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16. Calculate the exempt HRA from the following details:A is entitled to basic salary of ` 50,000 p.m. and dearness allowance of ` 10,000 p.m., 40% of which forms part of retirement benefits. He is also entitled to HRA of ` 20,000 p.m. He actually lives with his parents in Mumbai and does not pay any rent. The market rent of that house is ` 20,000 p.m. in Mumbai.
Nil
1,75,200
64,800
2,40,000
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17. Deduction under section 80C to 80U cannot exceed____________.
Gross Total Income
Total Income
Income from Business or Profession
Income from House Property
18. Employer provides a car (below 1.6 ltr capacity) along with a driver to X partly for official and partly for personal purposes. The expenses incurred by the company are running and maintenance expenses – ` 32,000 and driver’s salary – ` 36,000.The taxable value of perquisite is____________.
21,600
10,800
32,400
39,600
19. The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is__________.
Up to ` 2,00,000
Up to ` 1,50,000
Up to ` 1,75,000
None of the above
20. Encashment of earned leave is given by__________of Income Tax Act, 1961.
Section 10(10AA)
Section 12(10A)
Section 15(10B)
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