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Mrs. Kajal, the General Manager of M/s Gold Ltd. was paid a salary rs 4,50,000 per month. The above salary includes non-monetary perquisite of rs 50,000 per month. As per the terms of employment, tax on non-monetary perquisite is to be borne by M/s Gold Ltd. Mrs. Kajal’s contribution towards PPF is rs 1,50,000. What would be the amount of tax to be deducted by M/s Gold Ltd. from the salary of Mrs. Kajal if she intimated M/s Gold Ltd. to opt for provisions of section 115BAC for A.Y. 2023-24? (a) rs 13,80,427 (b) rs 15,52,980 (c) rs 12,54,936 (d) rs 13,88,970 Give explanation along with answer
Answers (4)
A - 13,80,427 After opting 115BAC she not able to take Deduction of Section 10 That is Standard Deduction of ₹50,000 & exemption of VI-A 1,50,000 So her total Taxable income is 54,00,000 and Tax on it is 13,57,500 On Non monetory prerequisite tax brone by Employer So non monetory prerequisite is ₹50,000 * 12 = 6,00,000 Hence tax on it is 13,57,500/54,00,000*6,00,000 = 1,50,833 Tax payable by Mrs kajal is ₹ 13,57,500-1,50,833 = 12,06,667 Add : surcharge @ 10% = 1,20,667
A - 13,80,427 After opting 115BAC she not able to take Deduction of Section 10 That is Standard Deduction of ₹50,000 & exemption of VI-A 1,50,000 So her total Taxable income is 54,00,000 and Tax on it is 13,57,500 On Non monetory prerequisite tax brone by Employer So non monetory prerequisite is ₹50,000 * 12 = 6,00,000 Hence tax on it is 13,57,500/54,00,000*6,00,000 = 1,50,833 Tax payable by Mrs kajal is ₹ 13,57,500-1,50,833 = 12,06,667 Add : surcharge @ 10% = 1,20,667 13,27,334 Add : education & health cess @4% = 53,093 Tax payable by Mrs kajal is ₹ 13,80,427
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