ununenumer Mrs. Shahnaz is the employee of M/s. Faiz Corporation. She provided following particulars for the...

 

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ununenumer Mrs. Shahnaz is the employee of M/s. Faiz Corporation. She provided following particulars for the income year ended on June 30, 2018: 1. Pay Rs.70.000/- per month (pay scale 60,000 15,000 -120,000). 2. Utility Allowance 15% of Basic Salary... 3. House rent Allowance 45% of MTS. 4. Conveyance Allowance 20% of Basic Salary. 5. Medical allowance 12% of basic salary. 6. Paid Zakat personally to poor relatives Rs. 20,000/- 7. Travelling Allowance Rs 50,000/- 8. Reimbursement of Medical Expenditure Rs. 120,000/- 9. Salary paid to driver Rs 15,000/- pm by employee. 10. Cost of living allowance Rs 3,000/- pm Required: C Compute total and taxable income for the year 2018. Compute tax liabilities for the year. ununenumer Mrs. Shahnaz is the employee of M/s. Faiz Corporation. She provided following particulars for the income year ended on June 30, 2018: 1. Pay Rs.70.000/- per month (pay scale 60,000 15,000 -120,000). 2. Utility Allowance 15% of Basic Salary... 3. House rent Allowance 45% of MTS. 4. Conveyance Allowance 20% of Basic Salary. 5. Medical allowance 12% of basic salary. 6. Paid Zakat personally to poor relatives Rs. 20,000/- 7. Travelling Allowance Rs 50,000/- 8. Reimbursement of Medical Expenditure Rs. 120,000/- 9. Salary paid to driver Rs 15,000/- pm by employee. 10. Cost of living allowance Rs 3,000/- pm Required: C Compute total and taxable income for the year 2018. Compute tax liabilities for the year.

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Salary 70000 per month Utility Allowance House Rent Allow... View the full answer