Mr. B is working as an employee in a manufacturing company. He has provided you the following details in order to calculate his taxable income. Basic salary per month Rs.90, 000 House rent allowance p.m. Rs.45, 000 Dearness Allowance p.m. Rs.8, 000 Education Allowance p.m. Rs. 13,000 Medical allowance p.m. Rs.9, 000

The company has provided him a car as a part of his salary package. The cost of the car purchased by the Company is Rs.2, 900,000 and the car is provided him for both official and personal use. The company has also paid his utility bills for the year amounted to Rs. 200,000 against which the employee has paid the nominal amount of Rs. 2,000 per month to the employer. Mr. B has obtained a loan of Rs.2, 200,000 from employer on 1st March, 2021 for the purpose of purchasing a shop for his business. The interest charged by the employer on this loan is 5% per anum. Other benefits a part from the salary, the company has provided him are Driver 14,000 p.m. Gardner 9,000 p.m. House keeper 16000 p.m. Mr. B pays to the company Rs. 7,000 per month in respect of services of house keeper. Required: Compute the amount of taxable salary and tax liability for the tax year 2021. (10 Marks)