1. Test
Mr David Provides following information for the year ended on june 30, 2012
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Basic Salary Rs. 500000
Bonus & leave encashment Rs. 50,000
Availing free use of car facility. Cost of the car is Rs. 600,0000
Medical Allowance Rs. 10500
contractual commission Rs. 20000
orderly/ servant Allowance Rs. 30000
Rent free un-furnished accommodation with rental value Rs. 110000
Utilities Allowance Rs. 40000/-Hotel bills paid by the company relating to a
pleasure trip Rs. 22000/9. LFA provided by every year.
10. Dividend income Rs. 66000
11. Rental income Rs. 300000 WHT deduction Rs. 7500
12. lecturer and examination fee services fee from professional institute (net of 5%
tax withheld) Rs. 19000/13. Property tax and insurance paid Rs. 40000
14. Gain on sale of public listed company shares Rs. 40000
15. share of profit from AOP Rs. 50000
16. Share of loss from a professional AOP Rs. 30000
17. Employer deducted tax u/s 149 Rs. 8000
18. employer’s contribution to provident fund Rs. 21786
19. employer’s contribution to pension fund Rs. 27300
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Requirement
He seeks your assistance for computation of income tax liability.