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Nasir Foods Limited is famous for its food products. The company is engaged in both agricultural as well as industrial
activities. It has its own farms where fruits, tomatoes, etc., are cultivated. These items along with those purchased from
the market are used in manufacturing Ketchup, Jams, Jelly and Marmalade. Following information is available for the
tax year 2014.
Sales of goods manufactured Rs. 11,250,000
Expenses on agriculture 1,500,000
Purchases from the market 2,250,000
Manufacturing expenses 1,125,000
Selling expenses 750,000
Financial expenses 375,000
Administrative expenses 1,275,000
Requirement:
Compute the business and the agricultural income from the above information for the tax year ended 30th June, 2014:
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Name of taxpayer                                         xxxxxxx

National tax number                                                xxxxxxx

Tax year ended in                                        xxxxxxx

Tax year                                                         xxxxxxx

Personal status                                            xxxxxxx

Residential status                                        xxxxxxx

 

 

Income from agriculture Rs. 1,500,000 is exempt          nil

Income from business

Sales of goods manufactured                               11,250,000

less:

Purchases from the market                                    2,250,000

Manufacturing expenses                                       1,125,000

Selling expenses                                                       750,000

Expenses on agriculture                                        1,500,000
Financial expenses                                                    375,000 
Administrative expenses                                          1,275,000

Taxable income                                                        3,975,000

 

 

 

ye mera solution hai ab is pe discus karain sub

mjhy to siry sy is subjct ke smjh e nai aa rae jst busns incom nikalni hai????????????????

AP NA TAXABLE INCOME BATAI HA OR AB IS MA SA BUSINESS INCOME OR AGRICULTURAL INCOME SEPARATE KERNI HA

myra ans to 2475000 aya jo k mjhy thek nai lg raha

kya is ma 20% rate lage ga?

intna confuse kr deya hai sab ny koi ab solution upload kr dy taky humain apni asign ka bhi pta chal saky

Thek ha mera Answer???

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                                                                                                Rs.

Income from agriculture Rs. 1,500,000 is exempt          nil

Income from business

Sales of goods manufactured                               11,250,000

less:

Purchases from the market                                    2,250,000

Manufacturing expenses                                       1,125,000

Selling expenses                                                       750,000

Expenses on agriculture                                        1,500,000
Financial expenses                                                    375,000 
Administrative expenses                                          1,275,000

Taxable income                                                        3,975,000


Computation of tax liability

Tax liability shall be higher of the following:

Tax on taxable income (Rs. 3,957,000 @ 35%)                         1,391,250

Or

Minimum tax on turnover u/s 113 (Rs. 11,250,000 @ 1%)          112,500      

 

Tax liability for the year                                                                   1,391,250

 

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