Q1
| What is Income from Salaries if employee receives | ||
| Particulars | Amt Recd pm | Amt spent as per bills during year |
| Basic Salary | 30000 | |
| Uniform Allowance | 5000 | 40000 |
| Academic and Research Allowance | 2000 | 16000 |
| Travelling Allowances | 3000 | 37000 |
| Helper Allowances | 5000 | 0 |
| Daily Allowance | 2000 | No Bills but Declaration given to Company of amt spent |
View answer
| Particulars | Amt Recd pm | Amt recd per annum | Amt Exempt | Balance Amt taxable |
| Basic Salary | 30000 | 360000 | 0 | 360000 |
| Uniform Allowance | 5000 | 60000 | 40000 | 20000 |
| Academic and Research Allowance | 2000 | 24000 | 16000 | 8000 |
| Travelling Allowances | 3000 | 36000 | 36000 | 0 |
| Helper Allowances | 5000 | 60000 | 0 | 60000 |
| Daily Allowance | 2000 | 24000 | 24000 | 0 |
| INCOME FROM SALARIES | 448000 |
Q2
What is Income from Salaries if employee receives
| Particulars | Amt Recd pm | Amt recd per annum |
| Basic Salary | 40000 | |
| Children Education Allowance | 1500 | (500 pm*3 childen) |
| Children Hostel Allowance | 6000 | 2000 pm * 3 children |
| Transport Allowance | 2000 | (He does not submit bills) |
View answer
| Particulars | Amt recd per annum | Amt Exempt | Balance Amt taxable |
| Basic Salary | 480000 | 0 | 480000 |
| (40000*12) | |||
| Children Education Allowance | 18000 | 2400 | 15600 |
| (1500*12) | (100*2*12) | ||
| Children Hostel Allowance | 72000 | 7200 | 64800 |
| (6000*!2) | (300*2*12) | ||
| Transport Allowance | 24000 | 0 | 24000 |
| (2000*12) | (Now it is taxable) | ||
| INCOME FROM SALARIES |
584400 |
Q3
Suppose in Q2 Employee receives HRA of 8000 PM
He works in Delhi and lives in Noida where he pays rent of 10000 p.m.
View answer
| HRA Exemption Computation | ||
| Actual HRA Received | 8000 | |
| Rent Paid-10%*(Basic+DA) | 6000 | (10000-10%*40000 |
| 40%*(Basic+DA) | 16000 | 40%*(40000+0) |
| HRA Exempt | 6000 | |
| HRA Exempt P.A. | 72000 | (6000*12) |
| Particulars | Amt recd per annum | Amt Exempt | Balance Amt taxable |
| Basic Salary | 480000 | 0 | 480000 |
| (40000*12) | |||
| Children Education Allowance | 18000 | 2400 | 15600 |
| (1500*12) | (100*2*12) | ||
| Children Hostel Allowance | 72000 | 7200 | 64800 |
| (6000*!2) | (300*2*12) | ||
| Transport Allowance | 24000 | 0 | 24000 |
| (2000*12) | (Now it is taxable) | ||
| HRA | 96000 | 72000 | 24000 |
| (HRA Taxable) | (From Working Note) | ||
| INCOME FROM SALARIES | 608400 |
--endanswer--
Q4
| Particulars | Amt recd | |
| Basic Salary | 40000 | |
| Lunch Allowance | 4000 | |
| Transport Allowance | 2500 | (No Bill Submitted) |
| Children Education Allowance | 4500 | (1500*3 children) |
| Variable Pay | 30000 | |
| HRA | 15000 | (Rent receipts submitted of 18000 ,he lives and stays in Hyderabad) |
View answer
Working Note for HRA Exemption
| Actual HRA Received | 15,000 | |
| Rent Paid-10*(Basic+D.A.) | 14,000 | 18000-10%*(40000+0) |
| 40%(Basic+D.A.) {50% in case of Metro Cities} | 16,000 | 40 % *40000 |
| HRA Exempt | 14,000 | |
| HRA Exempt p.a | 168,000 |
| PARTICULARS | AMT RECD PER MONTH | AMT RECD PER ANNUM | EXEMPT | TAXABLE |
| Basic Salary | 40000 | 480,000 | - | 480,000 |
| Lunch Allowance | 4000 | 48,000 | - | 48,000 |
| Transport Allowance | 2500 | 30,000 | 0 | 30000 |
| Children Education Allowance | 4500 | 54,000 | 2,400 | 51,600 |
| Variable Pay | 30000 | 360,000 | - | 360,000 |
| HRA | 15000 | 180,000 | 168,000 | 12,000 |
| Income From Salaries | 981600 |