Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from
Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 3CPA: Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross...
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Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary (BS) Tk. 25,000; house rent allowance 70% of year ended BS; medical allowance Tk. 1,250 per month; conveyance allowance 7.5% of BS; performance bonus equal to 5 months BS; and dearness allowance 10% of BS. He has been provided with a car both for personal use and office purposes. He received two festival bonuses each equal to a month's BS. He contributed 10% of basic salary to a recognized provident fund (RPF) and his employer also contributed the same amount. He received interest @ 15% Tk. 15,000 on the accumulated balance of RPF. Calculate Mr. Limon's income under the head income from salary.
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