Tamurakoma & Co., Ltd.
Computation of Income and Tax Liability
Income year 2020-2021
Assessmnet year 2021 - 2022 1 2 3 4 5 6 7
Name of Employees Ashma Akter Md Azmin MD SHAFIQUL
ISLAM
Md Sakil Ahmed
Patwary
MD. ISMAIL
HOSSAIN
Md. Khurshed
Alam Yeasir Arafat Total
TIN Number 562153404033 284615444557 180602425295 715079788641 159499780840 799908533617
Income from Salary:
Basic salary:
For the month from July 2020 - June 2021 1,263,600 410,400 360,000 468,000 252,000 406,800 378,000 3,538,800
House rent allowance 631,800 205,200 180,000 234,000 126,000 203,400 189,000 1,769,400
Less: Exempt (50% of basic) or (Tk. 25,000 per month) whichever is lower 300,000 205,200 180,000 234,000 126,000 203,400 189,000 1,437,600
331,800 - - - - - - 331,800
Conveyance allowance 84,240 27,360 24,000 31,200 16,800 27,120 25,200 235,920
Less: Exempt 30,000 27,360 24,000 30,000 16,800 27,120 25,200 180,480
54,240 - - 1,200 - - - 55,440
Medical allowance 126,360 41,040 36,000 46,800 25,200 40,680 37,800 353,880
Less: Exempt (10% of basic) or Tk. 120,000 whichever is lower 120,000 41,040 36,000 46,800 25,200 40,680 37,800 347,520
6,360 - - - - - - 6,360
Performance Bonus - - - - - - - -
Festival Bonus 340,000 68,400 60,000 78,000 42,000 67,800 63,000 719,200
Total Taxable Income of Salary 1,996,000 478,800 420,000 547,200 294,000 474,600 441,000 4,651,600
Taxability Check TRUE TRUE TRUE TRUE FALSE TRUE TRUE
Tax Calculation:
On 1st Tk. 300,000 @ Nil - - - - - - - -
On next Tk. 100,000 @ 5% 5,000 5,000 5,000 5,000 - 5,000 5,000 30,000
On next Tk. 300,000 @ 10% 30,000 7,880 2,000 14,720 7,460 4,100 66,160
On next Tk. 400,000 @ 15% 60,000 60,000
On next Tk. 500,000 @ 20% 100,000 100,000
On next Tk. Balance Amount @ 25% 86,500 86,500
Gross tax liability 281,500 12,880 7,000 19,720 - 12,460 9,100 342,660
Rebate on Investment Allowance:
(25% of total income Tk. 499,000 119,700 105,000 136,800 73,500 118,650 110,250 1,162,900
or actual investment Tk. 100% 499,000 119,700 105,000 136,800 73,500 118,650 110,250 1,162,900
or Tk. 15,000,000 1.5 Crore 1.5 Crore 1.5 Crore 1.5 Crore 1.5 Crore 1.5 Crore 1.5 Crore 1.5 Crore
Whichever is lower 499,000 119,700 105,000 136,800 73,500 118,650 110,250 1,162,900
Base test of Investment Allowance (U/S - 44)
whichever is lower X 15% or 10% 49,900 17,955 15,750 20,520 11,025 17,798 16,538 149,485
Net Tax Liability 231,600 (5,075) (8,750) (800) (11,025) (5,338) (7,438) 193,175
Unpaid Tax /Due Tax 231,600 5,000 5,000 5,000 5,000 5,000 5,000 261,600
TDS already Paid
Unpaid Tax /Due Tax for 12 Months payable from July 2020 to June 2021 231,600 5,000 5,000 5,000 5,000 5,000 5,000 261,600
Calculating Month 12 Month 12 12 12 12 12 12 12 12
Monthly deducted by Company 19,300 417 417 417 417 417 417 21,802
Note:
01. Minimum Tax Is 5000 for Dhaka (North & South) City corporation.
02. Financial Year: 2020-2021
03. Other Allowance is solely of Net Tax Amount.
04. If Salary and other benefits will change then tax liability may be changed