Question
From the following data, calculate income tax payable by Mr. Wajid Iqbal, an active tax payer for the year ended on 30th June, 2020; Basic
From the following data, calculate income tax payable by Mr. Wajid Iqbal, an active tax payer for the year ended on 30th June, 2020;
Basic Salary (Rs.) .... 1,540,000/- Bonus ... 40,000/- Entertainment Allowance ........ 10,000/- Medical Allowance......... 250,000/- Loan obtained from employer @ 8%..................................................... 800,000/- Tax deducted at source by employer.11,512/- Investment in health Insurance . 95,000/- Tuition of 04 children paid .260,000/- Remuneration for literary work (non-professional writer).. 18,000/- Income from sub-lease of property. 42,600/- Capital gains on sale of shares of private company (disposed off after 12 months) 82,400/- Dividend from public company.. 120,800/- A motor vehicle has been provided to him by the employer partly for personal and partly for official use. The cost of the vehicle is Rs. 1,040,000/-
Note: 1) Consider IT rate for the year 2020 as 05% of income exceeding Rs. 12,00,000/- 2) Rate of Tax on Dividend under FTR is 15%.
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