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# TAXATION MANAGEMENT (FIN623) Assignment 01

Assignment 01
TAXATION MANAGEMENT (FIN623)

Dear Students!

This is to inform that Assignment 01 will be opened on November 27, 2015 and due date of assignment submission will be December 03, 2015.

Assignment No. 01 will cover first 14 lessons of your course.

A 24 hours extra/grace period after the due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies; and above mentioned due date should always be treated as final to avoid any inconvenience.

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### Replies to This Discussion

Dear tariq Sb
what Problem with website, why it did not worked properly?

a. Mr. Ahmad is a solely resident of Pakistan due to his employment but citizen of other country. Apart from his employment he is engaged in a trading business of toys and earns Rs. 45,000 monthly. Does his income is taxable for the tax year 2016 in Pakistan? Explain in either case.

A person is resident in Pakistan. his income is taxable which is earned within country or received from foreign

. Received medical allowance of Rs. 10,000 per month. Calculate the amount chargeable to tax for the tax year 2016. (show complete working) (4 Marks)

give idea plzzz

Medical allowance received by an employee not exceeding ten per cent of the basic salary of the employee.

Calculate the amount chargeable to tax for the tax year 2016

88000 X 12 = 1,056,000

1200 X 12 = 14, 400

1,070,400 is a tax chargeable amount

Tax on chargeable amount
Income Tax of Rs: 46,540

what are the provisions for

احمد کی آمدن کا ذریعہ پاکستان مین ہے اس لیے 45000پر ٹیکس ہو گا۔

Pak source income.

hassan pach saal tak bahir raha is liye non resident status hy, or foreighn source income per tax nahi ho ga agar wo wahan tax pay kar chukka hy to.

******need corrections if any

source of income

Fin623

Question: 01 - Mr. Ali is an accounts officer in a company. His basic salary is Rs. 88,000 per month for the tax year 2016. He has been provided with rent-free furnished accommodation in a big city by his employer. He has been given a car by the company and it pays some monthly running expenses as well.

You are required to discuss the tax treatment of following cases:

a. Received medical allowance of Rs. 10,000 per month. Calculate the amount chargeable to tax for the tax year 2016. (show complete working) (4 Marks)

1st of all:

Medical allowance received by an employee not exceeding ten per cent of the basic salary of the employee.

if exceed then consider tax able:

basic salary 88000

medical allowance 10000 = 10% = 8800 which is exceed: 1200

so, taxable amount of Rs: basic salary+on exceed medical allowance

Total income tax amount= 46,564

Calculate the amount chargeable to tax for the tax year 2016
88000 X 12 = 1,056,000
1200 X 12 = 14, 400
1,070,400 is a tax chargeable amount
Tax on chargeable amount
Income Tax of Rs: 46,540

a) If Medical Facility or reimbursement of actual Medical expenses is provided:

in accordance with terms of employment: The amount provided is fully exempt if NTN of medical practitioner and employer's attestation are available.

Not in accordance with terms of employment: The amount provided is fully taxable

b) Medical Allowance provided: Tax Treatment is exempt upto 10% of Basic Salary

c) Medical allowance is provided in addition to medical facility or reimbursement in accordance with the terms: Tax Treatment is Medical allowance fully taxable and Facility / reimbursement is Fully Exempt if NTN of medical practitioner and employer's attestation are available.

d) Medical allowance is provided in addition to medical facility or reimbursement but
NOT in accordance with the terms: Tax Treatment is Medical allowance is exempt upto
10 % of Basic Salary and Facility / reimbursement is Fully taxable.

Medical Allowance - with out medical facility] Taxable     (Exempt up10% of Basic salary)

Medical Allowance - with Reimbursement ]   Taxable               (with  No exemption)

Medical benefit / Reimbursement (in accordance with the terms of employment ) Exempt if

NTN of the hospital / clinic is disclosed

The employer certifies and attests the bills

b)....medical treatment provided by the employer under employment agreement
make the decision;

Reimbursement of medical charges or hospitalization charges or both is exempted from tax if:

it is provided for under the terms of employer's employment agreement. The employee provides NTN of the hospital or clinic and medical or hospital bills are also certified and attested by the employer.

c)

it mean that with out employment contract both medical charges or hospitalization charges are not exempted.

P# 01

Ans: but write in your own words

A)medical Allowance taxable = 1200 X 12 = 14, 400

B)Exempts

c)Taxable

P# 02

a) Taxable

b) exempts

asif bhai complete working mein rent free furnished house ki value add karein ga ya nahi.coz basic salary ka 45% add kia jata ha rent free house k liey.

P# 01
Ans: but write in your own words
A)medical Allowance taxable = 1200 X 12 = 14, 400
B)Exempts
c)Taxable
P# 02
a) Taxable
b) exempts

complete concept hn is m explain kar lo bhai

Thanks asif

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