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

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