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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.

A258900

B272600

C265450

D285470

Show Suggested Answer

Suggested Answer: B

by Buddy at Mar 18, 2024, 12:41 AM

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Beckie

5 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

5 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

5 months ago

I'm not sure about the answer. Can someone explain the rationale behind choosing C) 265450?

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Beckie

5 months ago

I agree with Laura. The correct answer should be C) 265450.

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Laura

5 months ago

I disagree. I believe the answer is C) 265450.

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Terina

6 months ago

I think the answer is A) 258900.

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Alyce

6 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

6 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

6 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

6 months ago

That sounds good. We also need to consider any exemptions or deductions he might be eligible for.

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Mari

6 months ago

I agree. Let's start by adding up his salary, gratuity, and interest on borrowed money.

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Alyce

7 months ago

I think we need to calculate Ramesh's taxable income based on the given information.

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