Income from salary (12)

Basic salary 1020000

CLA 100000

Dearness Allowance 60000

Un Approved Gratuity 350,000

75000 or 50 % of 350,000 - 75000 275000

75000 or 175000 (WEL)

Recognined PR

Employee Contribution 180,000

Employer Contribution 180,000

150,000 or 10 % (1020000+60000) - 108000

150,000 or 108000 WEL 72000

Bank Interest 120,000

1/3 of (1020000+60000) = 360000 - 96000

120,000 x 16/20 96000 24000

G.H.S SBI 350,000

Value of Acc

45 % of BS = 459000

30,000 x 12= 360,000 459,000

Value of Conveyance (10 % of 800000) 80,000

Special Allowance 40,000

Total salary 20,90,000

Income from Property (15)

Rent 30,000 x 12= 360,000

UAA (90,000/10) 9000

RCT (SBI) 369,000

Income From Business (18)

Income from wood business 150,000

Income from business at Uk 400,000

Capital Gains (37)

Gain on sale of Public company shares

SBI 180,000

Income from other source (39)

Income from talk on TV 80,000

Total Income 27,20,000

(-) Allowable deductions

Zakat 40,000

Mark Up 115,000

(115,000/20 Lac/ 13,60,000) 155,000 155,000

TAI 25,65,000

Computation of Tax:

1- Tax according to slab

65000+ 10% ( 65,000)
65000+ 6500= 71,500 71,500
2- + Tax on SBI

Property 5 % (396,000-200,000) 9800

GHS 350,000 (20+25+30)/3

350,000@ 25% 87,500

Gain on Publi Shares 180,000@ 12.5% 22500 119800

191300

3- (-) Concession being a teacher

T. Salary 20,90,000
Tax 5% (890,00) 44,500
25% of 44500= 11125 - 11125
180,175
4- (-) Foreign Tax Credit
Foreign Tax= 80,000
(180,175/25,65,000) x 400,000 28097 - 28097
152,078
5- (-) Avergae Relief
Donation to Govt Uni
150,000 Or 30% of 25,65,000
150,000 Or 769,500
 Health Ins Premium
5% of 25,65,000 Or 150,000 Or 40,000
128,250/150,000/ 40,000

Formula For Relief:

Current tax / TAI x 190,000

(152078/25,65,000) x 190,000 - 11265

170,813
6- (-) Tax deducted at source
10 % of Talk deliverd on TV show
10% of 80,000 - 8000
162,813