➢ In year 2, interest expenses of Rs 20,000 was not deducted. ➢ In year 3, PCC Rs 25,000 was omitted to deduct. ➢ In year 4, dividend from resident company Rs 50,000 was included in the P/L account.…

➢ In year 2, interest expenses of Rs 20,000 was not deducted. ➢ In year 3, PCC Rs 25,000 was omitted to deduct. ➢ In year 4, dividend from resident company Rs 50,000 was included in the P/L account. Required: Taxable income with explanation, whenever is necessary. Mr. Aayyan retired from 31st Ashad current income year. He submitted following details with respect to his remuneration for the previous income year: ➢ Net salary received Rs 197,000 after deduction his contribution to provident fund Rs 24,000 and tax at source Rs 39,000 including Dashain Bonus equal to one month salary. ➢ Employer contribution to P.F. was 10% of his salary. ➢ Dearness allowance Rs 1,200 p.m. ➢ Bonus Rs 80,000 p.a. ➢ LIP paid by office Rs 22,000 ➢ Saving from TADA Rs 12,000 ➢ Donation to Local Club (tax exempt entity) Rs 20,000 ➢ He claimed Medical expenses Rs 50,000 Required: (a) Assessable income from employment (b) Taxable Income (c) Tax Liability