Mahmood worked at a monthly basic salary of Rs. 70,000 till 31st May 2018, when he retired.
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Mahmood worked at a monthly basic salary of Rs. 70,000 till 31st May 2018, when he retired. During his employment, he was provided with rent-free accommodation by the company, and a car costing Rs. 800,000 for both official and personal use. Mahmood participated in the company’s approved provident fund where all employees are required to contribute 14% of their salary.
Find out taxable income and tax liability.
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