You are required to calculate the taxable income and tax payable of Mr.Azlaan who is working in
Question:
You are required to calculate the taxable income and tax payable of Mr.Azlaan who is working in a hotel and his age =62 years
BPS 18
MTS 75000-10000-500,000
Basic salary 996000
Dearness allowance 30000
Medical allowance 375000
Reward for passing departmental examination 20,000
Pick and drop facility provided by employer 10,000
Lunch facility 15000
Loan taken from employer @ 9% 18,00,000
Rent free furnished accommodation is provided by the employer in other than big city (mufassil area)
Employee's contribution to recognized provident fund $190,000
Equal contribution by employer
Interest on recognized provident fund @ 20% 60,000
Car provided by employer for personal and business use. Cost of acquisition of conveyance is Rs.4800,000.
Employer took this car on lease basis and annual rent is Rs. 350,000
Special additional allowance is also given to the employee
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill