to pay Rs.15,000 p.m. 7. He raised interest free loan of Rs.20.000 on 1-4-2012 to purchase a motor cycle. 8. Employer reimbursed medical bills amounting to Rs.20,000 during financial year 2012-13. 9. Company paid professional tax amounting to Rs.2,500 on his behalf. 10. Company contributed Rs.50,000 to his recognized provident fund account to which he made similar contribution. 11. Received Rs.20,000 as share of profit from a partnership firm. 12. Rs.30,000 was credited to aforesaid provident fund account during 2012-13 @ 12% p.a. by way of interest. 13. Dividend received from Tata Motors Ltd.. an Indian company Rs. 10.000. 14. He paid L.I.C. premium on the life policy of his major married son amounting to Rs.25,000 (sum assured Rs.1,00,000). 15. Donation to Prime Ministers National Relief Fund Rs.10,000. 16. Donation paid to Government for promoting family planning Rs.80,000. Compute total income and tax liability of Mr. Z for the assessment year 2013-14.
Posted on: Fri, 01 Nov 2013 16:04:57 +0000
Trending Topics
Recently Viewed Topics
© 2015