Annual Income Tax 215855
1. **Problem statement:**
(a) Chamod's annual income from properties is 200000 rupees. He earns 60000 rupees per month from his job.
(i) Find the total annual income from his job.
(ii) Find his total annual income.
(iii) Calculate the income tax payable if the first 500000 rupees are tax-free and the remaining income is taxed at 4%.
2. **Formulas and rules:**
- Annual income from monthly salary = monthly income \times 12
- Total annual income = income from properties + annual income from job
- Income tax = 4% of (total annual income - 500000) if total annual income > 500000, else 0
3. **Calculations:**
(i) Annual income from job:
$$60000 \times 12 = 720000$$
(ii) Total annual income:
$$200000 + 720000 = 920000$$
(iii) Income tax payable:
Taxable income = $$920000 - 500000 = 420000$$
Income tax = $$0.04 \times 420000 = 16800$$
**Final answers:**
(i) 720000 rupees
(ii) 920000 rupees
(iii) 16800 rupees