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Taxation management (FIN623)......Assignment no 1 .....Due date : 23 Jan 2017 ....Marks: 10

Friends see the Assignment no 1 of Fin623 in Attachement file............. thanks

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Friends share your thought and ideas For the Assignment NO 1 of  Fin623.....thanks

any one please share your ideas

Solution:
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 liability:
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

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