MR. R.P.

SINGH
Computation of Income of Mr. X for the previous year 2010-11 relevant to Asstt. Year 2011-12
A. Income from Salary:1. 2. 3. Basic salary for 12 months DA for 12 months HRA for 12 months 30% of 540000 Exemption of HRA (i) 50 % of salary (Basic + DA) (ii) HRA received during rental accommodation for April, 10 to Dec, 10= 9 months= 162000/12X9 (iii) Rent paid for 9 months - 10% of salary = 180000 75600 = Least is exempted Taxable HRA Commission @ 5% of Rs.1,00,00,000 as profits in lieu of salary Transport Allowance @ 12000 p.m. Less: exempted 800 p.m. Education allowance for three children Less: exempted Rs.100 p.m. for maximum of two children Hostel Allowance for two children Less: exempted Rs.300 p.m. for maximum of two children Special allowance Rs.3000 p.m. not specially defined, so it is fully taxable Entertainment Allowance Rs.4000 p.m. No deduction is available for non- government employee, so it is fully taxable Travelling Allowance 6000 (4500 was utilized for official purpose) Less: exempted for official purposes TOTAL SALARY 45000 X 12 40% of 540000 162000 378000 540000 216000

121500 104400 (-) 104400 57600 500000 12000 X 12 800 X 12 100 X 2 X12 300 X 2 X 12 3000 X 12 4000 X 12 48000 6000 (-)4500 1500 15,33,500 144000 (-) 9600 2000 (-)2400 6000 (-)7200 134400 NIL NIL 36000 48000

4. 5. 6. 7. 8. 9. 10.

Valuation of perquisites:Salary calculated for the purpose of valuation of perquisites in respect of rent-free accommodation, salary includes:- Basic salary, DA, Bonus, Commission, Fees, all other taxable allowances (excluding amount not taxable) and any monetary payment Total salary comes to Rs.15,33,500 Less: HRA (-) Rs.57,600 Salary calculated for the above purpose Rs.14,75,900 Particulars Where the employer is paid rent INCOME TAX

MR. R.P. SINGH

11 Rent free accommodation in Noida (population above 25 lakhs) Amount of rent paid or 15% of salary, whichever is lower Amount paid 15% Rs.35000 p.m. Rs.14,75,900 for three months 2,21,250 =35000 X 3 = 105000 of =

Taxable perquisites for rent-free accommodation 12. Gas & Electricity bills paid by employer of Rs.24000 is not taxable TOTAL INCOME FOR SALAY & PERQUISITES (15,33,500 + 1,05,000) B. Income from long term capital gain:1. 2. From commercial Building From shares (non-listed) TOTAL INCOME FROM LONG TERM CAPITAL GAIN 4,17,000 1,10,000

1,05,000 NIL 16,38,500

5,27,000

C. Income from other sources:1. 2. Income from Horse races Winning from lottery TOTAL INCOME FROM SOURCES 14,000 75,000 OTHER 89,000

D. Income From House Property:1. TOTAL INCOME PROPERTY FROM HOUSE 1,20,000

E. Income from Business & Profession:1. TOTAL INCOME FROM BUSINESS & PROFESSION Rs.24,44,500/70,000

GROSS TOTAL INCOME Less: Deduction under Chapter VIA:(a) Contribution in PF Rs.1,80,000 (b) Post office Rs.30,000 (c) LIC Premium Rs.56000 Total Rs.2,66,000 Deduction U/s 80C subject to limit Deduction U/s80D for medical premium subject to limit Deduction U/s80E for interest paid on education Loan

Rs.1,00,000/Rs.15,000/Rs.12,500/-

INCOME TAX

MR. R.P. SINGH

Total deduction TOTAL INCOME OF MR. X FOR THE A.Y. 2011-12 Tax payable on Total Income including EC& SHEC (-) Rs.1,27,500/Rs.23,17,000/Rs.5,65,728/-

INCOME TAX