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FIN623 Taxation Management Assignment 01 Fall 2020 Solution / Discussion Due Date: 11-12-2020

FIN623 Taxation Management Assignment 01 Fall 2020 Solution / Discussion Due Date: 11-12-2020

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FIN623_Assignment_No_01_Solution_Fall_2020

FIN623 Assignment 1 Solution Fall 2020

 

Solution: Q No. 1

Tax Payer: Mr. Umar

Tax Year: 2021 Residential Status:

NTN: -----

Computation of taxable Income and tax thereon:

Particulars

Total Income

Exempt Income

Taxable Income

Basic Salary

20,40,000

Nil

20,40,000

Medical Allowance

130,000

130,000

-

Income of Flowers and creepers

500,000

500,000

-

Income from sale of agriculture produce

700,000

Nil

700,000

Total Income

 

 

27,40,000

 

Clause 139: (a) & (b) of part 1 of second schedule:

  • Free hospitalization services provided under the terms of employment are exempt.
  • If (a) not available then 10% of basic salary is exempt in case medical allowance provided.

In Section 41: Agriculture income,

  • Income from sale of agricultural produce received by way of price for water supplied to land is Non agriculture income. So that's why it is taxable.
  • Income from growing flowers and creepers is agriculture income, so it is taxable under income tax 2001.

Solution: Q No. 2

Under section-82

  • An individual shall be a resident individual for a tax year if the individual is present in Pakistan for a period of, or periods amounting in aggregate to, one hundred and eighty-three days or more in the tax year; or is an employee or official of the Federal Government or a Provincial Government posted abroad in the tax year. So in this question Mr. Zia is deputed in china under the CPEC agreement. He is the official of the government posted abroad in the tax year. So Mr. Zia is the resident individual for the Tax year 2021 under ITO 2001.

 

 

 

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FIN623_Assignment_No_01_Solution_Fall_2020

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