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+--- Thread: lets update the tax numericals (/thread-lets-update-the-tax-numericals)
lets update the tax numericals - shukla - 06-30-2006
hello members!
Anybody would like to contribute to this topic plz
there is some ambiguity regarding salary income, so plz if anyone have the right answer plz reply to the following.
(1)An employee recieves Rs 10,000 as conveyance allowance.He expended Rs2,400on conveyance for his official work. compute the amount to be included in his total taxable salary income.
- Abdur.Rehman - 07-01-2006
It will be 10,000 - lesser of 3600 or amount expended
so it comes to 10,000 - 2400 = 7,600
- shukla - 07-01-2006
okh mr abdur rehman i think u r still treating the perquisites in the hands of taxpayer as exempt.
i think this was the old treatment, and the finance bill now proposes to club the perks with salary and then tax it accordingly without having any regards to the exemptions.
what do u say about it.
regards
shukla
u says that it will be 10000-lessor of 3600 or amount actually expended, so what i deduced from it is that u r still treating this lessor amount(3600 or actual exp)as available exemption.
- Abdur.Rehman - 07-02-2006
ok
let me update myself. this treatment is as per finance act 2005. give me a day.