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

(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