Subject: Business Taxation

8. Following information relates to Mr. Ali who is employed in a company after his employment from army. Rs. Basic Salary (Rs.30000-5000-60000) 40000 Fee accommodation provided by employer (He was entitled to a house allowance of 60% of basic salary if the accommodation was not provided). Cost of motor vehicle (Conveyance provided by employer for entirely 700000 personal use) Concessional loan obtained from employer @8% 3000000 Medical Allowance Per Annum 50000 Dearness Allowance Per Annum 12000 Entertainment Allowance Per Annum 10000 Mr. Ali's monthly contribution to recognized provident funds Employer's monthly contribution to recognized provident funds 5000 Interest credited @ 12% on total amount in provident fund 36000 Pension received from army 48000 Required: Calculate the total income of Mr. Ali 5000