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FIN623 Assignment No 02 Spring 2019 Solution & Discussion Due Date: 29-07-2019


Marks: 10

“Taxable Income and Tax Liability”


Mr. Farooq, the Punjab government employee had been deputed on the official task in Spain in 2000. He returned to Pakistan on September 2018 and remained in Pakistan for the period of 3 months to attend the wedding ceremony of his two cousins and to look after his mother who fell ill during this time. For the tax year 2019, following are the details of his incomes and other particulars: Rs.

1. Monthly basic salary 90,000

2. Utilities paid by employer 60,000

3. Monthly medical allowance 20,000

4. Additional allowance paid by the employer 50,000


For the tax year 2019, determine for Mr. Farooq’s: a) Residential status

(2 Marks)

b) Taxable income (5 Marks)

c) Tax liability (3 Marks)

You MUST provide all the calculations in DETAIL as each calculation carry marks.

You must mention the relevant section of the ITO 2001 for the tax year 2019 to support your calculations.

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FIN623 Assignment Solution Spring 2019

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Medical Allowance exempt up to 10% of basic salary 

I think 90000*10/100=9000

Monthly allowance =20000 - 9000= 11000*12=132000 will be include in taxable income 

If both medical facility and medical allowance provided then facility exempt but Allowance fully taxable What you thinks 


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