Download Income Tax Assessment Calculations and Examples and more Study notes Business Accounting in PDF only on Docsity!
PC 5.4 :
Assessee :Mr. Pritam Income year ended on 30th^ June Income from Employment Tk Tk Basic Salary (2750012) Medical Allowance (200012) Conveyance Allowance (330,0005%) Performance bonus (275004) Leave Encashment {(27500/30)10} Car benefit (10,00012) Rent free accommodation (annual value) Festival bonus (13750+13750) Employer’s contribution to RPF Total Income from employment before exemption (-) Exemption (1/3 of total income or 450,000) Taxable income
PC. 5.5:
Assessee : Mr. Limon Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (25,00012) House rent Medical allowance (125012) Conveyance allowance (300,0007.5%) Performance bonus (250005) Dearness allowance (300,00010%) Car benefit (2500012) Two festival bonus (25,000*2) Employer’s contribution to RPF RPF interest (Exempted as per section 6) Total income before exemption (-) exemption (1/3 of total income or 450,000) Taxable income
Investment Allowance:
Description Amount Life insurance premium (own) - 60, Max 10% of the policy value (policy value Tk.500,00010%) Life insurance premium (spouse) – 25, Max 10% of the policy value (policy value Tk.300,00010%) Contribution to RPF Contribution to Superannuation Fund Purchases of shares from IPO, Of listed company (40,000+22000) Zakat fund Deposited pension scheme (6000*12) 50, 25, 56250 48000 62000 30, 60, 331,
Note 1:
Basic Salary:- Description Amount July-Oct (225004) Nov (24000 + 22500) Dec-June (240007) 90, 23250 168000 281250
TAX REBATE:
Lower of
- Investment Allowance 15% - 33125015% - 49688
- Taxable income3% - 4032500.03- 12098
- 10, So, tax rebate =
PC 5.7:
Assessee: Mr. Mozumder Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (Note 1) House rent Allowance (Note 1) Medical allowance (350012) Conveyance allowance (250012) Travelling allowance Performance bonus Overtime allowance Two festival bonus (350001.5+40,0001.5) Employer’s contribution to RPF Car benefit (10,000*12) Total income before exemption (-) exemption (1/3 of total income or 450,000) Taxable income
Note 1:
Basic Salary:- Description Amount July-Jan (350007) Feb-June (400005) 245, 20000 445, Rent:- Description Amount Rent (24500050%) Rent (20000050%) 122, 100000 222, TAX REBATE : Lower of
1. (^) Investment Allowance 15% - 15225015% - 22838
- Taxable income3% - 7876670.03- 23630
- 10, So, tax rebate =
PC 5. 8 :
Assessee: Ms. Rabeya Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (40,00012) Dearness Allowance (480,00010%) Travelling allowance Performance bonus Servant allowance (20012) Two festival bonus (40,0002) Rent free quarter (annual value) Receipt of workers’ participation fund Car benefit (10,000*12) Total income before exemption (-) exemption (1/3 of total income or 450,000) Taxable income
Investment Allowance:
Description Amount Contribution to group insurance scheme (480,0001%) Employee’s contribution to SPF Deposit to BD universal pension scheme (500012) 4800 48000 60, 112,
PC 5. 10 :
Assessee: Mr.Arean Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (Note 1) Dearness Allowance (12043310%) Medical allowance (300012) Conveyance allowance (200012) Rent free accommodation (annual value) Entertainment allowance bonus (10000+10,20) Employer’s contribution to RPF (12043310%) Car benefit (10,000*12) Total income before exemption (-) exemption (1/3 of total income or 450,000) Taxable income
TAX LIABILITY
Description Amount First 350,000 – 0% Tax rebate Minimum tax Net Tax Liability 0 (5113) 5000 5000
Investment Allowance:
Description Amount Contribution to deposit pension scheme (500*12) Contribution to RPF Life insurance premium 6000 24086 4000 34086
TAX REBATE:
Lower of 1.Taxable income3% = 3398133% = 10194 2.Investment Allowance *15% = 34086 * 15%= 5113
- 10, So, Tax rebate = 5113 Basic Salary: - Description Amount July-March (100009) April (10,000 + 10200) May-June (102002) 90, 10, 20400 120,
TAX LIABILITY
Description Amount First 400,000 – 0% Next 100000 – 5% Next 300000 – 10% Next 400000- 15% Next 500000- 20% Next 600000- 25% Gross Tax liability Tax rebate Tax liability after rebate Minimum tax Net Tax Liability 0 5000 30, 60, 100, 150, 345000 (32850) 312, 5000 312,
Investment Allowance:
Description Amount Life insurance premium Purchase of Govt.Treasury Bond Donation to Muktijuddho Jadughar Government Zakat Fund Contribution to Group Insurance Scheme 20, 100, 50, 25000 24000 219,
TAX REBATE:
Lower of 1.Taxable income3% = 23000003% = 69000 2.Investment Allowance *15% = 219000 * 15%= 32850
- 10, So, Tax rebate = 32,
PC 5.12:
Assessee: Ms. Tania Amir Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (Note 1) Medical allowance (300012) Dearness allowance (63741920%) Two festival bonus (520002) Performance bonus Employer’s contribution to RPF House rent allowance (63741960%) Car benefit (10,000*12) Travelling allowance Entertainment allowance Total income before exemption (-) exemption (1/3 of total income or 450,000) Income from salary Income from other sources Taxable income
Investment Allowance:
Description Amount Payment of Life insurance premium – Tk 12000 (max policy value 100,00010%) Purchase of PLC shares from secondary market Contribution to Benevolent fund (50012) Contribution to RPF 10, 10, 6000 127, 153,
TAX REBATE:
Lower of 1.Taxable income3% = 15370963% = 46113 2.Investment Allowance *15% = 153484 * 15%= 23023
- 10, So, Tax rebate = 23,
PC 5.13:
Assessee: Mr.Simon
Assessment year 2023- Income year ended on 30th^ June Income from Employment Earned Exempted Taxable Basic Salary (5500012) Medical Allowance (150012) Festival Allowance Bangla New year Allowance Total income from Salary
PC 5.1 4 :
Assessee: Mr. Hasan Income year ended on 30th^ June. Income from Employment Tk Tk Basic Salary (Note 1) Dearness allowance (18290310%) House Rent (18290360%) Conveyance Allowance (200010) Two festival bonus (18000+20,000) Accumulated Balance on UPF Complimentary travel Allowance Income from Employee share scheme (40,000-4000) Total income before exemption (-) exemption (1/3 of total income or 450,000) I ncome from salary Income from Rent (-) Maintenance (300,00025%) Income from agriculture Income from other sources Taxable income
Contribution to DPS (6000*10) 180,
TAX REBATE:
Lower of 1.Taxable income3% = 864,9573% = 25, 2.Investment Allowance *15% = 180,000 * 15%= 27000
- 10, So, Tax rebate = 25,
