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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”

 

Question

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:

Rs.

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

 

Requirement:

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.

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