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MUHAMMAD IMRAN

PC170201059

03212969922/03008367684

SOLUTION OF ASSIGNMENT NO 01 FIN 623

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.

 

Tax payer Mr. Zahid                                       Tax year: 2017

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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