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AAFM GLO_CWM_LVL_1 Exam - Topic 3 Question 44 Discussion

Ramesh retired as General Manager of XYZ Co. Ltd. On 30.11.2012 after rendering service for 20 years and 10 months. He received Rs. 300000 as gratuity from the employer. (He is not covered by Gratuity Act, 1972).His salary particulars are given below:He resides in his own house interest on monies borrowed for the self occupied house is Rs. 24000 for the year ended 31.03.2013Compute taxable income of Ramesh for the year ended 31.03.2013.
B) 272600
A) 258900
C) 265450
D) 285470

AAFM GLO_CWM_LVL_1 Exam - Topic 3 Question 44 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 44
Topic #: 3
[All GLO_CWM_LVL_1 Questions]

Ramesh retired as General Manager of XYZ Co. Ltd. On 30.11.2012 after rendering service for 20 years and 10 months. He received Rs. 300000 as gratuity from the employer. (He is not covered by Gratuity Act, 1972).

His salary particulars are given below:

He resides in his own house interest on monies borrowed for the self occupied house is Rs. 24000 for the year ended 31.03.2013

Compute taxable income of Ramesh for the year ended 31.03.2013.

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Suggested Answer: B

by Marge at May 29, 2022, 02:46 AM

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Denna
10 months ago
Not sure about those calculations, feels off to me.
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Amber
10 months ago
Wait, he’s not covered by the Gratuity Act? That’s surprising!
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Josphine
11 months ago
I'm going with option C, seems right to me.
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Bettyann
11 months ago
I think the gratuity amount seems low for that long of service.
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Helga
11 months ago
Ramesh worked for almost 21 years!
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Nickolas
11 months ago
I believe the total salary components need to be added up first, but I’m confused about how to handle the gratuity since he retired before the cutoff date.
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Yuriko
11 months ago
I feel like the interest on the home loan will be deductible, but I’m uncertain about how much of the gratuity will affect the final taxable income.
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Luz
11 months ago
I remember we discussed how gratuity is treated for tax purposes, but I'm not sure if it applies since he's not covered by the Gratuity Act.
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Shakira
11 months ago
I think we had a similar question in our last practice set about calculating taxable income, but I can't recall the exact steps we took.
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Barabara
11 months ago
I'm a bit confused by this question. Can someone explain the difference between the different stakeholder roles?
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Carma
11 months ago
I think the answer is B. The Due Date field is used to calculate the payment due date based on the Payment Terms.
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Melvin
11 months ago
The System Development Life Cycle (SDLC) seems like the best fit based on the stages mentioned. I'll go with that unless I can come up with a really compelling reason why another option might be better.
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