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FIN623 Assigment # 1 2016

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Posted By : Tahir Siddiqui(Mani)




 
Taxation Management
FIN623
Assignment # 1

Tax payer: Mr. Ijaz                                                              Tax year: 2016
Residential Status: Resident                                                 NTN:
Computation the taxable income and tax thereon:
Particulars
Total income
Exempt income
Taxable income
Salary(78000*12)
936000

936000
Bonus
21667

21667
Un-furnished rent-free accommodation(w-1)
421200

421200
Conveyance Allowance(w-2)
120000

120000
Company motor vehicle(w-3)
100000

100000
Medical Allowance(w-4)
96000
93600
2400
Honorarium
170000

170000
Salary of driver
150000

150000
Annual leave encashment
74000

74000
Utilities paid by employer
90000

90000
Total income


2085267
Less: Zakat


(60000)
Taxable income


2025267

Tax Liability:
Tax rate of Rs 137000 + 17.5% of the amount exceeding Rs 1800000.
Income tax payable:
=137000 + (2025267-1800000)*17.5%
=137000 + 225267*17.5/100
=137000+ 39421.72
=176421.72
Tax payable =              176421.72
Deduction at source=  (200000)
Refundable            = (23578.27)
Working:
Accommodation :( w-1)
45% of MTS or Basic salary
=936000*45/100
=421200
Conveyance Allowance :( w-2)
=10000*12
=120000
Motor vehicle: (w-3)
=2000000*5/100
=100000
Medical Allowance: (w-4)
Medical Allowance is exempt up to 10% of basic salary.
=936000*10/100
=93600
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