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# FIN623 Taxation Management Assignment No 01 Spring 2020 Solution & Discussion

FIN623 Taxation Management Assignment No 01 Spring 2020 Solution & Discussion

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Ans. No.01

Tax Avoidance

Tax avoidance is the use of Legal method to reduce the taxable income or tax payable.

Tax Evasion

Tax evasion is the use of Illegal method to reduce the taxable income or tax payable.

Ans. No. 02

Jee Ltd working under the tax year 2019

Ans. No. 03

Calculation of Taxable income of Mr. Khurram

Basic Salary per month= 70,000

Basic Salary Annually = 70,000 X 12= 840,000

Taxable Salary of Mr. Khurram is Rs. 840,000 (up to 600,000 rate is 0% and exceeding from 600,000/- rate is 5% on Rs. 240,000)

Agriculture Income Taxable is      Rs. 500,000 (Taxable because Land is use for Flowers and Creepers)

Medical allowance is                     Rs.   30,000 (Exempt up to 10% of Basic Salary of 840,000) that’s why Medical allowance is Exempted.

Total Taxable income Mr.Khurram is Rs. 1,340,000

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