Q.1. Mr. Daniel, a disable person, is an executive manager in a public company. He has furnished the following financial information for the period ended on June 30, 2021. Basic salary Rs. 1800,000 Pa PaBonus 548,000 Pa Medical allowance Rs. 236,000 Pa Hotel bill paid by company Rs. 126,400 Pa Employer contribution towards Recognized Provident fund (RPF) 100,000 Pa Interest to RPF credited @ 18% 30 Lottery Rs.800,000 Research allowance 15000 COLA Rs 112,000 Pa Rent free unfinished Accommodation Rs.132,000 Rs.336,000 PQ Cost of the vehicles for Personal use Rs. 1880,000 Utility allowance Rs ,000 Loan by company Rs.96 0,000. Dividend (net) 2500.Winning of Required: - (a) Total taxable income (b) Tax Liability
Q.1. Mr. Daniel, a disable person, is an executive manager in a public company. He has furnished the following financial information for the period ended on June 30, 2021. Basic salary Rs. 1800,000 Pa PaBonus 548,000 Pa Medical allowance Rs. 236,000 Pa Hotel bill paid by company Rs. 126,400 Pa Employer contribution towards Recognized Provident fund (RPF) 100,000 Pa Interest to RPF credited @ 18% 30 Lottery Rs.800,000 Research allowance 15000 COLA Rs 112,000 Pa Rent free unfinished Accommodation Rs.132,000 Rs.336,000 PQ Cost of the vehicles for Personal use Rs. 1880,000 Utility allowance Rs ,000 Loan by company Rs.96 0,000. Dividend (net) 2500.Winning of Required: - (a) Total taxable income (b) Tax Liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Q.1. Mr. Daniel, a disable person, is an executive manager in a public company. He has furnished the following
financial information for the period ended on June 30, 2021.
Basic salary Rs. 1800,000 Pa
PaBonus
548,000 Pa
contribution towards Recognized Provident fund (RPF) 100,000 Pa
Interest to RPF credited @ 18% 30
COLA Rs 112,000 Pa
Rent free un finished Accommodation Rs.132,000
Cost of the vehicles for Personal use Rs. 1880,000 Utility allowance Rs
Rs.336,000 PQ
Medical allowance Rs. 236,000 Pa Hotel bill paid by company Rs. 126,400 Pa Employer
,000 Loan by company Rs.96 0,000. Dividend (net) 2500.Winning of
Lottery Rs.800,000 Research allowance 15000
Required: - (a) Total taxable income
(b) Tax Liability
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