Computation of tax liability of Ms. Farida for P.Y.

2023-24,
A.Y. 2024-25
Particulars Amount (in Amount (in Rs.)
Rs.)
April 1 2023 to Dec. 2023 -
64800 p.m., Jan. 1, 2024 to
March 31, 2024 - 77760 p.m.
Basic Salary (64800 * 9) + 816,480.00
(77760*3)
+ D.A. (80% of Basic) 653,184.00
+ Transport Allo. (Note 1) 24,000.00
+ HRA Received (20% of 163,296.00
Basic)
Less:- Exemption (W.N.2) (43,194.00)
Taxable HRA 120,102.00
+ Conveyance All. Received 36,000.00
Less:- Exemption (Actual Exp. (34,000.00)
Incurred or Allowance
received, W.I.L.)
Taxable Conveyance Allo 2,000.00
+ Commission 96,000.00
GROSS SALARY 1,711,766.00
Less: - Deduction u/s 16
Standard Deduction (50,000.00)
TAXABLE SALARY / 1,661,766.00
TOTAL INCOME
TAX LIABILITY: -
Upto 2.5 L Nil
> 2.5L to 5 L - 5% 12,500.00
> 5L to 10L - 20% 100,000.00
> 10L to Total income 198,529.80
Basic Income Tax 311,029.80
+ H.&. E.C. @ 4% 12,441.19
TAX LIABILITY 323,470.99
323,470.00
 Working Note: -

1. Basic Salary D.A

Jan. 2021 Basic 45,000

+ Increment in Jan. 2022 9,000

New Basic in Jan. 2022 54,000

+ Increment in Jan. 2023 10,800
New Basic in Jan. 2023 64,800 51,840 466,560

+ Increment in Jan. 2024 12,960

New Basic in Jan. 2024 77,760 62,208 186,624
653,184
Note 1 - Assuming that Ms. Farida is not
specially abled
 Computation of tax liability of Ms. Farida for P.Y. 2023-24,
A.Y. 2024-25
Particulars Amount (in Amount (in Rs.)
Rs.)
April 1 2023 to Dec. 2023 -
64800 p.m., Jan. 1, 2024 to
March 31, 2024 - 77760 p.m.
Basic Salary (64800 * 9) + 816,480.00
(77760*3)
+ D.A. (80% of Basic) 653,184.00
+ Transport Allo. (Note 1) 24,000.00
+ HRA Received (20% of 163,296.00
Basic)
+ Conveyance All. Received 36,000.00
Less:- Exemption (Actual Exp. (34,000.00)
Incurred or Allowance
received, W.I.L.)
Taxable Conveyance Allo 2,000.00
+ Commission 96,000.00
GROSS SALARY 1,754,960.00
Less: - Deduction u/s 16
Standard Deduction (50,000.00)
TAXABLE SALARY / 1,704,960.00
TOTAL INCOME
TAX LIABILITY: -
Upto 3 L Nil
> 3L to 6 L - 5% 15,000.00
> 6L to 9L - 10% 30,000.00
>9L to 12L - 15% 45,000.00
>12 to 15L- 20% 60,000.00
> 15L to Total income - 30% 61,488.00
Basic Income Tax 211,488.00
+ H.&. E.C. @ 4% 8,459.52
TAX LIABILITY 219,947.52
219,950.00
 Working Note: -

1. Basic Salary D.A

Jan. 2021 Basic 45,000

+ Increment in Jan. 2022 9,000

New Basic in Jan. 2022 54,000

+ Increment in Jan. 2023 10,800
New Basic in Jan. 2023 64,800 51,840 466,560

+ Increment in Jan. 2024 12,960

New Basic in Jan. 2024 77,760 62,208 186,624

653,184
Note 1 - Assuming that Ms. Farida is not
specially abled
 Computation of tax liability of Mr. Hrihan for P.Y. 2023-24, A.Y.
2024-25
Particulars Amount (in Amount (in
Rs.) Rs.)
March 1, 2023 to April 15, 2023: -
Basic (40000 p.m.) 60,000
+ D.A. (15000 p.m.) 22,500
+ Convenyance Allo. (1000 p.m.) 1,500
Gross Salary at first company 84,000

