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Tax Computation_Assignment - 01

The document outlines a tax computation assignment consisting of six questions, each requiring the calculation of taxable income and tax liability for different individuals based on their emoluments and allowances. The individuals include Mr. A, Mr. Imran, Ms. FH, Mr. Manto, Mr. Zulfiqar, and Mr. Creative, with varying details of their income and benefits. Each question specifies the required computations to determine the taxable income and tax obligations for the respective individuals.

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8 views3 pages

Tax Computation_Assignment - 01

The document outlines a tax computation assignment consisting of six questions, each requiring the calculation of taxable income and tax liability for different individuals based on their emoluments and allowances. The individuals include Mr. A, Mr. Imran, Ms. FH, Mr. Manto, Mr. Zulfiqar, and Mr. Creative, with varying details of their income and benefits. Each question specifies the required computations to determine the taxable income and tax obligations for the respective individuals.

Uploaded by

tahazeshan900
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Tax Computation Assignment

Question 1:
Mr. A’s Taxable Income and Tax Liability

Mr. A is the Chief Executive of a multinational company, and the details of his emoluments
are as follows:

Details Rs.
Basic Salary 4,004,520
Bonus 1,980,642
Utility Allowance 400,452
Leave Encashment 538,083
Other Allowance 90,000
House Rent Allowance 1,802,040

Required: Compute Mr. A’s taxable income and tax liability.

Question 2:
Mr. Imran’s Taxable Income

Mr. Imran, a citizen of Pakistan, has the following details of his income:

Details Amount (Rs.)


Basic Salary (Rs. 500,000 p.m.) 6,000,000

Medical Allowance (Rs. 45,000 p.m.) 540,000

TV and VCR (cost Rs. 40,000, depreciation To be computed


@20%)

Housing cost in Dubai (Rs. 30,000 p.m.) 360,000

Travel expenses (Rs. 30,000 p.m.) 360,000

Required: Compute Mr. Imran’s taxable income based on the above data.
Question 3:
Ms. FH’s Taxable Income for Tax Year 20X8

Ms. FH, the marketing head at Consumer Product Limited (CPL), earns the following
income:

Details Amount (Rs.)


Basic Salary (Rs. 100,000 p.m.) 1,200,000

House Rent Allowance (Rs. 40,000 p.m.) 480,000

Utilities Allowance (Rs. 15,000 p.m.) 180,000

Honda Civic Car sold to her at WDV To be computed

One-time payment (Rs. 200,000) from PIL 200,000

Required: Compute Ms. FH’s taxable income for the tax year 20X8.

Question 4:
Mr. Manto’s Taxable Income and Tax Payable

Mr. Manto, after working 5 years in Germany, joined a hotel in Karachi on 1.7.20X7. The
details of his income for the tax year 20X8 are:

Details Amount (Rs.)


Basic Salary (Rs. 100,000 p.m.) 1,200,000

House Rent Allowance (Rs. 30,000 p.m.) 360,000

Medical Allowance (Rs. 10,000 p.m.) 120,000

Bonus for the year 600,000

Use of Company-maintained 1600cc car To be computed

Concessional lunch rate (300 working To be computed


days)

Required: Compute Mr. Manto’s taxable income and tax payable.


Question 5:
Mr. Zulfiqar’s Taxable Income and Tax Liability

Mr. Zulfiqar, after 19 years of service at Mirza Petroleum Ltd (MPL), retired on 31st March.
His income for the year ending 30.6.20X8 is as follows:

Details Amount (Rs.)


Basic Salary (Rs. 280,000 p.m.) 3,360,000

Medical Allowance (Rs. 45,000 p.m.) 540,000

Utilities Allowance (Rs. 45,000 p.m.) 540,000

Cost of Living Allowance (Rs. 25,000 p.m.) 300,000

Market Value of Rent-Free Accommodation 120,000

Required: Compute Mr. Zulfiqar’s taxable income and tax liability.

Question 6:
Mr. Creative’s Taxable Income, Tax Liability, and Tax Payable

Mr. Creative, Director of Human Resources at Artistic Technology Ltd (ATL), has the
following details of his income for the latest tax year:

Details Amount (Rs.)


Basic Salary (Rs. 300,000 p.m.) 3,600,000

Utility Allowance (15% of Basic Salary) To be computed

Medical Allowance (12% of Basic Salary) To be computed

Rent-Free Furnished Accommodation To be computed

Use of 1800cc Company-Maintained Car To be computed

Required: Compute Mr. Creative’s taxable income, tax liability, and tax payable for the latest
tax year.

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