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

# FIN623 assignment Solution Due Date Jul 12, 2017

Share ur Ideas

+ 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: 525

.

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

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

Attachments:

### Replies to This Discussion

solution

Attachments:

Dear Asim plz upload the solution in word file ....................

PC170201059

03212969922/03008367684

# Solution:-

## Required 01:-

Mr. Zahid is a resident individual under section 82.

### 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 =

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.

PC170201059

03212969922/03008367684

# Solution:-

## Required 01:-

Mr. Zahid is a resident individual under section 82.

### 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 =

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.

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

18 minutes ago
18 minutes ago
18 minutes ago
18 minutes ago
18 minutes ago
18 minutes ago
18 minutes ago
+ ! ! ! ! ! ! ! ! ! ! ! ! ! AG + liked Charming HaDi's discussion LIE
18 minutes ago
+ ! ! ! ! ! ! ! ! ! ! ! ! ! AG + liked saadia's discussion new student
18 minutes ago
+ ! ! ! ! ! ! ! ! ! ! ! ! ! AG + liked Iqra Khan's discussion ENG501 and ENG502
18 minutes ago
18 minutes ago

1

2

3