Roshan BSL

Course Code: BSL301
Date of Allotment : 20-11-2021 Date of submission: 27-11-2021
Student’s Roll no: RQ2019A14 Student’s Reg. no: 12003968
Course Instructor: Jasdeep Singh Student’s name: ROSHAN SATPATHY
Evaluation Parameters:
Learning Outcomes:(This academic task was very sufficient for me because it

helped me out to know about the different types of markets and specially about the perfect
Competition is better or not and many more about it or it’s a myth or a reality.)
Declaration: I declare that this Assignment is my individual work. I have not copied it
from any other student’s work or from any other source except where due acknowledgement
is made explicitly in the text, not has any part been written for me by any other person.
Q.1 Mr Arun kumar is employed at hyderabad with the following detail, Find his Total income.
Age is more than 68 Years. New tax slabs.

Basic salary 50,000p.m
Commission 12000 pm
Transport allowance 3000 p.m
Dearness allowance 6000 pm
House rent allowance 20,000 pm
Rent 10,000 pm
Car cost (800CC) 4,00,000
Driver salary 7000 pm

Diesel 60000
Maintenance Expenses 50,000
Municipal value 1,40,000
Fair rent 1,20,000

Standard rent 1,30,000
Rent 12000 pm
Actual rent 1,50,000
Sale proceed 7,00,000
Expenses 20,000
Cost of Acquisition 2,00,000
Investment made in residential house property 50,000
Dividend Income 6000
Cash received from friend 70,000
Painting gifted by friend 1,10,000
Winning from Lottery 8000
Bank interest 25,000
Life insurance own life 10,000
Tution fee of 1 child 20,000
Life insurance of wife 30,000
• The commission is taken 3% of the 50,00,000 turnover?
• Employees gets basic salary of 50,000 pm. He is given small car by company. The company pay following
expenses for car during the Year . For personal purposes.
• Arun kumar has a property whose municipal valuation is 1,40,000 p.a. The fair rent is 1,20,000 p.a. and
the standard rent fixed by the Rent Control Act is 1,30,000 p.a. The property was let out for a rent of
12,000
p.m. throughout the previous year. Unrealised rent was 12,000 and all conditions prescribed by Rule 4
are satisfied. Interest on borrowed capital was 50,000 for the year. Compute his income from house
property for A.Y.2021-22.
INCOME FROM SALARY
BASIC SALARY 5000×12= 6,00,000
COMMISSION 12000××12= 24,000
TRANSPORT ALLOWANCE 3000×12= 36,000
DEARNESS ALLOWANCE 6000×12= 72,000
HOUSE RENT ALLOWANCE W.N1 2,02,200
W.N2 2,34,000
MOTOR CAR PERQUISITES ---- ----
TOTAL= 11,68,200
INCOME FROM A LET OUT HOUSE PARTY
Gross annual value W.N3 1,38,000
Net annual value 1,38,000
Deduction u/s 24 --- -----
A)30% of NAV -41,400
b) intrest on borrowed capital -50,000 -91,000 46,400
Total= 46,400
INCOME FROM LONG TERM CAPITAL GAINS
sales proceeds 7,00,000

-expenses on sale -20,000
Net consideration 6,80,000
-index cost of acquisition W.N4 -6,02,000
Long term capital gain 78,000
Deduction under section 54 ----- ------
Less: investment made in residential house property -50,000
Long term capital gain chargable to tax 28,000
Total= 28,000
INCOME FROM OTHER SOURCES
Dividend income 6000
Cash received from friend 70,000
Painting gifted by friend 1,10,000
Winning from lottery 8000
Bank intrest 25,000 2,19,000 2,19000
Total= 14,61,000
GROSS TOTAL INCOME
deduction u/s 80
U/s 80c
Life insurance own life -10,000
Tuition fee of one child -20,000
Life insurance of wife -30,000 -60,000
TOTAL INCOME = 14,01, 600

Detrmination of total income and tax liability
14,01,600 1,25,000 + 25% of income above 12,50,000
1,25,000 + 25% (14,01,600 – 12,50,000) 1,25,000 + 25%
(1,51,600) 1.25.000 + 37,900s 1,62,900 Taxable amount
1,62,900
WORKING NOTE. 1
HRA received (20,000x12) Rs 2,40,000
Less: Exempt under section 10(13A) [Note1] Rs 37,800
Taxable HRA Rs 2,02,200
Note: Exemption shall be least of the following three limits:
(a) The actual amount received (20,000x12 ) = Rs 2,40,000

