We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>
+ Link For Assignments, GDBs & Online Quizzes Solution
+ 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
How to Add New Discussion in Study Group ? Step By Step Guide Click Here.
FIN623 Assignment No 01 Fall 2019 Solution & Discussion
FIN623 Taxation Management Assignment 1 Solution & Discussion Fall 2019
Semester “FALL 2019”
TAXATION MANAGEMENT (FIN623)
Assignment 01 Marks: 10
“Taxable Income and Tax Liability”
Mr. Shams, the employee of a private company of Pakistan had been deputed on the official task in England in 2016. He returned to Pakistan on September 2019 and remained in Pakistan for the period of 7 months. For the tax year 2020, following are the details of his incomes and other particulars:
1. Monthly basic salary 90,000
2. Bonus 60,000
3. Overtime payment 30,000
4. Furnished accommodation provided by employer 200,000
5. Utilities paid by employer 60,000
6. Monthly medical allowance 20,000
7. Additional allowance paid by the employer 50,000
8. Conveyance provided partly for personal and official use
Value of car purchased by the employer 1,150,000
9. Interest-free loan taken from employer 2,000,000
10. Zakat paid 20,000
For the tax year 2020, determine for Mr. Shams’s:
a) Residential status (2 Marks)
b) Taxable income (6 Marks)
c) Tax liability (2 Marks)
You MUST provide all the calculations in DETAIL as each calculation carry marks.
You MUST mention the relevant section/clause of the ITO 2001 and Income Tax Rules 2002 for the tax year 2020 to support
your answer and calculations as these carry marks.
24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
BE NEAT IN YOUR PRESENTATION
Make sure to upload the solution file before the due date on VULMS. Any submission made via email after the due date will not be accepted.
Use the font style “Times New Roman” or “Arial” and font size “12”.
Do not add watermarks, backgrounds, page colors, page borders, and etcetera. It is advised to compose your document in MS-Word format ONLY.
You may compose your assignment in Open Office format. Use black and blue font colors only.
Please note that your assignment will NOT be graded or graded as Zero (0), if: It is submitted after the due date.
The file you uploaded does not open or is corrupt.
It is in any format other than MS-Word, Excel, or Open Office; e.g. PowerPoint, PDF, etc. It is cheated or copied from other student(s), internet, given article, books, journals, etc.
Note related to load shedding: Please be proactive
As you know that load shedding problem is prevailing in our country, therefore, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignment.
BEST OF LUCK
.+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)
+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)+ Click Here to Search (Looking For something at vustudents.ning.com?) + Click Here To Join (Our facebook study Group)
Please Discuss here about this assignment.Thanks
Our main purpose here discussion not just Solution
Students having same subject can start discussion here to solve assignment, GDB & Quiz and can clear their concepts until solution is provided.
P.S: Please always try to add the discussion in proper format title like “CS101 Assignment / GDB No 01 Solution & Discussion Due Date: ___________”
Then copy Questions from assignment file and paste in Discussion.
+ http://bit.ly/vucodes (For Assignments, GDBs & Online Quizzes Solution)
+ http://bit.ly/papersvu (For Past Papers, Solved MCQs, Short Notes & More)
+ Click Here to Search (Looking For something at vustudents.ning.com?)
+ Click Here to Join (Our facebook study Group)