[Changed Tax Calculation]
Yurtec Corporation
Computation of Income and Tax Liability
Income year 2022-2023
Assessmnet year 2023 - 2024 | 1 | 2
Name of Employees | Mr.Abul Kashem | Mr.Abid Kamal | Total
TIN Number
Income from Salary:
Basic salary:
For the month from July 2022 - June 2023 | 357,000 | 357,000 | 714,000
House rent allowance | 140,000 | 140,000 | 280,000
Less: Exempt (50% of basic) or (Tk. 25,000 per month) whichever is lower | 178,500 | 178,500 | 357,000
(38,500) | (38,500) | (77,000)
Conveyance allowance | 28,000 | 28,000 | 56,000
Less: Exempt | 28,000 | 28,000 | 56,000
- | - | -
Medical allowance | 42,000 | 42,000 | 84,000
Less: Exempt (10% of basic) or Tk. 120,000 whichever is lower | 42,000 | 42,000 | 84,000
- | - | -
Performance Bonus | - | - | -
Festival Bonus | 15,000 | 15,000 | 30,000
Gratuity Payments
Less: Exempt up to 2.5 crore
Termination Compensation
Total Taxable Income of Salary | 333,500 | 333,500 | 667,000
Taxability Check | TRUE | TRUE
Tax Calculation:
On 1st | Tk. | 300,000 | @ | Nil | - | - | -
On next | Tk. | 100,000 | @ | 5% | 1,675 | 1,675 | 3,350
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 | 1,675 | 3,350
Rebate on Investment Allowance:
(20% of total income Tk. | 66,700 | 66,700 | 133,400
or actual investment Tk. | 100% | 66,700 | 66,700 | 133,400
or Tk. 10,000,000 | 1.0 Crore | 1.0 Crore | 1.0 Crore
Whichever is lower | 66,700 | 66,700 | 133,400
Base test of Investment Allowance (U/S - 44)
whichever is lower X 15% | 10,005 | 10,005 | 20,010
Net Tax Liability | (8,330) | (8,330) | (16,660)
Unpaid Tax /Due Tax | 5,000 | 5,000 | 10,000
TDS already Paid
Unpaid Tax /Due Tax for 12 Months payable from July 2022 to June 2023 | 5,000 | 5,000 | 10,000
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 | 5,000 | 10,000
Calculating Month | 7 | Month | 7 | 7 | 7 | 7
Monthly deducted by Company | 714 | 714 | 1,428
Tax Deducted
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Adjustment from previous year
Tax already deducted from July,2022 to June 2023 | - | -
Remaining for June 2023 | 5,000 | 5,000
833.33 | 833
Challan paid
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
Adjustment from previous year
Tax Challan already deposited from July,2022 to June 2023 | - | -
Remaining for June 2023 | - | -
- | -
Note:
01. Minimum Tax Is 5000 for Dhaka (North & South) City corporation.
02. Financial Year: 2022-2023
03. Other Allowance is solely of Net Tax Amount.
04. If Salary and other benefits will change then tax liability may be changed
[Changed Salary Structure]
1 | 2 | 3
Name | Mr.Abul Kashem | Mr.Abid Kamal | Total of 01 Month
Designation
Joining Date | 1/12/22 | 1/12/22
Basic Salary | 51,000 | 51,000 | 102,000
House Rent | 20,000 | 20,000 | 40,000
Conveyance | 4,000 | 4,000 | 8,000
Medical Allowance | 6,000 | 6,000 | 12,000
Total | 81,000 | 81,000 | 162,000
After Increment
Designation | Total of 01 Month
Joining Date | 1/12/22 | 1/12/22
Basic Salary | - | -
House Rent | - | -
Conveyance | - | -
Medical Allowance | - | -
Total | - | - | -
Total of 12 Months (After Increment)
Reporting Month of Calculation | 7 | 7 | Total of 7 Month
Basic Salary | 357,000 | 357,000 | 714,000
House Rent | 140,000 | 140,000 | 280,000
Conveyance | 28,000 | 28,000 | 56,000
Medical Allowance | 42,000 | 42,000 | 84,000
Total | 567,000 | 567,000 | 1,134,000
Eid Bonus
Name | Ashma Akter | Md Azmin | Total
Designation | QC Adviser | QC
Joining Date | 1/10/19 | 1/9/19
Rtion/Basis | Gross | Basic
-
Eid-Ul-Fitr, 2023 | 15,000 | 15,000 | 30,000
Total | 15,000 | 15,000 | 30,000
[Challan Paid ]
July | August | September | October | November | December | January | February | March | April | May | June