Mr. James a 60-year-old engineer has employed you as his personal accountant in 2014 to prepare his personal income tax return for that year. In reviewing Mr. James records for the year you have discovered the following;

Mr. James is employed with Grams Engineering Co Ltd, a Trinidad and Tobago base Engineering company, as the Vice President of Operations. He currently earns gross income of TT$90,000.00 per month.

Mr. James has two (2) personal pension plan, one currently approved by the Board on Inland Revenue where he has contribution of $2,500.00 per month and another still awaiting approval where he has contributed TT$1,000.00 per month.

Mr James son Larry James has been studying at a University in the United States with an annual tuition of USD75,000.00 per annum. This amount has been paid in full by Mr. James for 2014. He can claim the maximum amount of the tertiary allowance for his son.

Mr. James was previously employed by a company in the United States and receives a pension of USD$2,000.00 per month.

Mr. James has contributed TT$5,671.60 to his NIS plan and TT$429.00 in Health Surcharge

Mr. James received a bonus at the end of 2014 valued at 10% of his annual salary.

Mr. James has been renting since his return to Trinidad and Tobago in 2013, however Mr. James has just purchased a house valued at TT$4.3 million on 15 January 2014.

Mr. James has incurred travel expense of TT$30,000.00 for the year 2014.

He receives an allowance from his company amounting to TT$20,000.00 per month for the year 2014.

Mr. James company has paid a total of TT$45,000.00 in taxes for income year 2014.

Required

Given the information above you are to calculate the taxes which Mr James should have paid in 2014 and determine if he is either owed by or indebted to, the Board of Inland Revenue for income year ended 31 December 2014. NOTE: only the trinidad and tobago taxation system can be used solve the problem.