banner_ad

help plzz

IPCC 819 views 4 replies

let me know about the income of the person (income tax)(salaries)

education allowance for two children(expenditure being Rs600)                             3600rs

hostel expenditure allowance for one child(expenditure being Rs7000)                 6800rs

what will be the gross total income and how plz let me know ...........:-)

Replies (4)
Interest on investment will be admissible or inadmissible in business/profession.....?

education allownace is 100 p.m p.c or actual exp which ever is less is exempted . hostel allowance is 300 p.m p.c or act exp which is less is xmpted from tax

edu allo 100*12*2=2400 act exp 600 so 600 is exempted . so taxable income = 3000

hostel allo 300*12*1=3600 act exp 7000 . so 3600 is exm. so taxable income  =3200

                                                                                                                                           ---------------

                                                taxable income                                                                = 6200

                                                                                                                                        -----------------------

interst on investments is admissable only if such investments are held ae stock in trade . otherwise they r taxable under d head othersourses

Education allowance exempt=100*12*2=2400 ( irrespective of exp ) or

hostel allow exempt -300*12=3600

Income from non trade investment taxable under other sources
 and TRADE investment  Admissible under B&P


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details