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Prepare the computation of income and tax liability of Hamid, who is an employee of a

limited company, for the tax year ended on June 30, 2009. He has income form following

sources.

Salary and allowances (per annum)

Basic salary 120,000

House rent allowance 57,000

Utilities allowance 15,000

Car maintenance provided by the employer 18,000

Rental income: Rent (per month) 10,000

Other information:

Hamid had received non-refundable deposit on his rental property of Rs. 500,000 five

years ago when the property was rented out.

He owns a car, which is also used for the business of his employer.

Following taxes were deducted at source from:

Salary 1,000

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Tariq Bhai apna magic dekhayain plz Tarig bhai is ka solution send kr de Allah bless you always
IDEA SOLUTION
Solution
Tax payer; Mr. Hamid Tax year 2009
Residential status; resident
Computation of taxable income and tax thereon.

Particular Total income Exempt income Taxable income
Basic salary 120000 Nil 120000
House rent 57000 Nil 57000
Utilities allowances 15000 Nil 15000
Car maintenance 18000 Nil 18000
----------- ---------
Income form Salary 210,000 210,000
----------- ---------

Rental income
(10000*12) 120000 120000
Tax on non refundable Income
Total ( 500000/10 = 50000) 50000 50000
----------
Income from Head of Property income 170000
----------

Tax liability
Tax rate of 0.5% as given at serial 3 for taxable income exceeding Rs 200,000 up to Rs. 250,000.
Income tax payable
210000*0.5% =1050
Tax On property Income =1000
-------------------
Total Payable tax Liability =2550
Less Tax Deducted at source =1000
----------------
Total Payable tax Liability = 1050
is dat rite soltion....anywz thnx for idea solutn

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