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Q.1. Sageer a resident individual is working as a professor at Knowledge Institute. Details of...

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Accounting

Q.1.

Sageer a resident individual is working as a professor at Knowledge Institute. Details of his monthly remuneration during the year ended 30 June 2020 are given below:

Basic SalaryRs. 200,000

Medical Allowance Rs. 20,000

In addition to the above, he was provided the following:

Health Insurance for Sageer and his dependents as per the terms of employment. For this purpose KI is paying annual insurance premium of Rs. 40,000

Provident Fund contribution of Rs. 15000 per month to a recognized provident fund. An equal amount was also contributed by Sageer to the fund.

On 31 August 2019, he received leave encashment of Rs. 100,000 relating to previous year.

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