Assignment on comprehensive income sources salary, interest on securities, house property.docx - ACN 402 INCOME TAX ACCOUNTING Comprehensive Problem

Assignment on comprehensive income sources salary, interest on securities, house property.docx

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ACN 402: INCOME TAX ACCOUNTINGComprehensive ProblemFollowings are the particulars of Mr. Lutfur Rahman’s (Age 60 years, having no disabled child) incomefrom different sources: Income from salary:Basic salary following the pay scale of 50000 – 5000 * 4 – 70000. In the month of June, 2016; hereceived basic salary of 55000 and his annual salary increment date is on 1 January each year. Hereceived two bonuses equivalent to two months basic salary (one in October and another in February);Medical allowance Taka 10000 per month (Actual expense Taka 150,000); he has been provided a fulltime car and fully furnished apartment as rent free accommodation. He contributes 10% of his basicsalary to a Recognized provident fund. During the year he received 18% interest on said provident fund ofTaka 5400; he also received leave encashment of Taka 13970 during the year. His employer has deductedtax at source from salary Taka 60000. Income from interest on securities:Interest on tax exempt govt. securities Taka 5000; interest on 15% taxable govt. securities Taka 1425;

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