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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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basic salary is 80,000 not 8,000...

and conveyance allownace is fully taxable hota h.ager off. use ya personal use k liye dia ho to phr rate lety hain.. m i rite/?

zakat is not exempted . zakat will be less from total income after it is deducted it will become taxable income.

there are many mistakes in your solution dear...

Dear. Can you tell me total taxable income

Please Discuss here about this assignment.Thanks

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fin623 assignment solution 2016

Tax Payer Name

Mr. Ali

 

 

Residential Status

 

Resident

 

 

 

 

 

 

 

NTN

xxxxx

 

 

Tax Year

 

2016

 

 

 

 

 

 

 

Income from salary

 

 

 

 

 

 

 

 

Total Income

 

Exempted  Income

 

Taxable Income

 

 

 

 

 

 

 

Salary (80000*12)

 

         960,000

 

                          -  

 

              960,000

Bonus

 

         160,000

 

                          -  

 

              160,000

Medical Allowance

N6

         106,000

 

                          -  

 

              106,000

Overtime

 

         120,000

 

                          -  

 

              120,000

Leave Encashment

 

           67,000

 

                    67,000

 

                      -  

Utilities paid by employer

 

           96,000

 

                          -  

 

 

Rent free un-furnished accommodation

N1

                 -  

 

 

 

              324,000

Total income from Salary

 

     1,509,000

 

                   67,000

 

         1,670,000

 

 

 

 

 

 

 

Property Income

 

 

 

 

 

 

 

 

 

 

 

 

 

income from property

N2

         300,000

 

                    60,000

 

              240,000

Total income from property

 

        300,000

 

                   60,000

 

            240,000

 

 

 

 

 

 

 

Income from Business

 

 

 

 

 

 

 

 

 

 

 

 

 

Speculation Business income

N3

         100,000

 

                          -  

 

              100,000

Total income from business

 

        100,000

 

                          -  

 

            100,000

 

 

 

 

 

 

 

Income from Capital Gain

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Gain (35000-20000)

N4

           35,000

 

                      3,750

 

               11,250

Total Capital Gain

 

          35,000

 

                     3,750

 

              11,250

 

 

 

 

 

 

 

Income from other sources

 

 

 

 

 

 

 

 

 

 

 

 

 

Literary Work Remuneration

 

           25,000

 

                          -  

 

               25,000

Total income from other sources

 

          25,000

 

                          -  

 

              25,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Income of all sources

 

    1,969,000

 

                130,750

 

        2,046,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Taxable income

 

 

 

 

 

           2,046,250

Less Zakat Paid

 

 

 

 

 

              (47,750)

 

 

 

 

 

 

 

Net Taxable Income

 

 

 

 

 

1,998,500

 

 

 

 

 

 

 

Tax Liability 137000+(198500*17.5/100)

N5

 

 

 

 

171,738

Less tax deducted at source

 

 

 

 

 

            (250,000)

Tax Refund

 

 

 

 

 

              (78,263)

 

 

N1     Higher of FMV of rent or 45% MTS is taxable

N2     1/5th of rent deducted as repair and maintenance

N3     Speculation business must be separately calculate from normal business income

N4     ¾ of capital gain is taxable if shares retain by the taxpayer more than one year so 15000*3/4 =          11250 is taxable

N5   In case where a taxpayer has more than one source of income higher source income rate would be applicable, here salary source income prevailed so salary Rates are applied.

N6   if free hospitalization facility provided by employer than whole amount of medical allowance will be taxable  

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