Mr. Kashyap received basic salary of 20,000 p.m. from his employer. He also received children
education allowance of `3,000 for three children and transport allowance of `1,800 p.m. The amount
of salary chargeable to tax for P.Y. 2018-19 is -
(a) 2,62,600
(b) 2,22,600
(c) 2,22,200
(d) 2,07,800
I'm receiving answer as C, But actual answer is B. Please clarify with steps.
Appreciate your help.
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IPCC - Intermediate - Require calculation Steps for problem - Income under Head Salaries
Replies (4)
educational allowance for 3 Childre-3000 it means each child 1OOO rs upto 1200 for one child Is fully exempted ,3Rd child 1000 rs totally taxable because only upto 2 childrens only so third child totally taxable,so answer is 240000+1000+21600-40000=222600
Ravi - Thanks a lot for clarifying it in spite of your work. Appreciate your response.
Why have you deducted 40000?
Standard deduction u/s 16(ia) is 50000 but I think by mistake he has deducted 40000 i don't know but 50000 should be deducted there
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