Serial no| Description| Rate | Amount|01| On the 1st 200000 taka of total income| 0%| 0| 02| On the next 300000 taka of total income| 10%| 30,000.00| 03| On the next 400000 taka of total income| 15%| 60,000.00| 04| On the next 300000 taka of total income| 20%| 60,000.00| 05| On the next 1119000 taka of total income| 25%| 2,79,500.00| 06.| Tax rebate on tax credit income| | 0|
07.| Total | | 279,5000.00|
Notes:* Exemption of house allowance :- lower of 15000 per month(180000) or 50% of house rent allowance(480000); = 180000tk
* Car benefit = 7.5% of basic salary=960000*0.075=72000
* The assessee has spent the full amount (50000) of medical allowance.
* Employer contributed 10% of Basic pay to recognized provident fund.
* Interest on recognized provided fund is 150000 at the rate of 12% on the accumulated balance which is fully exempted.
* Actual rent of house property= (30000*12)=360000.Municipal value is 300000. So annual value will be higher one that is 360000.
* Tax credit income – actual tax credit investment 422000 Or (total income – employer contribution to RPF- interest on RPF)= (2319000-96000-0)*20%=4446000Or 1 core which one is lower that is 422000
Calculation of TotalIncome, Tax Rebate, Tax liability
Computation of total income, tax rebate,& tax liability
Submitted To:Md. Helal Uddin FCA Course InstructorCourse Title: TaxationCourse code: CAN 4135United International University (UIU)
NAME| ID|Md. Billal Hussain| 111092096|Rifat Silvee Alam| 111092094|Sajida alam | 111091071|Nazia Zabin| 111083088|
SECTION – A
Date of Submission:22th May, 2013
Letter of Transmittal
22th May, 2011To,Md. Helal Uddin FCACourse InstructorTaxation
Dear Sir,Here is the recommendation report on the computation of total income, tax rebate & tax liability that you authorized us. As you read the report, you will get some idea about the computation of total income, tax rebate & tax liability. This report contains all the necessary information about of the computation of total income, tax rebate & tax liability. We collected all this necessary information by interviewing the assessee.
We, therefore, pray and hope that you will encourage our work by accepting this report and if you have any further queries about the report you can contact us.
Sincerely Accepted ByMd. Helal Uddin FCA
Md. Billal Hussain(On behalf of the group)