Can anybody provide me the details of taxable Income of Mr. X a Tehsildar of XYZ District..
His Basic Salary for the Year is Rs.12,000/- p.m. + transport Allowance of rs.30,000/- p.m.
Plz its Urgent Thanx...
CA MAYANK WADHERA (CA CS CMA(I)) 19 June 2011
not taxable provided whole amount of transport allowance is spent for the purpose of employement
taxable income= 12000x12 =144000
Dheeraj (Learner) 19 June 2011
yes, agreed with mayank
but if the assessee is having only salary income, the whole income is exempt...
as total income is 12000*12=1,44,000 /- which is less than 1,60,000.
if there is some more income from any other sources, mainly like saving bank interest, rental income etc., than follow the slab rate to compute the total and taxable income.