Receipt of Annual incentive
Last updated at April 9, 2018 by Teachoo
Q5.
|
Particulars
|
Amt
|
Remarks
|
|
Basic pay
|
60000
|
|
|
DA(dearness Allowance)
|
10000
|
|
|
DA (Daily Allowance)
|
5000
|
(25 days *200/day,he came to work for 23 days)
|
|
HRA
|
15000
|
(He lives and works in Bangalore an pays rent of 16000)
|
|
Special Allowance
|
7000
|
|
|
CCA (City Compensatory Allowance_)
|
2000
|
|
|
Annual Incentive
|
25000
|
(Received In April)
|
What is Gross Salary,TDS and Net Salary
View Answer
|
PARTICULARS
|
AMOUNT RECEIVED
|
EXEMPT
|
TAXABLE
|
|
Basic pay
|
60000
|
0
|
60000
|
|
DA(dearness Allowance)
|
10000
|
0
|
10000
|
|
DA (Daily Allowance)
|
5000
|
4600
|
400
|
|
HRA
|
15000
|
9000
|
6000
|
|
Special Allowance
|
7000
|
0
|
7000
|
|
CCA (City Compensatory Allowance_)
|
2000
|
0
|
2000
|
|
Annual Incentive
|
25000
|
0
|
25000
|
|
TOTAL
|
124000
|
13600
|
110400
|
|
Particular
|
Amount
|
|
GROSS SALARY
|
124000
|
|
MONTHLY TAXABLE SALARY(EXCLUDING INCENTIVE)
|
85400
|
|
ANNUAL SALARIES
|
1024800
|
|
ANNUAL INCENTIVE
|
25000
|
|
INCOME FROM SALARIES
|
1049800
|
|
LESS STANADRD DEDUCTION
|
40000
|
|
NET INCOME FROM SALARY
|
1009800
|
|
TAX
|
115440
|
|
REBATE
|
0
|
|
NET TAX
|
115440
|
|
CESS 4%
|
4618
|
|
TAX+ CESS
|
120058
|
|
MONTHY TDS
|
10005
|
|
NET SALARY
|
113995
|
Working Note for HRA
|
Particular
|
Amount
|
|
ACTUAL HRA
|
15000
|
|
RENT PAID-10%*(BASIC+DA)
|
9000
|
|
40%*(BASIC+DA)
|
28000
|
|
MINIMUM IS EXEMPT
|
9000
|
Q6.
|
Particulars
|
Amt
|
Remarks
|
|
Basic pay
|
60000
|
|
|
DA(dearness Allowance)
|
10000
|
|
|
DA (Daily Allowance)
|
5000
|
(25 days *200/day,he came to work for 23 days)
|
|
HRA
|
15000
|
(He lives and works in Bangalore an pays rent of 16000)
|
|
Special Allowance
|
7000
|
|
|
CCA (City Compensatory Allowance_)
|
2000
|
|
|
Annual Incentive
|
25000
|
(Received In sept)
|
Calculate TDS from April to Aug and Sept to March separately)
View Answer
|
PARTICULAR
|
AMOUNT REC
|
EXEMPTIONS
|
TAXABLE
|
|
Basic pay
|
60000
|
0
|
60000
|
|
DA(dearness Allowance)
|
10000
|
0
|
10000
|
|
DA (Daily Allowance)
|
5000
|
4600
|
400
|
|
HRA
|
15000
|
9000
|
6000
|
|
Special Allowance
|
7000
|
0
|
7000
|
|
CCA (City Compensatory Allowance_)
|
2000
|
0
|
2000
|
|
Annual Incentive
|
25000
|
0
|
25000
|
|
|
124000
|
0
|
110400
|
Working Note for HRA
|
PARTICULAR
|
APRIL -AUG
|
SEP - MARCH
|
|
GROSS SALARY
|
99000
|
124000
|
|
MONTHLY TAXABLE SALARY(EXCLUDING INCENTIVE)
|
85400
|
85400
|
|
ANNUAL SALARIES
|
1024800
|
1024800
|
|
ANNUAL INCENTIVE
|
0
|
25000
|
|
INCOME FROM SALARIES
|
1024800
|
1049800
|
|
LESS STANADRD DEDUCTION
|
40000
|
40000
|
|
NET INCOME FROM SALARY
|
984800
|
1009800
|
|
TAX
|
109460
|
115440
|
|
REBATE
|
0
|
0
|
|
NET TAX
|
109460
|
115440
|
|
CESS 4%
|
4378
|
4618
|
|
TAX+ CESS
|
113838
|
120058
|
|
MONTHY TDS
|
9487
|
10375
|
|
NET SALARY
|
89513
|
113625
|
Working note for TDS
|
Particular
|
Amount
|
|
TOTAL TAX
|
120058
|
|
LESS: TAX ALREADY DEDUCTED
|
47435
|
|
BALANCE TAX
|
72623
|
|
BALANCE MONTHS
|
7
|
|
BALANCE TDS
|
10375
|
