Satyam is a disable government officer. He was promoted to this post on 1st Shrawan 2072, at a salary scale of Rs.…
BBS Taxation in Nepal · 2082 · Solved Question with Answer
Satyam is a disable government officer. He was promoted to this post on 1st Shrawan 2072, at a salary scale of Rs. 57,000-1000-60,000-EB-2,000-72,000. The other details provided by him for the previous years are as follows : a. Chief allowance Rs. 15,000 P.m. b. Remote area allowance: 10% of salary. c. Life subsistence allowance Rs. 4,000 P.m. d. Salary in lieu of leave Rs. 50,000 e. Overtime income received Rs. 30,000 f. Office has provided a free quarter and car facilities. g. A Cook facility was provided by the office. Cook salary was Rs. 6,000 P.m. and his contribution towards this facility was Rs. 2,000 P.m. h. Meeting allowance Rs. 18,500 (Net) per meeting for 20 meetings i. Interest on fixed deposit (Net) Rs. 95,000.
He claimed the following income and expenses: a. Assessable (Net) income from business Rs. 200,000 b. He is a member of Recognized Provident Fund contributing 10% of his salary towards this fund and office also contributed 12 percent. c. Salary of guard Rs. 1,500 P.m. who was appointed by Satyam. d. Life insurance premium Rs. 3,000 P.m. policy of Rs. 500,000. e. Unabsorbed medical tax credit amount Rs. 2,000. f. He paid advance income tax Rs. 1,500 P.m. g. Donation to government local bodies Rs. 110,000 and political party Rs. 40,000.
Required:
a. Net (assessable) income from Employment
b. Statement of Total Taxable Income
c. Tax liabilities