Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Law & Ethics Expert

Problem1. A company has employed Mr. Kumar Singh for several years. He receives a monthly salary of Rs70, 000. He is also entitled to end of year bonus of one-month salary. Mr. Singh is provided with a company car, which he uses to attend duty. It was established that his private mileage is 15% of the total mileage. The car of cylinder capacity of 1,500 cc cost Rs600, 000 inclusive of registration duties. Under the term of his contract, Mr. Singh is also provided with fully furnished house which is owned by his company. On 1st December 2008, Mr. Singh took a 7 year loan of Rs500, 000 from his company. The loan was granted at an interest rate of 5% while the outside borrowing rate was 12%. The loan was used partly to purchase a house located on plot of land of 12 perches (i.e. 506.5 sq meters). He paid municipal rates amounting to Rs1, 560 on 31st January 2009. Mr. Singh has two children. He has a son who is following full-time course at the University of Technology, and a daughter at college. Mr. Singh has some fixed deposits on which he received interest of Rs212, 500 net of tax for year to 30th June 2009. An interest earned by his wife was Rs55, 000 gross and his children earned Rs22, 000 gross. Throughout the year to 30th June 2009, Mr. Singh bought shares from a listed company, from which he received dividends of Rs8, 000. Mr. Singh received the refund of Rs35, 000 gross for sick leave not taken. He also received the net income of Rs63, 750 from part-time lecturing in two equal instalments from another employer. The amount of tax deducted under the PAYE system was Rs6, 300 per month, apart from the month of December 2008 when it was Rs12, 700 and February 2009 when it was Rs11, 000. He has not kept a record of the amount of PAYE deducted from his part-time lecturing. Mr. Singh is a partner in Singha and Associates, which anticipates to make a tax adjusted profit of Rs450, 000 for the year to 30th June 2009. Mr. Singh is entitled to 30% of the profit. Mr. Singh’s wife works as an administrative officer, earning Rs20, 000 per month.

Required:

problem1. Make an income tax calculation showing clearly the total income tax payable by Mr. Singh for the year ended 30 June 2009 as well as the tax liability shown on his income tax return for that year and which was due for payment on 30 September 2009.

problem2. Evaluate the total income tax payable by Mr. Singh’s wife for the income year ended 30 June 2009.

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M94552

Have any Question? 


Related Questions in Business Law & Ethics

Prepare a 3 page paper which details the differing

Prepare a 3 page paper which details the differing responsibilities of both federal and state law enforcement agencies seeking to ensure border safety. ADDRESS: (1) Have border security issues and law enforcement goals c ...

Write a 200 to 500-word summary describing the

Write a 200 to 500-word summary describing the communication process used by the police. Address the following: Strengths and weakness of the communication process Format your paper consistent with APA guidelines.

1 what is the difference between criminal law and civil

1. What is the difference between criminal law and civil law? 2. What is tort law and what does it permit an individual to do? 3. What are the three primary types of public law? 4. Which law amended the Computer Fraud an ...

As the current athletic director at an ncaa division i

As the current athletic director at an NCAA Division I university, you are in the process of negotiating an employment contract with Will Wynn, your new head football coach. In an essay of 500-750 words, answer the follo ...

Cash flow projections more than a few years out are not

"Cash flow projections more than a few years out are not worth the paper they're written on. Therefore, using payback analysis, which ignores longterm cash flows, is more reasonable than making wild guesses as one has to ...

The ucc and relaxing contractsthe uniform commercial code

The UCC and Relaxing Contracts The Uniform Commercial Code (UCC) is a group of laws governing commercial or business transactions throughout the United States. The UCC has made key changes to the common law principles of ...

Please answer the following questions in your own words

Please answer the following questions, in your own words. Pretend you are explaining the concepts to someone who knows something about business but very little about law. Each of these five questions can be answered in t ...

Assignment centervales delinquency prevention programheres

Assignment: Centervale's Delinquency Prevention Program Here's What Happened . . . Recently juvenile delinquency has become a hot topic in the city of Centervale. Compared to last year, official data indicates an increas ...

In a 3- page analysis paper address the following describe

In a 3- page analysis paper, address the following: Describe the type of service you have selected. Briefly explain the related laws that govern the practice of the selected service. Discuss the specific ethical standard ...

1 consider the right-hand side of the blackscholes-merton

1. Consider the right-hand side of the BlackScholes-Merton formula as consisting of the sum of two terms. Explain what each of those terms represents. 2 .Explain each of the following concepts as they relate to call opti ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro