Professor Amadu Komsa Azzonto, a 45-year old disabled man who is married to four wives and has been blessed with six children and has all the children together with four maidservants-aged between11and 13 years attending approved schools in Twenbeweate in the Bono Region of Ghana. Professor Komsa is the breadwinner for the entire extended family. He takes care of the most family members including his 180-year old father, 100 year old mother-in law and 65year old aunty. He is the President of Yentoa University Colledge of Taxation in the Single Room Self-Contain Consistency in Ghana. As a President, his monthly entitlements include; basic salary GH¢6,800, Garden Boy allowance GH¢900, risk allowance 25% of basic salary, clothing allowance GH¢2,800, entertainment allowance GH¢5,000, responsibility allowance GH¢3,500 and security allowance GH¢2,500. In the year 2018, Professor Komsa received a loan of GH¢36,000 (interest rate 6%) from the University and the loan will be paid back by him in December 2020. He also received GH¢16,640 as a performance incentive in 2018 from the University for contributing immensely to the achievement of its goals. In December 2018, the university graduated thousands of students and that, as a president of the university, professor Komsa worked beyond the normal working hours where he received GH¢16,000 as overtime payment. He lives in a fully-furnished rented Trassacco house located at Cantonments in respect of which he pays GH¢120 per month. He is also entitled to a V8 car fuelled and driven by a driver provided by the University. The University pays medical cost per annum of GH¢1,600 and all the first and second tier pension contributions available to all the employees. His monthly PAYE Tax' withheld and paid by the university is GH¢320. Professor Komsa thinking about his departure from the physical world to the spiritual world, subscribed to the SIC life assurance policy and pays monthly premium of GH¢340 for sum assured of GH¢320,000 in the event of Death. Professor Komsa is a renowned tax expert and senior lecturer. For these reasons, he serves as the Board Chairman of Arise Company Limited and receives a semi-annual director’s fees of GH¢3,200 after tax. He is also a Part-time Lecturer at the University of KyweeeW and receives GH¢ 9000 after tax for every six months starting from 1st January to 31st December 2018. He received GH¢ 9,000 rent from his tenant from his house in Sunyani.

On 15th December 2018, he was provided with a goat (market value GH¢500), toilet roll, rice, drinks and drinks valued at GH¢4000. He purchased 10 plots of lands at Kasapin, each plot measuring 70*100 at a total cost of GH¢300,000 in January 2018 and walled the land at a cost of GH¢30,000. On 1st July 2018, he sold three out of the 10 plots for GH¢37,000. The market value of the unsold land is GH¢280,000. He incurred an incidental expenses to the tune of GH¢ 900 at the time of realization. Professor Komsa operates a clothing line business in Tamale. For the year ended 31st December 2018, he declared a net profit of GH¢500,000 from the business. The business expenses included the following:

GH¢
Audit fees
800
Management salaries
36,000
Provision for bad and doubtful debt
30,0000
Electricity
7,000
Depreciation
16,600
Provident Fund Employers Contribution
4,000
Provision against long outstanding items
12,900
Office rent (1)
2,400
Medical benefits
1,600
Exchange gains
36,200

The following additional information is available for the purpose of the account prepared for the year ended December 31, 2018.
Notes
1. The rent is for the 2018 year of assessment, but was paid without withholding tax.

2. The capital allowance brought forward from 2017 was GH¢25000 and that for the current year is GH¢6500. Included in the net profit is an amount of GH¢ 900 received as net dividend from the business investment from GCB Bank Limited; and rent received GH¢ 9000 from his tenant from his house in Sunyani.
3. The exchange gain is unrealized as at the end of the year.

You are required to compute Professor Amadu Komsa Azzonto’s Chargeable income and tax liability for the 2018 year of assessment.