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Q8.

Particulars Amt Remarks
Basic Salary 40000  
Lunch Allowance 4000  
Transport Allowance 2500 (No Bill Submitted)
Children Education Allowance 4500 (1500*3 children)
Variable Pay 30000  
HRA 15000 (He had given declaration that he would submit Rent receipts by march of 18000 but in March had failed to do so)

CALCULATE  TDS from April to Feb and in March

-a-

  APRIL TO FEB MARCH
PARTICULARS AMOUNT RECEIVED EXEMPT TAXABLE AMOUNT RECEIVED EXEMPT TAXABLE
Basic Salary 40000 0 40000 40000 0 40000
Lunch Allowance 4000 0 4000 4000 0 4000
Transport Allowance 2500 1600 900 2500 1600 900
Children Education Allowance 4500 200 4300 4500 200 4300
Variable Pay 30000 0 30000 30000 0 30000
HRA 15000 14000 1000 15000 0 15000
TOTAL 96000 15800 80200 96000 1800 94200

Working Note for HRA

ACTUAL HRA 15000
RENT PAID-10%*(BASIC+DA) 14000
40%*(BASIC+DA) 16000
MINIMUM IS EXEMPT 14000
  APRIL-FEB MARCH
GROSS SALARY 96000 96000
MONTHLY TAXABLE SALARY 80200 94200
INCOME FROM SLARIES 962400 1130400
TAX 104980 151620
REBATE 0 0
NET TAX 104980 151620
CESS 3149 4549
TAX +CESS 108129 156169
MONTHLY TDS 9011 57050
NET SALARY 86989 38950

NOTE

He has not given receipts for the whole year hence we ll take 12 months

Working Note

 Particular  Amount
TOTAL TAX 156169
TAX DEDUCTED 99119
BALANCE TAX 57050
BALANCE MONTH 1
TDS 57050

-ea-

Q9.

Particulars Amt Remarks
Basic Salary 40000  
Lunch Allowance 4000  
Transport Allowance 2500 (No Bill Submitted)
Children Education Allowance 4500 (1500*3 children)
Variable Pay 30000  
HRA 15000 (He had given declaration that he would submit Rent receipts by march of 18000 but in March submitted only of 13000)

CALCULATE TDS from April to Feb and in March

-a-

  APRIL-FEB     MARCH    
PARTICULAT AMOUNT RECEIVED EXAMPT TAXABLE AMOUNT RECEIVED EXAMPT TAXABLE
BASIC SALARY 40000 0 40000 40000 0 40000
LUNCH 4000 0 4000 4000 0 4000
TRANSPORT 2500 1600 900 2500 1600 900
CHILDREN EDU. A 4500 200 4300 4500 200 4300
VARIABLE PAY 30000 0 30000 30000 0 30000
HRA 15000 14000 1000 15000 9000 6000
             
TOTAL  96000 15800 80200 96000 10800 85200
APRIL-FEB  
WORKING NOTE FPR HRA  
ACTUAL HRA 15000
RENT PAID-10%*(BASIC+DA) 14000
40%*BASIC+DA 16000
MINIMUM EXAMPT 14000
MARCH  
ACTUAL HRA 15000
RENT PAID-10%*(BASIC+DA) 9000
40%*BASIC+DA 16000
MINIMUM EXAMPT 9000

Working Note for HRA

  APRIL-FEB MARCH
GROSS SALARY 96000 96000
MONTHLY TAXABLE SALARY 80200 85200
INCOME FROM SLARIES 962400 1022400
TAX 104980 119220
REBATE 0 0
NET TAX 112180 119220
CESS 3149 3577
TAX +CESS 108129 122797
MONTHLY TDS 9011 26376
NET SALARY 86989 72324

Working Note

 Particular Amount
TOTAL TAX 122797
TAX DEDUCTED 99121
BALANCE TAX 23676
BALANCE MONTH 1
TDS 23676

-ea-

 

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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