Computation of Income Tax

For the Assessment year 2020-2021

Name: GOLAM SARWAR

TIN:

A) Income from Salary (u/s 21)

Particulars Monthly Income Gross Income Exempted Taxable Amount

Basic (annual) 110,000 1,320,000 - 1,320,000

House Rent ( annual) 55,000 660,000 300,000 360,000

(Exempted rent 50% of Basic or Max
300,000 whichever is lower)

Conveyance 11,000 132,000 30,000 102,000

(Exempted 30,000 max or actual
whichever is lower)

Medical Allowances 22,000 264,000 120,000 144,000

(Exempted 10% of Basic or 120,000
whichever is lower)

Utility 11,000 132,000 - 132,000

-
Maintenance 11,000 132,000 - 132,000
Car Allowance 40,000 480,000 - 480,000
Festival Bonus 260,000 - 260,000
Other Bonus - -
Provident Fund -Employer Contribution - -
Total Salary Income 260,000 3,380,000 450,000 2,930,000

B) Income from Other Sources: (u/s 33)

From Bank Interest - - -

Total - - -

Grand Total A+B 3,380,000 450,000 2,930,000

Tax Liability
Computation of Tax liability
On the First 300,000 300,000 0% -
On next 100,000 100,000 5% 5,000
On next 300,000 300,000 10% 30,000
On next 400,000 400,000 15% 60,000
On next 500,000 500,000 20% 100,000
Above 500,000 1,330,000 25% 332,500
Total Tax Liability 2,930,000 527,500

Less, Investment Allowance

Investment (BSP or any others) 750,000
Contribution to PF -

Total Investment for Tax Rebate 750,000

25% of the Total Income OR Tk.1.5 Crore (Max) 732,500 732,500 73,250

Net tax liability after considering investment tax credit 454,250

Less: Tax deducted at Source and Refund adjustment:

From Salary 447,744
From Bank Interest -
447,744
Balance Payable/(Tax Refundable) 6,506