Posted by: Pdfprep
Post Date: February 27, 2021
Mr. M is an employee of Z Ltd. His basic pay is Rs.24,000 p.a., Dearness Allowance Rs.12,000 p.a; Medical Allowance (fixed) Rs.10,000 p.a.; Conveyance Allowance Rs.6,000 p.a.; Professional Tax deducted from his salary Rs.1,000 p.a.; Free lunch provided during office hours valued at Rs.12,000 for a 300-working day year; free education for two children in a school owned and maintained by the employer C school tuition fee for both the children is estimated at Rs.18,000 p.a.
What is Net Income of Mr. M and examine whether he is a specified or non-specified employee?
A . Rs. 51,000, Specified Employee
B . Rs. 50,000, Non Specified Employee
C . Rs. 48,000, Specified Employee
D . Rs. 57,000, Non Specified Employee
Answer: A