Mr. Mahfuz is a service holder. He received basic salary of Tk. 22,500 in the month of July 2016 following the salary structure of 18,000 - 1,500 x 4 = 24,000. The date of annual increment is 16 November. Besides basic salary he received: Medical Allowance Tk. 1,500 per month; Conveyance Allowance Tk. 2,500 per month; Entertainment Allowance Tk. 500 per month; Performance bonus Tk. 80,000; Mobile bill allowance Tk. 2,000 per month; and Overtime allowance 25,000. He has been provided free furnished accommodation for which the company paid rent of Tk. 5,500 per month. He received two festival bonuses (one in October and another in December) each equal to one month's basic salary. He contributed 10% of basic salary to Recognized Provident Fund (RPF) like his employer. He received interest @ 16% Tk. 12,800 on the accumulated balance of RPF.  
During the year he incurred and made the following expenses and investments: Life insurance premium paid: Own (policy value Tk. 500,000) Tk. 60,000 and Spouse (policy value Tk. 300,000) Tk. 25,000; Family expenses Tk. 85,000; Contribution to approved superannuation fund Tk.
48,000; Purchase of shares: Initial public offerings Tk. 40,000; Unlisted company Tk. 30,000; Listed company Tk. 22,000; Donated to: Prime Minister's Relief Fund Tk. 15,000; Religious institution Tk. 10,000; Zakat fund Tk. 30,000; Dhanmondi Sports club Tk. 8,000; Deposited to Pension Scheme per month Tk. 6,000; Purchase of books Tk. 12,000; Purchase of land Tk. 80,000 and Purchase of motor vehicles Tk. 250,000.  
Requirements: Calculate taxable income and net tax liability for the assessment year 2017-18.