(b) Excess of the actual rent paid by assessee over 10% of his salary
= Rent Paid(-) 10% of salary for relevant period
= (10,000x12) (-) 10% of [(50,000+6000)x12+1,50,000]
= 1,20,000 (-) 10% (8,22,000)
=1,20,000 – 82,200 =Rs 37,800
( c ) 40% salary as his accommodation situated at hyderabad
= 40% of [(50,000+6000)x12+1,50,000]
= 40% (8,22,000) =Rs 3,28,800
Note1: For the purpose exemption under section 10(13A) salary includes, dearness allowance,
commission on when the term employment. So provide, But excludes all other allowances and
perquisities.
WORKING NOTE. 2
Depreciation on car 40,000

(4,00,000x10%)
Diesel 60,000
Maintenance Expenses 50,000
Driver salary 84,000
(7000x12)
Tota taxable amt 2,34,000
WORKING NOTE . 3
Particular Amount Amount
Computation of GAV
Step 1 Compute ER
ER= Higher of MV Rs 140000 and FR Rs 1,20,000 but
restricted to SR Rs 1,30,000 1,30,000
Step 2 Compute actual rent Received
Actual rent Received less unrealized rewnt as per Rule 4 =Rs 1,38,000
1,50,000 – Rs 12,000
Step 3 Compare ER 1,30,000 and Actual rent 1,38,000
GAV is higher ER and Actual rent
Gross annual value(GAV) 1,38,000
WORKING NOTE .4
Cost of Acquisition x CII for the year in which the assest are transferred
CII for the year in which the assest was first held by assess p.y 2001-02
2,00,000x301
100
6,02,000

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Course Code: BSL301

Date of Allotment : 20-11-2021 Date of submission: 27-11-2021

Student’s Roll no: RQ2019A14 Student’s Reg. no: 12003968

Course Instructor: Jasdeep Singh Student’s name: ROSHAN SATPATHY

Learning Outcomes:(This academic task was very sufficient for me because it

Age is more than 68 Years. New tax slabs.

Transport allowance 3000 p.m

Dearness allowance 6000 pm

House rent allowance 20,000 pm

Car cost (800CC) 4,00,000

Driver salary 7000 pm

Fair rent 1,20,000

INCOME FROM SALARY

BASIC SALARY 5000×12= 6,00,000

COMMISSION 12000××12= 24,000

TRANSPORT ALLOWANCE 3000×12= 36,000

DEARNESS ALLOWANCE 6000×12= 72,000

HOUSE RENT ALLOWANCE W.N1 2,02,200

MOTOR CAR PERQUISITES ---- ----

INCOME FROM A LET OUT HOUSE PARTY

Gross annual value W.N3 1,38,000

Net annual value 1,38,000

Deduction u/s 24 --- -----

A)30% of NAV -41,400

b) intrest on borrowed capital -50,000 -91,000 46,400

INCOME FROM LONG TERM CAPITAL GAINS

sales proceeds 7,00,000

Net consideration 6,80,000

-index cost of acquisition W.N4 -6,02,000

Long term capital gain 78,000

Deduction under section 54 ----- ------

Less: investment made in residential house property -50,000

Long term capital gain chargable to tax 28,000

INCOME FROM OTHER SOURCES

Dividend income 6000

Cash received from friend 70,000

Painting gifted by friend 1,10,000

Winning from lottery 8000

Bank intrest 25,000 2,19,000 2,19000

GROSS TOTAL INCOME

Life insurance own life -10,000

Tuition fee of one child -20,000

Life insurance of wife -30,000 -60,000

TOTAL INCOME = 14,01, 600

Less: Exempt under section 10(13A) [Note1] Rs 37,800

Taxable HRA Rs 2,02,200

Note: Exemption shall be least of the following three limits:

(a) The actual amount received (20,000x12 ) = Rs 2,40,000

( c ) 40% salary as his accommodation situated at hyderabad

= 40% (8,22,000) =Rs 3,28,800

Depreciation on car 40,000

GAV is higher ER and Actual rent

Gross annual value(GAV) 1,38,000

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