Question
Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary scale is 90,000-2500- 1,20,000. His date
Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary scale is 90,000-2500- 1,20,000. His date of yearly increment is 01 September. From then he received the following income: He has been provided with accommodation by the company; the annual rental value of the house is Tk. 2,20,000; Full-time car for 24 hours for his own family use. The company has also paid Tk. 1,12,000 to him during the year being the reimbursement of various utility bills of his house; Out of generosity, the company paid him tk. 2,00,000 for his overseas travels with his family during the year; he has contributed 15% of her basic salary to an unrecognized provident fund. His employer also contributed the same amount. Interest on the said fund @ 18% is Tk. 1,800 during the period: During the year he has claimed investment allowance for Purchase of shares of unlisted companies Tk. 25,000; Purchase of government treasury bond Tk. 25,000; Insurance premium Tk.20,000 (Policy value Tk. 1,50,000); Household expenses Tk. 2,00,000; Donated Tk. 50,000 to the Prime Minister's Zakat Fund; Donated to his children's school Tk. 10,000; and Loan installment paid to Prime bank Tk.50,000 (including Tk. 1000 interest). Compute his total income, investment allowance, and Tax liability for the income year 20120-21
Step by Step Solution
3.46 Rating (166 Votes )
There are 3 Steps involved in it
Step: 1
Total income Salary Tk 120000 Accommodation Tk 220000 Car a...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started