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Fair market value of vehicle

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Reference no: EM133079822

How much tax an employee will pay in a tax year 2020-2021 based on receipts of following amounts pertinent to his/her salary and who will deduct the tax in such case:

Basic Salary per month = 40,000

Bonus received in tax year = 12,000

Annual Daily Allowance = 16,000

Medical Allowance (No medical facility provided by organization) per month = 5000

Internet Usage (Official Use) = 12,000

Interest Free Loan = 1200000

Annual value of Accommodation Provided by the employer (Accommodation facility provided in declared Big city) = 100,000

Conveyance provided by the employer for official and personal use. Fair market value of vehicle provided is 1,000,000.

Reference no: EM133079822

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