B.COM PART II INCOME TAX

	Name of Tax Payer
	Tax Year: XXXX
	Tax Year Ended on : June, 30th, XXX
	Residential Status: Resident/Non Resident
	Compuation of Tax Payable
Sr. No		Rs.	Rs.
	Income from salary (Section #12)
	Basic salary		Taxable
	Bonus		Taxable
	Commission		Taxable
	Dearness allownce/Cost of Living Allowance		Taxable
	Overseas allownce		Taxable
	Cost of living allownce		Taxable
1	Gross salary		******
2	Accommodation:
	Accommodation/house rent allowance		Taxable
	Residence Facility Provided in big Cities (a)Amount receivable if accommodation was not given or (b) (45% of MTS/Basic Salary)whichever is higher		Taxable
	Residence Facility Provided in other than big Cities(a)Amount receivable if accommodation was not given or (b) (45% of MTS/Basic Salary)whichever is higher		Taxable
3	Convenyance:
a	Convenyance Allownace		Taxable
b	Covenyace Facility provided for Private and Office Use 5% of Cost of Car/Vehicle if on lease then 5% of Fair market value		Taxable
c	Covenyace Facility provided for Pvt Use 10% of Cost of Car/Vehicle if on lease 10% of fair market value		Taxable
4	Medical charges,hospital charges or medical allowance:
	(Medical allownce)	*****
	Less:10% of basic salary	***
	Madical facility/free medical treatment or hospitalization	Exempt
	Madical bills reimbursed	Exempt
5	Entertainment:
	Entertainment allowance		Taxable
	Entertainment facility/free tea,coffee/free subsidized food	Exempt
	Entertainment bill incurred for organization then reimbursed	Exempt
6	Loan to Employee: Loan amount should be greater than 500000
a	if rate is not given (10% of loan amount)		Taxable
b	if rate is less than 10%		Taxable
	(10% - given rate) x (loan amount)
c	if rate is equal or above 10%	Exempt
7	Special allowances	Exempt
8	Provident Fund
	Employee's contibution	Exempt
	Employers Cont :Not included if up to 10% of salary or  Rs.100000 in case exceed the excess amount will be included
	Interest : Not if rate is upto 16% and amount 1/3 of salary otherw wise excess amount will be included
9	Qualification pay		Taxable
10	Over time payment		Taxable
11	Part time payment		Taxable
12	Special pay		Taxable
13	Membership fee of club paid by employer		Taxable
14	Life insurance premium paid by employer		Taxable
15	Adhoc relife		Taxable
16	Efficiency honorarium		Taxable
17	Project allownce		Taxable
18	Performance award		Taxable
19	incentive award		Taxable
20	Special rellef allownce		Taxable
21	Pay in lieu of leave/ leave encashment (Govt.employee receiving at retirement)	Exempt
22	Salary of cook, Mali,Chowkidar,sweeper,watchman paid by employer		Taxable
23	Ph.D allownce		Taxable
24	Senior Post allownce		Taxable
25	Orderly allownce		Taxable
26	Computer allownce		Taxable
28	Internet usage bill reimbursed for official usage	Exempt
29	Fee for refresher or management course paid by employer	Exempt
30	Prequisites Received by employees (According to the nature of the employer's business)	Exempt
31	Special additional allownce		Taxable
32	Leave fare assistance		Taxable
33	Utility allownce		Taxable
34	Utility bill reimbursed/paid by the employer (Utilities= Gas,Electricity,water,telephone)		Taxable
35	Gratuity fund:
36	Gratuity received from govrnment	Exempt
37	Approved by CIR	Exempt
38	Approved by Board.
	Amount of fund	*****
	Less: exempt up to	200000	Taxable
d	Un approved.
	Amount of fund	*****
	Less: 50% of gratuity or 75000 whichever is less	*****	Taxable