Nilim is a service holder. His monthly basic pay is Tk. 22,250. The income tax of two lac fifty thousand taka of first slab of annual income is O taka. The rate of income tax of next annual income slab is Tk. 10. How many taka does he has to pay as tax?
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\[ \text{Annual basic pay} = \text{Monthly basic pay} \times 12 \] \[ \text{Annual basic pay} = 22,250 \times 12 \] \[ \text{Annual basic pay} = 267,000 \text{ Tk} \] Show more…
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Mr. Mahfuz is a service holder. He received a basic salary of Tk. 22,500 in the month of July 2016 following the salary structure of 18,000 - 1,500 x 4 = 24,000. The date of the annual increment is 16 November. Besides the basic salary, he received: Medical Allowance Tk. 1,500 per month; Conveyance Allowance Tk. 2,500 per month; Entertainment Allowance Tk. 500 per month; Performance bonus Tk. 80,000; Mobile bill allowance Tk. 2,000 per month; and Overtime allowance 25,000. He has been provided free furnished accommodation for which the company paid rent of Tk. 5,500 per month. He received two festival bonuses (one in October and another in December) each equal to one month's basic salary. He contributed 10% of the basic salary to the Recognized Provident Fund (RPF) like his employer. He received interest @ 16% Tk. 12,800 on the accumulated balance of RPF. During the year, he incurred and made the following expenses and investments: Life insurance premium paid: Own (policy value Tk. 500,000) Tk. 60,000 and Spouse (policy value Tk. 300,000) Tk. 25,000; Family expenses Tk. 85,000; Contribution to the approved superannuation fund Tk. 48,000; Purchase of shares: Initial public offerings Tk. 40,000; Unlisted company Tk. 30,000; Listed company Tk. 22,000; Donated to: Prime Minister's Relief Fund Tk. 15,000; Religious institution Tk. 10,000; Zakat fund Tk. 30,000; Dhanmondi Sports club Tk. 8,000; Deposited to Pension Scheme per month Tk. 6,000; Purchase of books Tk. 12,000; Purchase of land Tk. 80,000 and Purchase of motor vehicles Tk. 250,000. Requirements: Calculate taxable income and net tax liability for the assessment year 2017-18.
Jerelyn N.
Laxmi's total income is Rs $22500 .$ Of this Rs 7000 is free from tax. Find the net income remaining with her after she paid the income tax at the rate of $8 \%$. (in $\mathrm{Rs}$ ) (1) 21375 (2) 21260 (3) 20675 (4) 22105
Questions 33 - 36 are based on the Nathalie and Phillipe Bouchard Case Study Nathalie and Phillipe Bouchard have been married for 35 years. Nathalie is 60 years old; Phillipe is 62 years old. Both individuals immigrated to Canada from Belgium 37 years ago. Nathalie works in the human resources department of a large accounting firm and earns $47,500. Phillipe is a high school principal and earns $85,000 (his net income for this year is $70,000). The couple has two adult children: Andre and Celeste. Celeste is married to Justin; together they have a son named Marcel who just celebrated his first birthday in February of this year. Justin has had an offer to relocate to the U.S. If he and Celeste accept the move, it will mean a significant increase in his income. Nathalie and Phillipe are extremely supportive of their children and actively involved in their lives. In particular, they happily provide care for Marcel while his parents are working. Both Nathalie and Phillipe intend to continue working until they attain age 65. At that time, each individual will apply for CPP and OAS benefits and in addition, they will both receive pension benefits from their respective employers: Nathalie will receive approximately $18,000 per year; Phillipe will receive approximately $40,000 per year. Nathalie and Phillipe have always been disciplined savers and as such have accumulated a significant net worth. They own a principal residence as joint tenants currently valued at $850,000. Ten years ago, Nathalie inherited a cottage valued at $360,000 from her family—the property is registered in her name only. Phillipe has an RRSP valued at $425,000. Nathalie is the annuitant under an individual RRSP valued at $170,000 as well as a spousal RRSP currently worth $250,000. The couple also has $390,000 in a joint investment account. Nathalie and Phillipe have not yet established TFSAs however, it is likely they will do so using some of the savings in their chequing account. Out of the $25,000 currently in their joint chequing account, Nathalie and Phillipe would like to withdraw $15,000 for investment purposes. Strictly from a tax perspective on their immediate situation, what option would be LEAST desirable for Nathalie and Phillipe? a) use the entire $15,000 to purchase additional bonds in their joint investment account b) maximize contributions to their respective TFSAs and then, contribute the balance to their RRSPs c) maximize their RRSP contributions and then, contribute the balance to their respective TFSAs d) maximize contributions to their respective TFSAs and then, contribute the balance to their joint, investment account
Supreeta N.
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