Annual Computation of Taxable Salary FY 2021-22

Element May - YTD YTD Total

Basic 357,050 3,124,150 3,481,200
HRA 160,673 1,405,868 1,566,540
Utility 35,705 312,415 348,120
POL 61,756 660,432 200,000
Acting Allowance - -
Driver wages 20,000 220,000 240,000
Car Monetization 52,000 454,133 -
Cola - 436,482 436,482
Danger Money 35,000 35,000
Gross salary 687,184 6,648,480 6,272,342

Add :
Value of Car 5% of Cost
Car Notional - -
7.5% of Basic Limit of ER Taxable Amount
PF Exceeding 150,000/- 261,090 150,000 111,090

Less:
Zakat -
Profit on House Loan -
-

Total Taxable Salary 6,383,432

Tax Slab Rates

Range Fixed Tax Additional Amount Rate of tax Additional tax Total Tax
1 600,000 0%
600,001 1,200,000 0 2.50%
1,200,001 2,400,000 15,000 12.5%
2,400,001 3,600,000 165,000 20.0%
3,600,001 6,000,000 405,000 - 25.0% - -
6,000,001 12,000,000 1,005,000 383,431 32.5% 124,615 1,129,615
12,000,001 9,900,000 2,955,000 - 35.0% - -
(35,682.39) (428,188.68)
Total Tax on Salary 1,129,615 94,134.59 180,000
30,499
Average rate of Tax 18% 130
374,420
Investment Amount In Rupees Max. Limit Tax Credit
Life Insurance - -
Mutual Fund - 1,276,686.40 -
Pension Fund - 1,915,029.60 -
Donation 1,915,029.60 -
- - 1,129,615
2571935
WHT Tax Adjustment (1,442,320)
Education - 190000
Vehicle - (1,252,320)
Bank / Cash withdrawal -
PTCL / V Phone/ Evo -
-

Tax Deducted till May 2020 1,077,582

Tax Liability in June 2020 52,033