May 1, 2023 to March 31, 2024: -

Without Basic from May 1, 2023 to July 15, 130,000
promotion 2023 (52000p.m.)
With Basic from July 16, 2023 to Jan. 31, 383,500
Promotion 2024 (59000p.m.)
with Basic from Feb.1, 2024 to March 31, 122,000
increment 2024 (61000p.m.)
Total Basic 635,500
+ D.A. (90% of Basic) 571,950
+ HRA received (20000*10)+(24000*1) 224,000

Less:- Exemption (33,848)

Taxable HRA 190,152
+ Transport Allowance (1000 p.m.) - He 11,000
is not specially abled
+ Medical allo. (7000 p.m.) 77,000
+ Convenyance All. Received 25,000
Less:- Exemption (on reimbursement (25,000)
basis)
Taxable Conveyance Allo. -
+ Uniform All. Received 12,000
Less:- Exemption (on reimbursement (12,000)
basis)
Taxable Uniform Allo. -
GROSS SALARY 1,569,602
Less: Standard Ded. (50,000)
Taxable Salary 1,519,602
Total Income 1,519,600
 Computation of tax liability of Mr. Purab for P.Y. 2023-24,
A.Y. 2024-25 (under NEW PERSONAL
Particulars Amount TAX
(in REGIME)
Amount (in
Rs.) Rs.)
P'ship Firm: -
Basic 245,000
+ D.A. 105,000
GROSS SALARY at P'ship Firm 350,000

Company: -
Basic 382,500
+ D.A. 382,500
+ HRA (no exemption) 217,800
+ Transport Allo. 18,000
+ Trav. All. Rec'd 45,000
- Exemption (40,000)
Taxable Trav. Allo 5,000
+ Conve. All. Rec'ed 27,000
- Exemption (22,800)
4,200
+ Helper allo. 72,000
+Medical All. 18,000
GROSS SALARY at Company 1,100,000

GROSS SALARY 1,450,000

Less:- Deduction u/s 16:
Standard Ded. (50,000)
TAXABLE SALARY / GTI / TI 1,400,000

Tax Liability: -
Upto 3 L 0.00% -
> 3L to 6L 5.00% 15,000
>6 L to 9L 10.00% 30,000
>9L to 12L 15.00% 45,000
>12L to 14 L 20.00% 40,000
Basic / Total I.T. 130,000
+ H & E.C. 4.00% 5,200
Tax Liability 135,200
 Computation of tax liability of Mr. Purab for P.Y.
2023-24, A.Y. 2024-25 (under
Particulars NEW
Amount (inPERSONAL
Amount (in
Rs.) Rs.)
GROSS SALARY at p'ship firm 350,000
GROSS SALARY Company 976,850
Add:- HRA Exemption 75,150
Add:- Helper All. Exemptio 48,000
Gross Salary at Company 1,100,000
Gross Salary 1,450,000
Less:- Standard Ded. (50,000)
Taxable Salary 1,400,000
 May 1, 2023 to March 31, 2024
May 1, 23 to Nov. 16, 23 to March 31, 24
Nov 15, 23 Nov. 16, 23 to March 31, 2024
Nov. 16, 23 to Dec. Jan. 1, 24 to March 31,
31, 203
Jan.2024
No rent paid so 1.5 1
NO Salary for HRA 80240 80240
EXEMPTION

1. 40% of Salary 32096 32096

2. Rent paid - 10% of Salary 976 10976

Rent p.m. 9000 19000

3. HRA Received 20000 20000

Exemption p.m. 976 10976

Exemption for this per 1464 10976
Total Exemption 33848
31, 2024

v. 16, 23 to March 31, 2024

Jan. 1, 24 to March 31, 2024
Feb1, 2024 to March 2024
Feb-24 Mar-24
1 1
82960 82960

33184 33184

10704 10704
19000 19000

20000 24000

10704 10704
10704 10704
33848
 HRA Exemption
1 Salary
Basic Salary + D.A. (forming part of retirement benefits)

