Question
Mr. Mohammad Adil received the following emoluments during the year ended 30th June 2018. (i) Basic Salary (Scale 55,000-5,000-70,000) Rs.60,000 P.M. (ii) House rent allowance
Mr. Mohammad Adil received the following emoluments during the year ended 30th June 2018.
(i) Basic Salary (Scale 55,000-5,000-70,000) Rs.60,000 P.M.
(ii) House rent allowance 25,000 P.M
(iii) Utilities allowance 14,250 P.M
(iv) Medical allowance 10,000 P.M.
(v) Agricultural income 130,000 P.M.
(vi) Payment of Loan installment on 30.06.2018 1,00,000
He claims the following deductions:
(i) Zakat paid 67,428
(ii) Investment in shares 2,25,000
Notes:
(i) Mr. Mohammad Adil received an interest free loan of Rs. 12,00,000 from his employer on 01.07.2017.
(ii) His employer has provided him a new car to be used for personal and official purposes. The car costs the employer Rs. 15,00,000.
Required. Calculate the tax payable by Mr. Mohammad Adil
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Step: 1
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