Receipt of Annual incentive
Last updated at Aug. 22, 2019 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 salries
|
1049800
|
|
Less Standard Deduciton
|
50000
|
|
Net Annual Income
|
999800
|
|
TAX
|
112460
|
|
REBATE
|
0
|
|
NET TAX
|
112460
|
|
CESS
|
4498
|
|
TAX+ CESS
|
116958
|
|
TDS
|
9747
|
|
NET SALARY
|
114253
|
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 salries
|
1024800
|
1049800
|
|
Less Standard Deduciton
|
50000
|
50000
|
|
Net Annual Income
|
974800
|
999800
|
|
TAX
|
107460
|
112460
|
|
REBATE
|
0
|
0
|
|
NET TAX
|
107460
|
112460
|
|
CESS
|
4298
|
4498
|
|
TAX+ CESS
|
111758
|
116958
|
|
TDS
|
9313
|
10056
|
|
NET SALARY
|
89687
|
113944
|
Working note for TDS
|
Particular
|
Amount
|
|
TOTAL TAX
|
116958
|
|
LESS: TAX ALREADY DEDUCTED
|
46565
|
|
BALANCE TAX
|
70393
|
|
BALANCE MONTHS
|
7
|
|
BALANCE TDS
|
10056
|
