Yurtec Corporation
Computation of Income and Tax Liability
Income year 2022-2023
Assessmnet year 2023 - 2024 1
Name of Employees Mr.Abul Kashem
TIN Number
Income from Salary:
Basic salary:
For the month from July 2022 - June 2023 357,000
House rent allowance 140,000
Less: Exempt (50% of basic) or (Tk. 25,000 per month) whichever is lower 178,500
(38,500)
Conveyance allowance 28,000
Less: Exempt 28,000
-
Medical allowance 42,000
Less: Exempt (10% of basic) or Tk. 120,000 whichever is lower 42,000
-
Performance Bonus -
Festival Bonus 15,000
Gratuity Payments
Less: Exempt up to 2.5 crore
Termination Compensation
Total Taxable Income of Salary 333,500
Taxability Check TRUE
Tax Calculation:
On 1st Tk. 300,000 @ Nil -
On next Tk. 100,000 @ 5% 1,675
On next Tk. 300,000 @ 10%
On next Tk. 400,000 @ 15%
On next Tk. 500,000 @ 20%
On rest Tk. @ 25%
Gross tax liability 1,675
Rebate on Investment Allowance:
(20% of total income Tk. 66,700
or actual investment Tk. 100% 66,700
or Tk. 10,000,000 1.0 Crore
Whichever is lower 66,700
Base test of Investment Allowance (U/S - 44)
whichever is lower X 15% 10,005
Net Tax Liability (8,330)
Unpaid Tax /Due Tax 5,000
TDS already Paid
Unpaid Tax /Due Tax for 12 Months payable from July 2022 to June 2023 5,000
Adjustment of Previous Year -
Already paid in July 2021 to June 2022 -
Unpaid Tax /Due Tax for 12 Months payable from July 2022 to June 2023 5,000
Calculating Month 7 Month 7
Monthly deducted by Company 714