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(solution) Total Marks=15 Question 01: What do you understand from the


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Total Marks=15

 

Question 01:

 

What do you understand from the following?

 

1. Minimum of Time Scale ( MTS) (1.5+1.5=3) 2. Initial Thresh hold of income for taxation of a salaried individual for tax

 

year 2007.

 

(12)

 

Question 02:

 

Compute the taxable income and tax liability thereon of Mr. Kamal, a

 

salaried individual. The data pertaining to tax year 2007 is given

 

below: 1

 

2

 

3

 

4

 

5

 

6 7

 

8

 

Basic salary

 

Utilities paid by employer

 

Bonuses

 

House rent allowance

 

Medical Allowance

 

Free hospitalization services availed under terms of

 

employment.

 

Driver?s salary paid by employer

 

Dearness Allowance

 

Rs. 20,000 pm

 

Rs. 50,000 for tax yr.

 

Rs. 60,000 for tax yr.

 

Rs. 5,000 pm

 

Rs. 5,100 pm

 

Rs. 40,000 for tax yr.

 

Rs. 8,000 pm

 

Rs. 6,000 pm

 


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DATE ANSWERED

Sep 13, 2020

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