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01 May 2010 if employer charges rs. 2000 to an outsider in his institite , & gives rs.500 concession to his employee children ( only one child )...what is the amount to be taxable in the hands of employee & amount to be exempted... plz reply.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
01 May 2010 TAXABLE AMT= COST OF SUCH EDUCATION IN A SIMILAR INSTITUTION IN OR NEAR LOCALITY (-) 1000/- PM PER CHILD (-) AMT. PAID OR REC. FROM EMPLOYEE

=2000-1000-1500=-500

HENCE
TAXABLE AMT IS NIL
EXEMPTED AMT. IS 500/-

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