Question
please solve the taxation math under the latest tax rule of Bangladesh 2021 Mr. Faizan is the Head of Taxation of RX Limited. During the
please solve the taxation math under the latest tax rule of Bangladesh 2021
Mr. Faizan is the Head of Taxation of RX Limited. During the financial year 2019-20 he earned the following income: Mr. Faizan received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided him with a car for official and his family use. He was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. Though the company has a Recognized Provident Fund, Mr. Faizan did not apply for becoming a member of that Fund. As per the Provident Fund Rules, the contribution to the Fund by the employer is 8% of basic pay. In addition, he made the following transactions relating to financial year 2019-2020:Donation made to the Zakat Fund Taka 10,000, purchased a share of a private limited company Taka20,000, and paid Taka 15,000 as Life Insurance Premium. Please compute the total income and tax liability of Mr. Faizan for the assessment year 2020-21 considering the above information.
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