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AAFM Exam GLO_CWM_LVL_1 Topic 8 Question 75 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 75
Topic #: 8
[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 Buddy at Mar 18, 2024, 12:41 AM

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Beckie
10 months ago
I took into consideration all the details provided in the question, including the gratuity received. This calculation led me to the answer C) 265450.
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Terina
10 months ago
I calculated based on Ramesh's salary particulars and the interest on monies borrowed for his house. It led me to A) 258900, but I might have missed something.
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Rory
10 months ago
I'm not sure about the answer. Can someone explain the rationale behind choosing C) 265450?
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Beckie
10 months ago
I agree with Laura. The correct answer should be C) 265450.
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Laura
10 months ago
I disagree. I believe the answer is C) 265450.
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Terina
10 months ago
I think the answer is A) 258900.
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Alyce
10 months ago
After considering all the factors, I think the answer is C) 265450. That seems to be the most accurate calculation.
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Mari
10 months ago
Yes, that's a good point. We should consider all sources of income to accurately calculate his taxable income.
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Kirk
11 months ago
I believe we need to factor in any other sources of income Ramesh might have had during the year as well.
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Alyce
11 months ago
That sounds good. We also need to consider any exemptions or deductions he might be eligible for.
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Mari
11 months ago
I agree. Let's start by adding up his salary, gratuity, and interest on borrowed money.
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Alyce
12 months ago
I think we need to calculate Ramesh's taxable income based on the given information.
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