Reference no: EM132997758
Question - Mr. Riwan is employed on a monthly salary of Rs. 250,000/-. In December 2018 his salary is increased by Rs. 20,000/- per month retrospectively with effect from the 1st January 2017 and arrears are paid to him.
He is given bonus of 400,000 for the year, Dearness allowance of 220,000 for the year.
He is provided with rent free accommodation. He is entitled to the accommodation allowance of 30,000 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. 4,000,000
He is provided also provided with medical allowance Rs. 15,000 per month.
He received loan from the employer of RS. 2,500,000. Interest on the loan is 17%.
He contributes to a recognized provident fund. Employer contribution 150,000, employee contribution 15,0000 interest credited 18%
He made donation of 25,000 to the approved private institution.
Zakat paid for the year 28,000
He is eligible for medical allowance of 120,000
Required - Calculate taxable income and Tax amount for the tax year 2019.
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