3(a) Akhil is a married teacher in a school. He has monthly salary of Rs 40,000 including dearness
allowance Rs 2,000. His life insurance premium paid by his school is Rs 14,000. Dashain
allowance is equals to one month's basic salary. Akhil has contributed in Employee Provident
Fund 10% of basic salary. The school also contributed same amount.
(i)
What is Akhil's total annual salary, including the dearness and Dashain allowance?
(ii) Calculate the Assessable income of Akhil.
(iii) Compute the taxable income of Akhil.
(iv) Using the tax rate table provided in this book, find Akhil's total annual income tax.
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