2 City
Metro: -Mumbai, Delhi, Kolkatta & Chennai
Non-Metro: Other than 4 mentioned above

3 Rent

4 HRA received
Basic 540,000.00
D.A. 216,000.00
Salary for HRA Exem. 756,000.00

1 50% of Salary in case of Metro 378,000.00

40% of Salary for Non-metro

2 Rent paid - 10% of Salary 0 - 10% of 756000

assuming No rent (75,600.00)
assuming rent of Rs. 10000 p.m. 44,400.00
assuming rent of Rs. 5000 p.m. (15,600.00)

3 HRA Received 108,000.00

Exemption in HRA is least of the 3: 44,400.00

 Computation of tax liability of Ms. Farida for P.Y. 2023-24, A.Y. 2024-25
Particulars Amount (in Rs.) Amount (in Rs.)
Basic 540,000.00
+ D.A. (80% of Basic) 432,000.00

+ Transport Allowance 24,000.00

+ H.R.A. Received 108,000.00

Less: - Exemption (81,900.00)

Taxable HRA 26,100.00
+ Convenyance All. Received 36,000.00
Less: - Exemption (actual exp. Incurred or (34,000.00)
allowance received, W.I.L.)
Taxable Conveyance Allo. 2,000.00
+ Commission 96,000.00
GROSS SALARY 1,120,100.00
(w/o considering increment)

P.Y. 2023-24

Assumed that She is not specially abled April 1,

2023 to
June 15,
2023
No. of months 2.5

Salary for HRA Exemption p.m. 63,000

1 50% of Salary 31,500
40% of Salary
2 Rent paid - 10% of 3,700
salary
rent p.m. 10,000
3 HRA Recevied 9,000
Exemption p.m. is 3,700
W.I.L
Total Exemption for 9,250
each period
Total exemption for
P.Y. 2023-24
P.Y. 2023-24

June 16, Dec. 1, March 1,

2023 to 2023 to Feb 2024 to
Nov. 30, 29, 2024 March 31,
2023 2024
5.5 3 1

63,000 63,000 63,000

31,500
25,200 25,200
8,700 5,700 7,700

15,000 12,000 14,000

9,000 9,000 9,000
8,700 5,700 7,700

47,850 17,100 7,700

81,900
 W.N. 2 - HRA Exemption
April 1, 2023 to March 31,
Split in period due to increment fr
April 1, 2023 to Dec. 31, 2023
Split in period due to change in rent from June 16
April 1, 2023 to June June 16, 2023 to Dec. 31, 2023
15, 2023 Split in period due to transfer to Jaipur from

June 16, 2023 to Nov. 30, 2023

No. of months 2.5 5.5

Salary for HRA Exemption Basic + D.A. (forms part of ALL retir
Salary p.m. for HRA Exemption =64800+((64800 * 80%)*50%)
90,720 90,720
1 Metro City - 50% of salary 45,360 45,360
Non-Metro City - 40% of Salary

2 Rent paid - 10% of Salary =10000 - 10% of =15000 - 10% of 90720

90720
928 5,928
Rent p.m. 10,000 15,000

3 HRA Received =20% of 64800 =20% of 64800

12,960 12,960

W.I.L of the three is exempt p.m. 928 5,928

Exemption for each period 2,320 32,604
Total HRA Exemption for P.Y. 2023-
24
 pril 1, 2023 to March 31, 2024
period due to increment from January
. 31, 2023 Jan. 1, 2024 to March 31, 2024
n rent from June 16
023 to Dec. 31, 2023
e to transfer to Jaipur from Delhi & change in rent Split due to change
in rent
Dec. 2023 Jan. 1, 2024 to Feb. Mar-24
29, 2024
1 2 1 12
A. (forms part of ALL retirement benefits)
0%)*50%) =77760 + ((77760*80%)*50%)
90,720 108,864 108,864
-- -- --
36,288 43,546 43,546

=12000 - 10% of =12000 - 10% of =14000 - 10% of

90720 108864 108864
2,928 1,114 3,114
12,000 12,000 14,000

=20% of 64800 =20% of 77760 =20% of 77760

12,960 15,552 15,552

2,928 1,114 3,114

2,928 2,228 3,114
43,194