Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr.A is the cheif Executive of a multinational company.Detail of his emoluments are as follow: RS a)Basic salary 4004520 b)Bonus. 1980642 c)utility allownce. 400452 d)leave

Mr.A is the cheif Executive of a multinational company.Detail of his emoluments are as follow: RS a)Basic salary 4004520 b)Bonus. 1980642 c)utility allownce. 400452 d)leave encashmnet. 538083 e)other allowance. 90000 f)house rent allownce. 1802040 Apart from the above he has received director fee amounting to Rs5200 During the year he has sold shares that were acquired through exercise of a "Stock Option" (being a shares of U.K company) two years ago.The gain on sale amount to Rs,4206000. He also owns a property which has been let out on rent.The details of rent received and expenses incurred are as follow: a) Rent Rs,10000 per month The property was lent out on rent for the whole year. b) He has paid poperty tax amounting to Rs.11500 c) During the year he has paid Rs,6000 for repairs and maintenance. During the year the tax withheld at source from salary income is Rs,3600000 *Required*:You required to compute taxable income and tax liability for the tax year.

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

Custom Edition For University Of Central Florida From Managerial Accounting

Authors: Karen Wilken Braun, Wendy Tietz

3rd Edition

1269451839, 978-1269451833

More Books

Students also viewed these Accounting questions