FIN 623 Assignment#2 Solution

 FIN-623 Assignment#2 Solution

 
Solution:
Salary Income
Basic Salary 120,000
Rent free furnished accommodation 60,000
Conveyance Allowances 12,000
Leave Fare Assistance 17,000
Leave encashment 10,000
Employer 's contribution to provident fund Nil
Total Income 219,000
Less: Zakat (400+1000+600) (2000)
Taxable Income 217,000
Computation of Tax Liability
Tax On Rs: 217,000 . 0% 0
According to First Schedule Tax rate is 0%
Tax on Property Income Nil
Total Tax Liability 0
Less: Tax deducted at sources 3,000
Tax Refundable (3,000)