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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”
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.
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