Direct tax problems
- Mr. X is an employee of A ltd which is a subsidiary of Z Inc. U.S.A. Particulars of his income during the P.Y. 2009-10 are as follows:
· Basic salary Rs. 4,50,460
· DA Rs.5,10,200
· H.R.A. Rs. 1,86,450
· Sodexo coupons Rs. 24,500
· Employers contribution to PF 54,600
· Performance allowance Rs. 645000
· Special allowances Rs. 184200
· Employer provides him Maruthi Swift car along with chauffer for his commutation
· Mr.X lives in a 3 bed room house in Mumbai paying a rent of Rs.22,500 p.m.
· A ltd allots 15,000 shares (as ESOP) of Z Inc. listed on NYSE on 15-05-2009 when the FMV of each share was $ 450.12. Exchange rate as per RBI is 1$ = 47.32, Exchange rate as per SBI is 1$ = 47.56.
· Mr.X sold 6250 shares of Z Inc. on 19-9-2009 at a price of $ 467.44, commission is $ 34.15, SEC tax is $ 4,382.25. Exchange rate as per RBI is 1$ = 46.84, Exchange rate as per SBI is 1$ = 46.84.
· Mr. X received 3000 Mutual fund units of Z Inc. U.S.A on 24-8-2009 whose FMV was $ 152/unit. Exchange rate as per RBI is 1$ = 47.56, Exchange rate as per SBI is 1$ = 47.48
· Mr. X sold 1300 units on 22-9-2009 at $ 157/ unit. Brokerage commission is 320$.Exchange rate as per RBI is 1$ = 47.33hange rate as per SBI is 1$ = 46.84.
· Mr. X received dividend of 10% on the shares held by him as at 31-3-2010.
· Mr. X received rent of Rs. 180000 for the 1st Floor from his house situated in kolkata during the year. He paid municipal taxes to the tune of Rs. 6458. The house was vacant for a period of 2 months during the year. Fair rent of the property is 168000, standard rent Rs. 185000. Ground floor of the property is occupied by his parents and he receives no rent from the same.
· He paid school fees of Rs. 72000 for his son and LIC premium of Rs. 24000 on a policy of Rs. 100000. He has taken mediclaim insurance policy of Rs. 17500 for himself and Rs.20000 for his parents.
Compute the total taxable income of Mr. X
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