income tax law and practice

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mohan (Querist)
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16 March 2010 1. Mr. Bean is a manager of Lotus Co. Ltd. Bangalore. He gives the following
information for the P.Y. 2008-2009.
a. Basic salary 14,500 p.m.
b. D.A@ Rs.4,250 p.m. (Given under terms of employment)
c. CCA @ Rs.1,250 p.m.
d. Bonus equal to two months salary.
e. Helper allowance Rs.1,500 p.m. (Amount spent Rs.1,000 p.m.)
f. He has been provided with rent free furnished accommodation
owned by the Co. The value of furniture there is Rs.75,000.
g. The company provided him a motor car of 1.4 lts., Along with
driver. Car is used for both purposes.
h. He contributes 15% of his salary to RPF and company an equal
amount. Interest credited to this fund @ 14% p.a. amounts to Rs.
11,200.
i. The Co. provides him a sweeper and watchmen @ Rs.700 and
Rs.800 p.m. respectively.
j. The Co.paid Rs.20,000 on treatment of his child in a hospital (pvt.)
k. The Co.provided his supply of gas and electricity and paid
Rs.12,450 for this purpose.
l. The Co. gives him Rs.2,00,000 on ‘interest free loan’ to construct
house. The normal lending rate of SBM is 8% p.a.
m. During the year he paid professional tax @ Rs.500 p.m. Compute
taxable salary income for the A.Y.2009-10.

Can anyone plz solve this problem with an explanation as soon as posible, i am final year B.com student and i am stuck with this problem....plz mail me to deploymohan@gmail.com.....plz help me....thank u in advance.

mohan

mohan (Querist)
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20 March 2010 Thank a lot anita jaiswal for the solution

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