Taxation

Topics: Taxation, Tax, Income tax Pages: 3 (405 words) Published: August 25, 2013
Computation of tax liability

Serial no| Description| Rate | Amount|
01| On the 1st 200000 taka of total income| 0%| 0| 02| On the next 300000 taka of total income| 10%| 30,000.00| 03| On the next 400000 taka of total income| 15%| 60,000.00| 04| On the next 300000 taka of total income| 20%| 60,000.00| 05| On the next 1119000 taka of total income| 25%| 2,79,500.00| 06.| Tax rebate on tax credit income| | 0|

07.| Total | | 279,5000.00|

Notes:
* Exemption of house allowance :- lower of 15000 per month(180000) or 50% of house rent allowance(480000); = 180000tk

* Car benefit = 7.5% of basic salary
=960000*0.075
=72000

* The assessee has spent the full amount (50000) of medical allowance.

* Employer contributed 10% of Basic pay to recognized provident fund.

* Interest on recognized provided fund is 150000 at the rate of 12% on the accumulated balance which is fully exempted.

* Actual rent of house property= (30000*12)=360000.
Municipal value is 300000. So annual value will be higher one that is 360000.

* Tax credit income - actual tax credit investment 422000 Or (total income – employer contribution to RPF- interest on RPF)
= (2319000-96000-0)*20%
=4446000
Or 1 core which one is lower that is 422000

Calculation of Total
Income, Tax Rebate, Tax liability

Computation of total income, tax rebate,& tax liability

Submitted To:
Md. Helal Uddin FCA Course Instructor
Course Title: Taxation
Course code: CAN 4135
United International University (UIU)

Submitted By:

NAME| ID|
Md. Billal Hussain| 111092096|
Rifat Silvee Alam| 111092094|
Sajida alam | 111091071|
Nazia Zabin| 111083088|

SECTION – A

Date of Submission:
22th May, 2013

Letter of...
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