Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

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

Financial Accounting The Impact On Decision Makers An Alternative To Debits And Credits

Authors: Gary A. Porter, Curtis L. Norton

3rd Edition

0030335639, 978-0030335631

More Books

Students also viewed these Accounting questions

Question

1. Can they separate relevant from irrelevant information?

Answered: 1 week ago

Question

Discuss the effectiveness of a national infrastructure for HRD

Answered: 1 week ago