income tax - pcc nov 2010 exams

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SIMRAN OBEROI (Querist)
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19 October 2010 1. For computation of salary for rent free accomadation under salaries haed what all items are to be included& what all to be excluded as per finance act 2009 applicable for pcc nov 2010 exams of ca inter??

2.what is the rate of depreciation on neon sign board?? is the same to be taken under furniture block or plant & machinery block??

CA Vinay Gandhi

CA Vinay Gandhi (Expert)
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19 October 2010 For the purpose of Valuation of Perquisites,
SALARY includes pay, allowances, bonus or commission payable but doesn’t include:-
(i) Dearness allowance unless it is considered for valuation of retirement benefits
(ii) Employer’s contribution to provident fund
(iii) Allowances which are exempt from tax
(iv) Value of perquisites
(v) Lumpsum payments received at time of termination or voluntary retirement.

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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20 October 2010 Neon Sign are trated as P&M on which dep. @ 15% is allowable.

in RFA salary Advance salary, employer's contribution in EPF also excluded.

Regards!!!

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