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Friends share your thought and ideas For the Assignment NO 1 of Fin623.....thanks
any one please share your ideas
1. Residential status of Mr. Ikram = Resident individual
Sr. No. Particulars Amounts
1 Monthly basic salary 41000*12 492,000
2 Rent free unfurnished accommodation- annual value 180,000
3 FV of the car for personal and official 550,000
4 Annual medical allowance 60,000
Less Zakat Deducted 16,700
Total income 1,298,700
Taxable income 1,282,000
Income tax payable = 1,282,000*11% 141,020
Particulars Total income Exempt income Taxable income
Monthly basic salary 41,000*12 492,000 - 492,000
Rent free accommodation- annual 180,000 - 180,000
Car for personal and official use 550,000 - 550,000
Annual medical allowance 60,000 - 60,000
Less Zakat Deducted 16,700 16,700 -
Total: 1,298,700 1,282,000
Tax rate of 11 % as given at serial # 12 for taxability income exceeding Rs.1,200,000 upto 1,450,000.
Income tax Payable :
1,282,000 x 11 % = Rs.141,020.
Can anyone comment about this.Is it right answer?
no dear you missing some calculation
any one plz upload the solution file....
Ali Raza if u feel something less plz indicate.
Yasir bhai Medical allowance will not charge Rs. 60000 here 10 % on basic salary and the difference amount will be charge as taxable income
I think car used for both are to be added back @ 5%
550000 x 5% = 27500
Do u Agree?
How Mr Ikram's Resinetal status is Resident Individual?
During the tax year 2016-17,
Kya hm June, 17 tk ko consider kren ge? ya Dec, 2016 tk calculate krna ha?
What about Medical All?
Is it not wholy exempt in case when Free hospitalizing not provided?
Plz give ur comments.
Resident status of Mr. Ikram Resident Individual
Consider financial year 2017
if free hospitalization or reambersment are not provide then 10 % charge on basic salary
Car used for personal and official 5% will be charge on particular amount