.....Mr. Balaji, employed as Production Manager in Beta Ltd., furnishes you the following information for the year ended 31.03.2018: (i) Basic salary upto 31.10.2017 ` 50,000 p.m. Basic salary from 01.11.2017 ` 60,000 p.m. Note: Salary is due and paid on the last day of every month. (ii) Dearness allowance @ 40% of basic salary. (iii) Bonus equal to one month salary. Paid in October 2017 on basic salary plus dearness allowance applicable for that month. (iv) Contribution of employer to recognized provident fund account of the employee@16% of basic salary. (v) Profession tax paid ` 3,000 of which ` 2,000 was paid by the employer. (vi) Facility of laptop and computer was provided to Balaji for both official and personal use. Cost of laptop ` 45,000 and computer ` 35,000 were acquired by the company on 01.12.2017. (vii) Motor car owned by the employer (cubic capacity of engine exceeds 1.60 litres) provided to the employee from 01.11.2017 meant for both official and personal use. Repair and running expenses of ` 45,000 from 01.11.2017 to 31.03.2018, were fully met by the employer. The motor car was self-driven by the employee. (viii) Leave travel concession given to employee, his wife and three children (one daughter aged 7 and twin sons aged 3). Cost of air tickets (economy class) reimbursed by the employer ` 30,000 for adults and ` 45,000 for three children. Balaji is eligible for availing exemption this year to the extent it is permissible in law. Compute the salary income chargeable to tax in the hands of Mr. Balaji for the assessment year 2018-19.
Dec. 08, 2017
