Question
Calculate taxable income and net tax liabilities from the following information stated by Mr. Akash for the income year ended 30.06.21. Basic pay Tk. 25,000
Calculate taxable income and net tax liabilities from the following information stated by Mr. Akash for the income year ended 30.06.21.
Basic pay Tk. 25,000 per month; house rent allowance Tk. 10,000 per month; entertainment allowance Tk. 2,000 per month (actual expence Tk. 20,000) ; conveyance facilities that he can use for office purposes only; he contributed 10% of basic salary in a recognized provident fund and his employers also contributed the same amount in the fund. He received Tk. 7,000 from the said fund as interest for the year @ 14.5%; festival bonus Tk. 16,000 for the year; he received rent from house property Tk. 3,50,000 during the year whereas the municipal value of the house is Tk. 3,00,000. He incurred Tk. 1, 20,000 for repair and maintenance expense, Tk. 7,500 insurance premium, and Tk. 6,000 city corporation tax for the house during the year; he received interest from post office savings bank account Tk. 4,000; dividend from a limited company Tk. 7,200; sale of forest timber Tk. 9,000.
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