Mr./Mrs. Tonu (Female students consider themselves as male assessee and male students consider themselves as female assessee)[

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Question:

Mr./Mrs. Tonu (Female students consider themselves as male assessee and male students consider themselves as female assessee)[ I am a male student]. He/she has an agricultural income of Tk. 800,000, in the income year and Capital Gain Tk. 20,000. She/he has got family ornaments from
his/her grandmother amounting to TK. 3.5 crore. Besides the above information, he/she is the manager of a textile mill at Feni. From the particulars given below for the year ended on 30 th June 2021, compute his/her income from salary and tax thereon.

I. Monthly basic salary 95,000 (5% TDS already adjusted) on a scale of 50000- 10000x5-100,000. He has the yearly increment on March 10, 2020.
II. Two bonuses equivalent to one month’s basic salary.
III. She/he has been provided with a rent-free quarter for which the employer deducts 7.5% of the basic salary per month. The annual value of the house is estimated tk 50,000. A mali has been provided by the employer at a monthly salary of TK. 6000.
IV. He has been provided with a car both for office and private use.
V. Conveyance allowance Tk. 2000 per month.
VI. Surgery expense paid by employer Tk. 10000
VII. Complementary travel allowance Tk. 30,000.
VIII. Feni Club yearly membership of Tk. 70,000 paid by the employer.
IX. Advance Tax Tk. 17000.
X. She/he contributed 10% of his/her basic salary to RPF, his/her employer also
contributed the same.
XI. Interest on RPF 10% is 1700 on 17,000.
XII. He purchased an ICB certificate of Tk. 15,000 and shares of a company
through IPO Tk. 12000.
XIII. Insurance premium of his/her son 4000 (policy value Tk. 40000).

Calculate:
i. Total Taxable Income
ii. Investment Allowance
iii. Maximum limit of investment allowance
iv. Net Tax Liability