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# MUHAMMAD IMRAN

PC170201059

03212969922/03008367684

# Solution:-

## Required 01:-

Mr. Zahid is a resident individual under section 82. Because he lives in Pakistan for more than 183 days while minimum required days to be a resident are 183 days during that tax year.

### Resident status: Resident                                 NTN : XXXX

Computation of taxable income and tax liability.

 Particulars Total Income Exempt income Taxable income Basic salary 32000*12=   384000 Nil 384000 Utilities paid by employer 60000 Nil 60000 Bonus 70000 Nil 70000 Medical allowance 6200*12=   74400 38400  (N-1) 36000 Driver’s salary 7000*12=   84000 Nil 84000 Total 672400 38400 634000

## Required 2:-

Taxable income:-  Rs.634,000

## Required 03:-

Tax liability = 2000+ 5% of exceeding 500,000 amount (634,000-500,000) =134,000

2,000 + 5% * 134,000             (N-2)

= 2,000+ 6,700

= 8,700

N-1 :-  Medical allowance is exempt up to 10% of basic salary if free hospitalization services or reimbursement of medical expenses are not provided by employer.

N-2 :- Tax rate is 2000+5% of amount exceeding Rs. 500,000 according to tax year 2016-2017 rates at serial # 03 (500,001-750,000) for salaried individuals.

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