Question: 1 . Ramsai, a Lecturer based at ABC University earned the following income in addition to basic salary of P 1 2 0 , 0

1. Ramsai, a Lecturer based at ABC University earned the following income in addition to basic salary of P120,000 during the year ended June 2023.
(i) He received school fees allowance for his kids amounting to P50,000 from his employer.
(ii) He sold his household furniture for P14000.
(iii) In March of the current year of assessment, he went for a contact leave at the University of London from where he earned P20,000
(iv) He won a prize money of P100000, in a Myzaka Mascom Competition.
(v) He received a bonus of P40000 from his employer
Required
a. Calculate Ramsais taxable income for the year ended 30 June 2023.(10 marks)
b. Calculate the tax liability of Ramsai for the same year.(3 marks)
c. State the date of submission of Ramsais annual tax return. (2 marks)

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