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Assignment # 1 Taxation Management (FIN 623) Spring 2016 Due Date 19th July, 2016

                                                           SEMESTER SPRING 2016
                                                 TAXATION MANAGEMENT (FIN623)
                                                             ASSIGNMENT NO. 01
                                                         DUE DATE: JULY 19, 2016
                                                                           MARKS: 10
Objective:
To develop an understanding on computation of taxable income and tax liability of salaried individual under related provisions of Income Tax Ordinance 2001 Objective
Assignment:
Mr. Ijaz is a government employee and resident individual of Pakistan. Following are the details about his income for the tax year 2016:
Details
Rs.
Basic salary (50,000 – 6,000 – 100,000)
78,000
Bonus (annual)
21,667
Conveyance allowance
10,000
Medical allowance
96,000
Honorarium
170,000
Annual leave encashment
74,000
Utilities paid by employer
90,000
Additional information:
1. Un-furnished rent-free accommodation provided by the employer.
2. He is entitled to a medical allowance in addition to medical facility from his employer.
3. Motor vehicle provided partly for official and partly for personal use. Cost of vehicle to the employer was Rs 2,000,000.
4. Salary of driver Rs. 150,000 paid by employer.
5. Tax deducted at source is Rs. 200,000.
6. Zakat deducted at source is Rs. 60,000.
Requirement:
Determine total taxable income and tax liability of Mr. Ijaz for the Tax Year 2016

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Please discuss assignment here

Please students join the discussion...

80% easy ha baki py many abhe kam ni keya

Imran did you solve assigment

please share

plzz check this solution & point out the errors 

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thanks

Dear Misbah,

I think Accommodation we have take minimum of MTS and conveyance allowance is 10,000  monthly is given so it will be 120,000........what is your opinion.

accommodation allowance ko kaisay treat kerain gay 

accommodation ki koi amount ni di hoi

if it is not given then minimum of MTS we have to take I believe means (50,000*12)

O God.. Please help...

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