Question
Q1: Mr. ASLAM is employed on a monthly salary of Rs. 120,000/-. In December 2018 his salary is increased by Rs. 10,000/- per month retrospectively
Q1: Mr. ASLAM is employed on a monthly salary of Rs. 120,000/-. In December 2018 his salary is increased by Rs. 10,000/- per month retrospectively with effect from the 1st January 2016 and arrears are paid to him.
He is given bonus of 300,000 for the year, Dearness allowance of 120,000 for the year.
He is provided with rent free accommodation. He is entitled to the accommodation allowance of 25,000 per month.
He is provided a car for his personal use & professional use by his employer. The car was purchased by the employer for Rs. 3,000,000
He is provided also provided with medical allowance Rs. 10,000 per month.
He received loan from the employer of RS. 2,000,000. Interest on the loan is 14%.
. He contributes to a recognized provident fund. Employer contribution 130,000, employee contribution 13,0000 interest credited 12%
He made donation of 20,000 to the approved private institution.
Zakat paid for the year 23,000
He is eligible for medical allowance of 100,000
Calculate taxable income and Tax amount for the tax year 2018.
Step by Step Solution
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Step: 1
To calculate the taxable income and tax amount for the tax year 2018 we need to consider the various components of Mr ASLAMs income and applicable ded...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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