Accountancy Forum

Mr.Asif is working in an NGO. He received the following income during the year ended on 30th june 2009.
Basic salary Rs.200000 Per annum

Bonus 2 months basics

House subsidy Rs.45000 per month

Conveyance allowance Rs.60000 per annum

Medical allowance Rs.5000 per month

Required Calculate the tax payable by Mr.Asif

Add Basic salary Rs.200000 Per annum

Add Bonus 2 months basics= 33,333/=

Add House subsidy Rs.45000 per month= 45000X12= 540000/=

Add Conveyance allowance Rs.60000 per annum

Add Medical allowance Rs.5000 per month= 5000X12= 60000/=

Less Exempt Medical Allowance = 20,000/-

Total Taxable Income for the yea = 8,73,333/=
Tax Rate = 7.5
Tax Payable = 65,500

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