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B) Munir resigned from his employment with Ali Industries Limited (AIL) with effect from 31 December 2014. He received following amounts in final settlement:
B) Munir resigned from his employment with Ali Industries Limited (AIL) with effect from 31 December 2014. He received following amounts in final settlement: Rs 150,000 as Leave Encashment. Rs 4,000,000 under a Golden Handshake Scheme. Munir had received a salary of Rs 350,000 per month for a period of six months upto December 2014. His taxable income and tax liability during the preceding five tax years were as under: Tax year Total taxable income (Rs) 2010 2011 2012 2013 2014 2,000,000 2,450,000 2,700,000 3,100,000 3,650,000 300,000 392,000 472,500 542,500 650,000 Total tax paid (Rs) Required: As a tax consultant, advise Munir about the amount of income tax payable by him for the tax year 2015, under the Income Tax Ordinance, 2001.
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