Ms. Priyanka, General Manager of ABC Ltd., Mumbai, furnishes the following particulars for the financial year 2023-24: (i) Salary - 40,000 per month…

Computation of gross total income of Ms. Priyanka for the A.Y. 2024-25 under normal provisions of the Act Particulars Particulars ₹ (a) Income from salaries (See Working Note below) 5,81,000 (b) Income from Other Sources (i) Interest on fixed deposit with a company 7,000 (ii) Income from specified mutual fund 3,000 (iii) Interest on Fixed Deposit received by minor daughter (₹ 4,000 -1500) 2,500 12,500 Gross total income 5,93,500 Working Note: Computation of salary income of Ms. Priyanka for the A.Y. 2024-25 Particulars ₹ Salary [₹ 40,000 x 12] 4,80,000 Medical facility [in the hospital maintained by the company is exempt] - Rent free accommodation 15% of salary from 1.4.2023 to 31.8.2023 and 10% of salary from 1.9.2023 to 31.3.2024 (₹ 4,80,000 × 15% x 5/12) + (₹ 4,80,000 × 10% x 7/12) 58,000 Valuation of perquisite of interest on loan [Rule 3(7)(i)] – 9.5% is taxable which is to be reduced by actual rate of interest charged i.e. [9.5% - 6% = 3.5%] 24,500 Use of dining table for 1 month [₹ 60,000 x 10/100 x 1/12] 500 Perquisite on sale of dining table Cost 60,000 Less: Depreciation on straight line method @10% for 2 years 12,000 Written Down Value 48,000 Less: Amount paid by the assessee 30,000 Purchase through credit card 18,000 Perquisite on sale of car 10,000 Original cost of car 2,50,000 Less: Depreciation from 16.7.2021 to 15.7.2022 @ 20% 50,000 Value as on 14.07.2023- being the date of sale to employee 2,00,000 Less: Amount received from the assessee on 14.07.2023 1,60,000 40,000 Gross salary 6,31,000 Less: Standard deduction upto 50,000 50,000 Income from Salaries 5,81,000