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    Provisional: Provisional Income Tax Calculation

    Uploaded by

    M. A Hossain & Associates Tax Consultants
    This document contains a provisional income tax calculation for Muhammad Mahfujul Islam for the income year of 01/07/2020 to 30/06/2021. It lists his salary, allowances, exemptions, taxable income of 1,056,726, and the calculation of an income tax amount of 48,881.68 after considering maximum allowable investment, tax rebate, tax deducted at source, and advance tax payment. The calculation only considers salary and allowances excluding LFA disbursement during the income year.

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    Provisional: Provisional Income Tax Calculation

    Uploaded by

    M. A Hossain & Associates Tax Consultants
    45 views1 page
    This document contains a provisional income tax calculation for Muhammad Mahfujul Islam for the income year of 01/07/2020 to 30/06/2021. It lists his salary, allowances, exemptions, taxable income of 1,056,726, and the calculation of an income tax amount of 48,881.68 after considering maximum allowable investment, tax rebate, tax deducted at source, and advance tax payment. The calculation only considers salary and allowances excluding LFA disbursement during the income year.

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    001773

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    This document contains a provisional income tax calculation for Muhammad Mahfujul Islam for the income year of 01/07/2020 to 30/06/2021. It lists his salary, allowances, exemptions, taxable income of 1,056,726, and the calculation of an income tax amount of 48,881.68 after considering maximum allowable investment, tax rebate, tax deducted at source, and advance tax payment. The calculation only considers salary and allowances excluding LFA disbursement during the income year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views1 page

    Provisional: Provisional Income Tax Calculation

    Uploaded by

    M. A Hossain & Associates Tax Consultants
    This document contains a provisional income tax calculation for Muhammad Mahfujul Islam for the income year of 01/07/2020 to 30/06/2021. It lists his salary, allowances, exemptions, taxable income of 1,056,726, and the calculation of an income tax amount of 48,881.68 after considering maximum allowable investment, tax rebate, tax deducted at source, and advance tax payment. The calculation only considers salary and allowances excluding LFA disbursement during the income year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Human Resource Management Division

    Provisional Income Tax Calculation


    Income Year : 01/07/2020 To 30/06/2021

    Employee Id : 001773
    Employee Name : Muhammad Mahfujul Islam
    Designation : Principal Officer Provisional
    Place of Posting : Chandina Branch

    Disbursed Amount Taxable


    Srl. Particulars Total Amount Exempted
    Amount (to be paid) Income
    1 Basic Salary 5,88,900 1,17,780 7,06,680 7,06,680.00
    2 House Rent 2,50,000 50,000 3,00,000 3,00,000 .00
    3 Conveyance Allowance 25,000 5,000 30,000 30,000 .00
    4 Medical Allowance 58,890 11,778 70,668 70,668 .00
    5 Entertainment Allowance 35,000 7,000 42,000 42,000.00
    6 PF Bank Contribution 58,890 11,778 70,668 70,668.00
    7 Festival Bonus 1,17,780 1,17,780 1,17,780.00
    8 Pohela Boishakh Bonus 11,778 11,778 11,778.00
    9 Other Allowances 45,000 9,000 54,000 54,000.00
    10 Bravehearts Honorarium 53,820 53,820 53,820.00
    Total Taxable Income : 10,56,726.00

    CALCULATION OF INCOME TAX ON TOTAL INCOME (BASED ON LATEST FINANCE ACT)

    1 Up to TK. 3,00,000.00 0% 3,00,000.00 : .00

    2 Next TK. 1,00,000.00 5% 1,00,000.00 : 5,000.00

    3 Next TK. 3,00,000.00 10% 3,00,000.00 : 30,000.00

    4 Next TK. 4,00,000.00 15% 3,56,726.00 : 53,508.90

    5 Next TK. 5,00,000.00 20% :

    6 Remaining Amount 25% :

    Total Calculated Tax : 88,508.90

    Maximum Allowable Investment 2,64,181.50


    [25% of Total Taxable Income]

    Maximum Tax Rebate on Investment 39,627.23


    Net Tax Payable 48,881.68
    Excess Tax Payment (shown in last tax return - if any)
    Tax Deducted at Source (up to April,2021) 32,120.00
    Advance Tax Payment for Car (this Income year) - if any
    Tax to be Paid

    Please note that the above calculation has been done considering salary and allowances excluding LFA disbursement
    during the Income Year. Individual employee requires to calculate income tax considering LFA Amount and other
    Income (if any) as per Income Tax Ordinance.

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