We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>

www.vustudents.ning.com

 www.bit.ly/vucodes + Link For Assignments, GDBs & Online Quizzes Solution www.bit.ly/papersvu + Link For Past Papers, Solved MCQs, Short Notes & More

Dear Students! Share your Assignments / GDBs / Quizzes files as you receive in your LMS, So it can be discussed/solved timely. Add Discussion

Fin 623 assignment 01

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.

+ How to Join Subject Study Groups & Get Helping Material?

+ How to become Top Reputation, Angels, Intellectual, Featured Members & Moderators?

+ VU Students Reserves The Right to Delete Your Profile, If?

Views: 278

.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

Replies to This Discussion

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions. Read More>>

Note:-

For Important Helping Material related to this subject (Solved MCQs, Short Notes, Solved past Papers, E-Books, FAQ,Short Questions Answers & more). You must view all the featured Discussion in this subject group.

For how you can view all the Featured discussions click on the Back to Subject Name Discussions link below the title of this Discussion & then under featured Discussion corner click on the view all link.

&

.... How to Find Your Subject Study Group & Join ....

Latest Activity

Tayyba Rajpoot posted discussions
27 minutes ago
Naila added a discussion to the group ISL201 Islamic Studies

ISL201 GDB 1 Open Date January 27,2020 and Closing Date 28,2020

27 minutes ago
Naila joined + M.Tariq Malik's group

ISL201 Islamic Studies

33 minutes ago
42 minutes ago
50 minutes ago
51 minutes ago
52 minutes ago
Tayyba Rajpoot liked Ateeqa's discussion Agar talash karun koi mil hi jaayega
52 minutes ago
Tayyba Rajpoot replied to Awais's discussion وہ میرا تھا
55 minutes ago
Tayyba Rajpoot liked Awais's discussion وہ میرا تھا
55 minutes ago
Ateeqa replied to Awais's discussion وہ میرا تھا
1 hour ago
Ateeqa liked Awais's discussion وہ میرا تھا
2 hours ago

1

2

3