Mr. Jog is employed in a local Company called AB spares in Lobatse with a monthly salary of P25,000. The following are the other benefits and incomes he received for the year ended 31 December 2020:
- He occupies a company house for which he pays a rent of P2,000. The ratable value of the house is P750,000
- The house is fully furnished, and the cost of furnishing is P40,000 to the employer.
- He received BSB interest of P10,000
- School fees of P6000 is paid by the company.
- Amount deducted towards PAYEE P18,500
- Barclays Bank interest P25,000
- Compensation for injury at work P5,000
- Interest from BSB subscription shares P8,000
- Sale of house P500,000
Required: Calculate Mr. Jogâ€™s taxable income and the tax payable for the year of assessment ended for the current year of assessment.
SUBJECT: PRINCIPLES OF TAXATION