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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
To develop an understanding on computation of taxable income and tax liability of salaried individual under related provisions of Income Tax Ordinance 2001 Objective
Mr. Ijaz is a government employee and resident individual of Pakistan. Following are the details about his income for the tax year 2016:
Basic salary (50,000 – 6,000 – 100,000)
Bonus (annual)
Conveyance allowance
Medical allowance
Annual leave encashment
Utilities paid by employer
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.
Determine total taxable income and tax liability of Mr. Ijaz for the Tax Year 2016

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Annual leave encashment is exempted because Mr. Ijaz is a government employee.


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