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Dear Students!

 

This is to inform that Assignment 02 will be opened on February 10, 2016 and due date of assignment submission will be February 15, 2016.

 

Assignment No. 02 will cover 23 to 37 lessons of your course.

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Learning Objective:


The students are expected to develop an understanding regarding the computation of taxable income and tax liability for the tax year 2015-16 under Income Tax Ordinance 2001.

Assignment:


Mr. Ali is a government employee and resident individual for the tax year 2015-16. Following are the details pertaining to his income for the current tax year:

Detail                                                                                   Amount Rs.
Basic salary (BPS = Rs. 60,000 – 5,000 – 100,000)   80,000 p.m.


Bonus                                                                                  160,000 p.a.


Conveyance allowance                                                      96,000 p.a.


Medical allowance                                                            106,000 p.a.


Overtime paid by employer                                             120,000 p.a.


Encashment of un-availed leaves                                   67,000 p.a.

Utilities paid by employer                                                 96,000 p.a.


*p.m. = per month
*p.a. = per annum

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. Gross income from property is Rs. 300,000.

4. Income derived from speculation business is Rs. 100,000.
5. Proceeds of Rs. 35,000 from the sale of shares of a private company purchased five years    ago for Rs. 20,000.


6. Remuneration received for literary work is Rs. 25,000.
7. Tax deducted at source is Rs. 250,000.
8. Zakat deducted at source is Rs. 47,750.

Required:
Calculate taxable income and tax liability of Mr. Ali for the Tax Year 2015-16. (Provide appropriate notes where required)

asif bhai is me income from salary and income from business alehda alehda calculate ho gi?

asif bhai plz upload complet solution

PLZ CHECK AND TAX LIABILITY KA KASAY KARNA HAI
Mc110203313
Assignment no 2
Taxation of management
Fin623
Question no 1
Calculate taxable income and tax liability of Mr. Ali for the Tax Year 2015-16. UNDERINCOME TAX ORINANCE 2001
Answer

SALARY HEASD Taxable exempted
Basic salary(section 12)
8000PM 96000
8000*12
* Conveyance allowance 48000
* Medical allowance (Cules139) 10600
Bonus 160000
Utilities paid 96000
IT’S COMPUTATIONSEC.12 (2)
Overtime paid 120000
Encashment of unavailable 67000
*Accommodation of @45%of basic salary 43200
INCOME OF PROPERTYSECTION (15)
Gross profit of income property 300,000
INCOMEOF BUSINESS SECTION (18)
Income of speculation business 100,000
EMPOLYEE SHARE SCHEMES SEC.14
*Share sale (A-B) 15000
DEDCUTED ALLOWANCE
UNDER SECTION
Remuneration receive literacy work 25000
Zakat fund 250,000
Tax deducted at resource 47750
TOTAL TAXABLE INCOME 755800
755800@7.50%
56685
SO TOTAL TAXABLE INCOM IS 56685
CALCUALTION OF CONVEYANCE ALLOWANCE
Conveyance is @5%
96000*5/100=48000
CALCULATION OF MEDICAL ALLOWANCE
Medical is 10% of basic salary 106000*10/100=10600
ACCOMMODATION
Accommodation @45%of basic salary
96000*45/100=43200
SAHE SALE
(A-B)
(35000-20000)=15000
DEDCUTED ALLOWANCE
UNDER SECTION
Remuneration receive literacy work 25000
Zakat fund 250,000
Tax deducted at resource 47750
TOTAL TAXABLE INCOME 755800
755800@7.50%
56685
SO TOTAL TAXABLE INCOM IS 56685
CALCUALTION OF CONVEYANCE ALLOWANCE
Conveyance is @5%
96000*5/100=48000
CALCULATION OF MEDICAL ALLOWANCE
Medical is 10% of basic salary 106000*10/100=10600
ACCOMMODATION
Accommodation @45%of basic salary
96000*45/100=43200
SAHE SALE
(A-B)
(35000-20000)=15000

DEDCUTED ALLOWANCE
UNDER SECTION
Remuneration receive literacy work 25000
Zakat fund 250,000
Tax deducted at resource 47750
TOTAL TAXABLE INCOME 755800
755800@7.50%
56685
SO TOTAL TAXABLE INCOM IS 56685
CALCUALTION OF CONVEYANCE ALLOWANCE
Conveyance is @5%
96000*5/100=48000
CALCULATION OF MEDICAL ALLOWANCE
Medical is 10% of basic salary 106000*10/100=10600
ACCOMMODATION
Accommodation @45%of basic salary
96000*45/100=43200
SAHE SALE
(A-B)
(35000-20000)=15000

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Dear,

Basic Salary 80,000 not 8,000 pm

i think you have made a mistake 96000*5% = 4800 not 48,000 second Total taxable income is not 755800 check again .........  deductable amount is Zakat and taxable deduction @ source while all the amount should be addup ofcourse with calculation of percentage as per section explanation ....... which u done correctly.

Medical allowance is FULLY TAXABLE if free Hospital facility is provided in this
QUESTION
2. He is entitled to a medical allowance in addition to medical facility from his employer.
SO mEDICAL ALLOWANCE IS FULLY TAXABLE

Haleem Ishaq why medical allowance is fully taxable as per section 12 it is allowed 10% once the firm giving conveyance allowance, accommodation therefore all those companies provide those facilities also provide medical..........and there is not mention Hospital facility 

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