WebDec 14, 2024 · Income by way of any sum received under Keyman Insurance policy including the sum by way of bonus on such policy if such income is not chargeable to income tax under the head "Profit and gains from Business or profession" or under the head "Salaries". In some cases, gift is taxable under this head. Income from sub letting. Director's fees. WebAug 16, 2015 · Income From Salary Problems,Theory And Solutions New 2008 09 Assessment Year Augustin Bangalore. ... Tax treatment of gratuity • The gratuity so received by the employee is taxable under the head ‘Income from salary’. In case gratuity is received by the nominee/legal heirs of the employee, the same is taxable in their hands under the …

17. Income From Salaries - Problem No: 2 From Income Tax Subject

WebSep 12, 2012 · Calculate his income tax liability for financial year 2014-15 (Assessment Year 2015-16). Solution: Note: Mr. X is 45 years old and his income tax exemption limit for financial year 2014-15 is Rs.2,50,000/=. In above example his net taxable income is Rs.2,20,000/=. Therefore, he is not liable to pay any income tax. florida university hospital davie

INCOME FROM SALARIES SOLVED PRACTICAL PROBLEMS OF …

WebJan 6, 2024 · The salient features of the present edition are:All the Problems and Solutions have been thoroughly revised in the light of up-to-date amendments in Income tax Law … WebSolution. Computation of Gross Total Income of Mr. X for A. 2024-21 Particulars Basic Salary = 20,000 x 10 2,00, Dearness Allowance = 50% of basic salary 1,00, Gift Voucher … WebFeb 6, 2024 · Taxpayer needs to pay tax on income earned from business and professional activity. Direct taxes on income can be paid in following 2 ways: TDS (Tax Deducted at Source) : Due to pay while you earn concept TDS gets deducted on payments made to taxpayers for any goods or services sold. great wolf house