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Income Tax Exemption u/s 10 (13A)

July 30, 2018 by admin Leave a Comment

Exemption u/s 10 (13A)

1.Mr. A, employed with XYZ Ltd. Up to 31.10.2016, received following emoluments 

S.No. Particulars Rupees
1. Basic pay p.m. 13,000
2. Bonus for the year received in July, 2015 7,200
3. Club facility (for private use only) Expenditure by employer p.m. 700
4. House Rent Allowance p.m. 2,800
5. Employer’s contribution to URPF p.m. (Mr. A also made equal contribution) 1,000
W.e.f. 01.11.2015, Mr. A joined PQR Ltd., with following pay package :
1. Basic pay p.m. 18,000
2. House Rent Allowance p.m. 1,600
3. Club Facility (for private use only) Expenditure by employer p.m. 1,100
4. Use of car for journey between office and residence — Employer’s expenditure p.m. 600
5. Employer’s contribution to RPF p.m. (Mr. A also made equal contribution) 2,000
Other particulars of Mr. A are as under :
1. Mr. A resides at Amritsar paying a monthly rent of 3,500
2. Mr. A’s income from other sources 95,000
3. Mr. A contributed to LIC/PPR/NSC etc. 20,000
Compute Mr. A’s taxable income and tax liability for A.Y. 2017-18.

Computation of Tan

S.No. Particulars Rupees
1 Income from Salary
(a) From XYZ Ltd.
Basic pay (Rs.13,000 x 7) 91,000
Bonus 7,200
Club facility (Rs.700 x 7) Rupees 4,900
H.R.A. (Rs.2,800 x 7) 19,600
Less : Exempt u/s 10(13A) 15,400 4,200
Employer’s Contribution to U.R.P.F. 1,07,300
(b) From PQR Ltd. Rupees
Basic pay (Rs.18,000 x 5) 90,000
H.R.A. (Rs.1,600 x 5) 8,000
Less : Exempt u/s 10(13A) 8,000
Club Facility (Rs.1,100 x 5) 5,500
Facility of Car (not taxable as perquisite) 15,400
Employer’s Contribution to R.P.F. 95,500
Gross Salary 2,02,800
Less: Deduction
Net Salary 2,02,800
2 Income from Others Sources 95,000
Gross Total Income 2,97,800
Less : Deduction u/s 80C
: Contribution to LIC/PPF/NSC Rs. 20,000
: Contribution to RPF ( Rs.2000 x 5) Rs. 10,000 30,000
Total Income 2,67,800
Computation of Tax Liability
Tax payable on Rs.2,67,800 8,90
Less : Rebate u/s 87A 8,90
Net Income-tax payable Nil
Add : Surcharge Nil
Add : EC @ 2% —
Add : S&HEC @ 1% —
Total Tax Payable Nil

Filed Under: Income Tax

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