Question
Zack is an employee of ABC Textile Company, drawing monthly salary of $23000 in the scale of $19000-$1000-$32000. His date of salary increment is on
Zack is an employee of ABC Textile Company, drawing monthly salary of $23000 in the scale of $19000-$1000-$32000. His date of salary increment is on 1st February. He received dearness Allowance at 19% of Basic salary. He contributes 10% of his basic salary to recognize provident fund. He gets $850 as transportation allowance, $800 as medical allowance, & $750 as amusement allowance per month. He also receives 50% of his basic salary as Hose rent allowance. He received income from non-agriculture land as rent of $3000, interest from saving Bank account $20000(net), & on postal saving account $4000. Tax @ 9.5 % was deducted on Bank interest. He pays $25000 as life insurance premium, & $3000 as group insurance premium. He purchase shares of IPO of $6000 from CSE & donated $5000 to a charitable organization approved by income tax authority. Compute tax liability of Mr Zack for the year ended on 30-05-2020.
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