Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $170000 Tax liability amount?

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A: The question is related to Budgetary Control. The details are given regarding the same.

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.