Mr. Hiyakash employed in a company at Kolkata furnishes the following information. Basic Salary ₹ 45,000 up to 31st August, 2023 and thereafter an increment of ₹ 5,000 up to 31st March, 2024. DA is 50% of basic salary. M
CS Executive · Tax Laws · PYQS · December 2024
Mr. Hiyakash employed in a company at Kolkata furnishes the following information. Basic Salary ₹ 45,000 up to 31st August, 2023 and thereafter an increment of ₹ 5,000 up to 31st March, 2024. DA is 50% of basic salary. Motor car engine with more than 1.6 litres capacity was given by the employer self driven by Hiyakash and is used both for Official and personal purposes Running expenses met by the Employer was ₹ 60,000. Profession Tax on Employment ₹ 7,000 paid by Mr. Hiyakash. Gross Total Income in this case is :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A), (B). Official source note: Option A is correct assuming assessee has opted out of section 115BAC. Option B is correct assuming assessee is paying tax u/s 115BAC of the Income tax Act, 1961.
Topics: Income Tax Act
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