Tiêu đề Suggested Answer 2 (1).pdf ✅

Visit Us: www.dheeratests.com Particulars ₹ ₹ Less: Exemption u/s 10(13A) (Note 1) (36,000) 18,000 Gratuity: Actual amount received 3,50,000 Less: Exemption u/s 10(10)(ii) (Note 2) (3,50,000) - Leave encashment: Actual amount received 3,15,000 Less: Exemption u/s 10(10AA) (Note 3) (2,45,000) 70,000 Gross Salary 3,13,000 Less: Standard deduction u/s 16(ia) (50,000) Income from Salaries 2,63,000 Gross Total income 2,63,000 Less: Deduction u/s 80C Deposit in Public Provident Fund (1,00,000) Total income 1,63,000 Tax on total income Nil Notes: (1) As per sec 10(13A), house rent allowance will be exempt to the extent of least of the following 3 amounts: ₹ (i) HRA actually received (₹ 6,000 x 9) 54,000 (ii) Rent paid in excess of 10% of salary (₹ 6,500 – ₹ 2,500) x 9 months 36,000 (iii) 50% of salary 1,12,500 (2) Gratuity of ₹ 3,50,000 is exempt under section 10(10)(ii), being the minimum of the following amounts: ₹ (i) Actual amount received 3,50,000 (ii) Half month salary for each year of completed service [(₹ 25,000 x 15/26) x 26 years] 3,75,000 (iii) Statutory limit 20,00,000 (3) Leave encashment is exempt upto the least of the following: ₹ (i) Actual amount received 3,15,000 (ii) 10 months average salary (₹ 24,500 x 10) 2,45,000 (iii) Cash equivalent of unavailed leave calculated on the basis of maximum 30 days for every year of actual service rendered to the employer from whose service he retired (Note 4) 3,18,500 (iv) Statutory limit 25,00,000 (4) Since the leave entitlement of Mr. X as per his employer’s rules is 30 days credit for each year of service and he had accumulated 15 days per annum during the period of his service, he would have availed/taken the balance 15 days leave every year. Leave entitlement of Mr. X on the basis of 30 days for every year of actual service rendered by him to the employer = 30 days/year x 26 = 780 days

Visit Us: www.dheeratests.com holiday being in India and the journey being performed by air (economy class), the entire reimbursement met by the employer is fully exempt. 3. Employer’s contribution in the recognized provident fund is exempt up to 12% of the salary i.e., 12% of (Basic Salary + DA for retirement benefits + Commission based on turnover) =12% of (₹ 1,80,000+ (50% of ₹ 1,44,000) + ₹ 25,000) =12% of 2,77,000 = ₹ 33,240 (8 Marks)