What is the taxable income for the tax year 2011?

mehfooz255416 · 11-19-2011, 07:50 PM

My annual income statement 2011 are as follows

Salary income Rs590490.
Recognized provident fund Employer's contribution Rs28044.
Recognized provident fund Employees contribution Rs28044.
Employer's Rs122834.00 profit rate @ 14%.
Employee's Rs122834.00.
Interest credit on Recognized provident fund account balance Rs877385.82 @14%.

What is the taxable income for the tax year 2011?

student_of_law · 11-22-2011, 08:23 PM

Rs590490 [Clause 22 of Part I of 2nd Schedule & Rule 3 of Part I of Sixth Schedule to ITO, 2001]

mehfooz255416 · 11-23-2011, 02:08 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by student_of_law
 Rs590490 [Clause 22 of Part I of 2nd Schedule & Rule 3 of Part I of Sixth Schedule to ITO, 2001]
<hr height="1" noshade id="quote"></blockquote id="quote">
What is the procedure to calculate the Income Tax on recognized provident fund?