Re: ::: vuaskari.com ::: FIN623(Tax) Assignment#2 Idea Solution

 ALL PLEASE LISTEN N MAKE CORRECTION :
Now
Basic Salary calculation according to normal tax year Will be as:
70,500*6=423000

and one more amount will be added in Loan calculation which is waived amount which will be 24000
so
NET loan value will be.
200,000*12%=24000
200,000*25%=50000
Taxable amount =290000


and from both correction now Total income will be

1241700

as it is above 1200000 now 11% rate will be applied on it and

Income tax payable:

As per given rates 11% tax will be charged on the income.

1241700*12.5% = 155212.5

NOW I ACCORDING TO MY KNOWLEDGE EVERY DEFICIENCY IS CORRECTED SOLUTION NOW.
REST ON ALLAH

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ADMIN LAIBA BUTT
MBA 4TH SEM ( FINANCE)
VUASKARI TEAM

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