.....Mr. X is employed with AB Ltd. on a monthly salary of ` 25,000 per month and an entertainment allowance and commission of ` 1,000 p.m. each. The company provides him with the following benefits: 1. A company owned accommodation is provided to him in Delhi. Furniture costing ` 2,40,000 was provided on 1.8.2017. 2. A personal loan of ` 5,00,000 on 1.7.2017 on which it charges interest @ 6.75% p.a. The entire loan is still outstanding. (Assume SBI rate of interest to be 12.75% p.a.) 3. His son is allowed to use a motor cycle belonging to the company. The company had purchased this motor cycle for ` 60,000 on 1.5.2014. The motor cycle was finally sold to him on 1.8.2017 for ` 30,000. 4. Professional tax paid by Mr. X is ` 2,000. Compute the income from salary of Mr. X for the A.Y. 2018-19.
Dec. 08, 2017