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b) X (55 Yrs.) a lecturer in a private college in Jabalpur has submitted following details: Basic salary Rs.22,700 per month Rs.9000 per month Rs.2000 per month Rs.50,000 one time Rs.70,000 Dearness allowance Wardenship allowance Examiners remuneration Royalty on book Income from house property Municipal valuation Rs.1,60,000; fair rent: Rs.1,80,000 and Standard rent: Rs.1,90,000, unrealised rent: NIL Interest on Government securities Rs.16000 per month Interest on Company deposits Contribution to statutory provident fund Medical Insurance premium of self and spouse Contribution to approved charitable institution Rs.42,000 Rs.23,000 Rs.20,000 Rs.18,000 Rs. 20,000 Determine the tax liability of X for A.Y.2021-22

b) X (55 Yrs.) a lecturer in a private college in Jabalpur has submitted following details: Basic salary Rs.22,700 per month Rs.9000 per month Rs.2000 per month Rs.50,000 one time Rs.70,000 Dearness allowance Wardenship allowance Examiners remuneration Royalty on book Income from house property Municipal valuation Rs.1,60,000; fair rent: Rs.1,80,000 and Standard rent: Rs.1,90,000, unrealised rent: NIL Interest on Government securities Rs.16000 per month Interest on Company deposits Contribution to statutory provident fund Medical Insurance premium of self and spouse Contribution to approved charitable institution Rs.42,000 Rs.23,000 Rs.20,000 Rs.18,000 Rs. 20,000 Determine the tax liability of X for A.Y.2021-22

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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b) X (55 Yrs.) a lecturer in a private college in Jabalpur has submitted following details: Basic salary Dearness allowance Rs.22,700 per month Rs.9000 per month Rs.2000 per month Rs.50,000 one time Rs.70,000 Wardenship allowance Examiners remuneration Royalty on book Income from house property Municipal valuation Rs.1,60,000; fair rent: Rs.1,80,000 and Standard rent: Rs.1,90,000, unrealised rent: NIL Interest on Government securities Rs.16000 per month Interest on Company deposits Contribution to statutory provident fund Medical Insurance premium of self and spouse Contribution to approved charitable institution Rs.42,000 Rs.23,000 Rs.20,000 Rs.18,000 Rs. 20,000 Determine the tax liability of X for A.Y.2021-22
Transcribed Image Text:b) X (55 Yrs.) a lecturer in a private college in Jabalpur has submitted following details: Basic salary Dearness allowance Rs.22,700 per month Rs.9000 per month Rs.2000 per month Rs.50,000 one time Rs.70,000 Wardenship allowance Examiners remuneration Royalty on book Income from house property Municipal valuation Rs.1,60,000; fair rent: Rs.1,80,000 and Standard rent: Rs.1,90,000, unrealised rent: NIL Interest on Government securities Rs.16000 per month Interest on Company deposits Contribution to statutory provident fund Medical Insurance premium of self and spouse Contribution to approved charitable institution Rs.42,000 Rs.23,000 Rs.20,000 Rs.18,000 Rs. 20,000 Determine the tax liability of X for A.Y.2021-22
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