Numerical (1)
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Mr. David provides information about his income for the year ending June 30, 2012, including a basic salary of Rs. 500,000, various allowances totaling Rs. 210,500, rental income of Rs. 300,000 with a tax withholding of Rs. 7,500, other income sources totaling Rs. 249,000, and employer contributions of Rs. 49,086 to provident and pension funds. He is seeking assistance to compute his income tax liability for the year.
Numerical (1)
- 1. Test Mr David Provides following information for the year ended on june 30, 2012 1. 2. 3. 4. 5. 6. 7. 8. Basic Salary Rs. 500000 Bonus & leave encashment Rs. 50,000 Availing free use of car facility. Cost of the car is Rs. 600,0000 Medical Allowance Rs. 10500 contractual commission Rs. 20000 orderly/ servant Allowance Rs. 30000 Rent free un-furnished accommodation with rental value Rs. 110000 Utilities Allowance Rs. 40000/-Hotel bills paid by the company relating to a pleasure trip Rs. 22000/9. LFA provided by every year. 10. Dividend income Rs. 66000 11. Rental income Rs. 300000 WHT deduction Rs. 7500 12. lecturer and examination fee services fee from professional institute (net of 5% tax withheld) Rs. 19000/13. Property tax and insurance paid Rs. 40000 14. Gain on sale of public listed company shares Rs. 40000 15. share of profit from AOP Rs. 50000 16. Share of loss from a professional AOP Rs. 30000 17. Employer deducted tax u/s 149 Rs. 8000 18. employer’s contribution to provident fund Rs. 21786 19. employer’s contribution to pension fund Rs. 27300 20. Requirement He seeks your assistance for computation of income tax liability.