Dear Friends,
Please advice on the break-up of director remuneration for the details mentioned below :
Gross Salary per month = 30,000/- [ 3.60 L p/a ] - He is paying a Rent of 4000 p/m and invested 20000/- in TATA AIG
I have suggested : 1.Basic = 11,000 + 2.Special Allow.=6000 3. HRA = 9000 4.Incentive = 4000/- = 30,000 -
Considered HRA exemption of : Actual Rent Paid - 10% of Basic i.e.
[4000x12]=48000 - [11000x12]13200 = 34,800/- would be claimed under HRA exemption while filing the return - and the taxable income would be = [ 360000-150000-34800-20000] = 1,55,200 and the Tax Would be Rs.16040/-
What's you views on this - is it ok ...!
CAclubindia
