Compute his taxable income under the head income

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Reference no: EM133494230

Question: The following particulars relate to the income of Mr. Mehta for the Previous Year 2018-19. He is employed in a Cotton Textile Mill at Bangaluru on a monthly salary of Rs.25,000. He is also entitled to a commission of 1% of Sales effected by him.

The sales effected by him during the P.Y. amounted to Rs.40,00,000. He received the following allowances and perquisites during the P.Y:
a. Dearness Pay @ 6000 p.m. b. Bonus @ 2month's Basic Salary
b. Entertainment allowance @2,000 p.m.
c. HRA @ 5,000 p.m.
d. The employer paid Rs.10,000 towards the income-tax liability of Shri Rajeev Mehta.
e. The employer provided him L.T.C. of Rs 35,000 for going to Simla.
f. He has also been provided with gas, electricity and water facility and employer spent Rs. 15,000 on these.
g. The employer gave him cotton worth Rs. 1,000 free of cost.
h. He and his employer both contributed 15% of his salary to his Recognized Provident Fund and interest credited to his Fund @9% amounted to Rs.30,000 during the P.Y.
i. He spent Rs.6,000 per month as the rent of the house occupied by him in Bangaluru.
j. Compute his taxable Income under the head Income from salary for the assessment Year 2019-20.

Reference no: EM133494230

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