User Account

All Pages

Calculate his taxable income and tax liability

Assignment Help Accounting Basics
Reference no: EM133007075

Question - Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex-wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 55000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 35 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 7000 following he bought a health insurance for rupees 28000. Calculate his taxable income and tax liability.

Reference no: EM133007075

Questions Cloud

When nando corporation issued the convertible debt : When Nando Corporation issued the 5% convertible debt, would the company's interest rate on straight debt have been higher or lower than 5%
By how much net operating income be expected to increase : If total sales increase by $20,000 and fixed expenses remain unchanged, by how much would net operating income be expected to increase
Calculate operating profit-loss before taxation : The depreciation and amortisation in the year was 72000 EUR. Calculate operating profit/loss before taxation for the year
Compute the use tax that ms pike owes to california : Ms. Pike, who lives in California, traveled to Oregon to purchase gold jewelry for $20,000. Compute the use tax that Ms Pike owes to California
Calculate his taxable income and tax liability : Mr B aged 52 years, has earned rupees 75,00,000 out of his business. Calculate his taxable income and tax liability
Prepare journal entries in the proper format for transaction : Bronco Corporation uses accrual accounting to record revenues and expenses, Prepare journal entries in the proper format for the above transactions
What is the future value of this cash flow : Given the following cash inflow at the end of each year, what is the future value of this cash flow at 6%, 9%, and 15% interest rates at the end of seventh year
What are some of the implications of allowing the group : What are some of the implications of allowing the group to have two options in accounting for goodwill on consolidation
Record the preceding transactions in journal entries : Total labour costs of $221,000 were incurred. of this amount $203,000 was for direct labour. Record the preceding transactions in journal entries

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd