Mr. Harsh (age 45 years) is appointed as senior executive officer in Ambition India Limited, Mumbai on 01.02.2024 in the scale of…
CA Intermediate · Taxation · MTP · May 2025
Mr. Harsh (age 45 years) is appointed as senior executive officer in Ambition India Limited, Mumbai on 01.02.2024 in the scale of 35,000-3500-65,000. He is paid dearness allowance @40% of salary forming part of retirement benefits. He is given rent free unfurnished accommodation on 01.5.2024 which he occupied only from 01.10.2024. The company pays lease rent of 5,000 p.m. He has been provided a car of 2000 cc capacity which is used by him for private purposes only. The actual cost of the car is 8,00,000. The monthly expenditure of car is 5,000, which is fully met by the employer. He pays lumpsum premium of 1,50,000 towards health insurance for self and his wife for 48 months on 01.10.2024 by account payee cheque. He also contributes - 1,50,000 towards PPF.
Suggested Answer and Working Notes:
Correct Answer: Option (D)
₹ 30,000
Topics: Paper 3B: Goods and Services Tax, Paper 3A: Income Tax Laws
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