income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as
Ms. Carol is the Head of
income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical
allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The
company provided her with a car for official and her family use. She is entitled for two festival bonuses as
well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000.
Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was
also provided with a residential house against which the company incurred rental expense of Taka
3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%.
Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member
of that Fund. As per the Provident Fund Rules, the contribution to the Fund by the employer is 8% of basic
pay. She received Taka 60,000 as leave fare assistance and Taka 19,000 (net of tax) as share of profit from
Workers’ Profit Participation Fund (WPPF). Every month, company deducted Taka 12,000 from her salary
as Tax Deduction at Source (TDS). She also paid tax in advance Taka 50,000.
In addition, she has income from other sources Taka 10,00,000. Her investment during the year were as
follows:
Purchase of a computer TK 150,000; purchase of land TK 20,00,000, purchase of prize bond Taka 200,000,
purchase of books for taxation TK 50,000, contribution from Zakat to Macca Eye Hospital, National
Museum and to local council for blanket in winter are TK 15,000, TK 25000 and TK 30,000 respectively.
She has a DPS in Islamic Bank for TK 10,000 monthly. She had paid Taka 3,00,000 for a family life insurance
policy of which 50% is contributed for her spouse (Policy value Taka 25,00,000) .
Compute total income and tax liability of Ms. Carol for the assessment year 2021-22 considering the above
information.
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