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ALTERNATIVE
-'C'
COMPUTATION
OF INCOME TAX ON SALARIES FOR INDIVIDUALS
ASSESSMENT YEAR 2002-2003 (FINANCIAL YEAR 2001-2002)
(WHERE TAX IS BORNE BY THE EMPLOYER-Section10(5B) EXEMPTION
IS CLAIMED)
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A
|
B
|
C
|
|
1
|
basic
salary in dm (per month) |
8,000
|
9,000
|
10,000
|
|
2
|
basic
salary converted in inr conversion rate 1 dm = rupees
23.00 (per annum) |
2,208,000
|
2,484,000
|
2,760,000
|
|
Value
of Perquisites
|
|
4
|
Rent
free Aaccommodation: Lower of following:-
|
|
|
actural
lease rental |
480,000
|
|
|
|
rent
paid above 60% of salary
|
220,800
|
248,400
|
276,000
|
|
|
10%
of salary |
220,800
|
248,400
|
276,000
|
|
5
|
transport |
26,400
|
26,400
|
26,400
|
|
6
|
utilities |
96,000
|
96,000
|
96,000
|
|
7
|
taxable
salary |
2,551,200
|
2,854,800
|
3,158,400
|
|
8
|
tax
on above |
754,147
|
847,049
|
939,950
|
|
9
|
net
take home pay (2)
|
2,208,000
|
2,484,000
|
2,760,000
|
Assumptions
- Income
Tax is not to be deducted from the salary of the employee
as exemption u/s 10 (5B) is claimed.
- Rental
value of the accommodation provided to the employee
has been taken @ Rs 40,000/- per month
- Transport
and utilities are provided by the employer. As per
Income Tax Rules, perquisite value of transport (including
provision of chauffeur) has been considered @ Rs 2,200/-
per month and Utilities @ Rs 8,000/- p.m.No other
perquisite has however been considered for the purpose
of this computation.
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