FIN623 Taxation Management Assignment No 01 Spring 2020 Solution & Discussion
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Tax avoidance is the use of Legal method to reduce the taxable income or tax payable.
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