Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Zubaer Karim is a service holder. His basic salary (BS) is Tk. 22,000 per month; Dearness allowance 10% of BS; Two festive bonuses, each

Mr. Zubaer Karim is a service holder. His basic salary (BS) is Tk. 22,000 per month; Dearness allowance 10% of BS; Two festive bonuses, each equal to one months BS; House rent 40% of BS; Conveyance allowance Tk. 2,700 per month; Medical allowance Tk. 2,000 per month, Entertainment allowance Tk. 200 per month and commission Tk 3,500. His contribution to recognized provident fund (RPF) is 10% of BS. His employer also contributed the same to the fund. He received Tk. 4,500 as interest on RPF @ 10%.

Calculate the taxable income and tax liability of Mr. Zubaer Karim for the year ended 30 June 2020. You should ignore the investment allowances for tax liability calculation.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

11th Canadian Edition

0135359708, 9780135359709

More Books

Students also viewed these Accounting questions

Question

Understand the nature and importance of collective bargaining

Answered: 1 week ago