Solution-Calculate taxable income and tax amount for the

Calculate taxable income and tax amount for the tax year

Assignment Help Financial Accounting

Reference no: EM132982115

Question - Mr. John is employed on a monthly salary of Rs. 120,000/-. In December 2018 his salary is increased by Rs. 10,000/- per month retrospectively with effect from the 1st January 2016 and arrears are paid to him.

He is given bonus of 300,000 for the year, Dearness allowance of 120,000 for the year.

He is provided with rent free accommodation. He is entitled to the accommodation allowance of 25,000 per month.

He is provided a car for his personal use & professional use by his employer. The car was purchased by the employer for Rs. 3,000,000

He is provided also provided with medical allowance Rs. 10,000 per month.

He received loan from the employer of RS. 2,000,000. Interest on the loan is 14%.

He contributes to a recognized provident fund. Employer contribution 130,000, employee contribution 13,0000 interest credited 12%

He made donation of 20,000 to the approved private institution.

Zakat paid for the year 23,000

He is eligible for medical allowance of 100,000

Required - Calculate taxable income and Tax amount for the tax year 2018.

Reference no: EM132982115

Questions Cloud

Rationalize unethical conduct : -How might thinking about moral intent help overcome the instinct we all have to rationalize unethical conduct when faced with an ethical dilemma in the future?

What does the term packet mean : What were the first four locations hooked up to the Internet (ARPANET)? What does the term packet mean? Which came first, the Internet or the World Wide Web?

How much is it will they need : The inflation rate is expected to be 2.5% for the next 10 years. How much is it will they need to cover their expenses the first year they retire

Explain how would expect glycemia values to be : If C.B. develop a bacterial pneumonia on her right lower lobe, how would you expect her Glycemia values to be? Explain and support your answer.

Calculate taxable income and tax amount for the tax year : He received loan from the employer of RS. 2,000,000. Interest on the loan is 14%. Calculate taxable income and Tax amount for the tax year

Define constipation and name the risk factors : Define constipation and name the risk factors that might lead to develop constipation. List recommendations you would give to a patient who is suffering

Review the scope of practice for the advanced practice nurse : Review the scope of practice for the advanced practice nurse. How does it compare to Florida? Your initial post should be at least 500 words

What have experienced in nursing practice : Describe a situation of ethical dilemma that you have experienced in nursing practice and how it was resolved. (Saunders, 2014)

What kind of information did each website have : What are you able to infer about the purpose or mission of each of these organizations? What did you learn about the topic you did not previously know?

User Account

All Pages

Calculate taxable income and tax amount for the tax year

Reference no: EM132982115

Reference no: EM132982115

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT