Solution Mr.

Computation of Taxable Salary Income

Basic Salary 480000

Dearness Allowance 48000
Rent Allowance 480000x0.40 192000
Bonus 80000
Conveynce allowance 48000
Leave Fare Assistance 68000
Lunch allowance 36000
Overtime 23000
Encashment 32500
TA/DA Allowance 80000
Less: Actual Expense 61000 19000
Medical Allowance 45000
Total Salary Income 1071500

Taxable Liability
Tax on Rs.600000 0.00
Add : Tax on Rs.(1071500-600000) *0.05 23,575.00
Total Tax Liability 23575.00

Less : Tax Rebate Senior citizen 11787.5

Less: Tax Credit (A/B * C) 0

Donation 594.05
Investment in public limited company 1914.16 2508.21

Less: Advance tax already paid 0

Net Tax Payable 9279.29

Donation

A 23575.00
B 1071500
(A/B) 0.022002
Lessor amount 27000
594.0504

Donation
Actual Amount 27000
or
30% of taxable income (1071500 * 0.20) 214300

A 23575.00
B 1071500
(A/B) 0.022002
Lessor amount 87000
1914.162

Investment in list
Actual Amount 87000
or
20% of taxable income (1071500 * 0.20) 214300
or
2000000
Solution Mr. Abid

Computation of Taxable Salary Income

Perks and Benefit received ICR Private Limited

Basic Salary (40000x9) July 2015 to March 2016 360000
Utility Allowance (2000x9) 18000
Conveynce Allowance (3000x9) 27000

Employeer Contribution (5000x9) 45000

Less: Exempt the Lessor Amount
150,000
or
10% (BS + DA) 360000x0.10 36000 9000

Bonus 20000
Gratuaty Fund 150000 or 130000 * 0.5 65000 65000

Perks and Benefit received Dexo Pharma

Basic Salary (50000x2) May 2016 to June 2016 100000

House Rent Allowance 20000x2 40000
Entertainment allowance 1500x2 3000

Fringe Benefits
Car use for office and personal use (300000x0.05) 15000

Honarium Received 55500.00

Total Salary Income 712500.00

Taxable Liability
Tax on Rs.600000 0.00
Add : Tax on Rs.(712500-600000) *0.05 5,625.00
Total Tax Liability 5625.00
Less: Advance tax already paid
10% of honorarium 5550
Bank deducted on cash withdrawl 900
ICR Private limited deducted 4000.00 10450.00
Net Taxable liability -4825.00