Business Law

Country: Pakistan

PAKISTAN!!!!!

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i uploaded a skmilar question like that too answer that too

Country : Pakistan

Question 2 - Income Tax on Multiple Sources of Inccome (8 Marks) Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355 He received share of Profit from Investment in a Business Rs.750,000 He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving 1255,000 1550,000 Certificates and Prize Bonds) Investment in Business 4,000,000 4,000,000 Property (Residential) 4,200,000 4,200,000 Property (Shop Rented) 3,500,000 3,500,000 Property (Flat Rented) 2,800,000 2,800,000 Calculate: Total Income subject to Normal Income Tax (1 Mark) (Note: exclude from Income from Property as this is subject to Fixed/Final Tax) Tax Chargeable (2 Marks) Normal Income Tax (on Income from Salary + Business) (1 Mark) Fixed Income Tax (on Income from Property) (1 Mark) Admitted Income Tax (Remaining Tax Liability) (1 Mark) Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) (1 Mark) . His estimated Personal Expenses (Reconciliation of Net Personal Assets) (1 mark) Question 2 Income Taxen Multiple Sources of Inccome 18 Marks Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020 His Annual Tax Certificate from Employer shows, Annial Gross Salaried Income of Rs 1450,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97206 His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Cand) Rs. 2335. He received share of Profit from investment in a Business Rs 750,000 He received Rent from Property as follow Shop Rent of 20,000 per month (Shop was Tented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) . The details of his Personal Assets as follow Balances June 30, June 30. 2019 2020 Cash at Hand 150.000 180.000 Bank Account 421.000 659.000 (Salaried) Bank Account 850,000 1265,000 (Saving) Investment Securities 1255.000 1550,000 Saving Certificates and Prize Bonds) Investment in 4,000,000 4,000,000 Business Property 4,200,000 4.200.000 (Residential Property (Shop 3,500,000 3.500.000 Rented) Property (Flat 2.800,000 2.800.000 Rented Calculate: Total income subject to Normal Income Tax (! Mark) (Note: exclude from Income from Property as this is subject to Fixed/Final ) Tax Chargeable (2 Marks) . Normal Income Tax (on Income from Salary + Business) (1 Mark) . Fixed Income Tax (on Income from Property) ( Mark) Admitted Income Tax (Remaining Tax Liability) (1 mark) Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) Mark) . His estimated Personal Expenses (Reconciliation Net Personal Assets) (Mark) Question 2 - Income Tax on Multiple Sources of Inccome (8 Marks) Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355 He received share of Profit from Investment in a Business Rs.750,000 He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving 1255,000 1550,000 Certificates and Prize Bonds) Investment in Business 4,000,000 4,000,000 Property (Residential) 4,200,000 4,200,000 Property (Shop Rented) 3,500,000 3,500,000 Property (Flat Rented) 2,800,000 2,800,000 Calculate: Total Income subject to Normal Income Tax (1 Mark) (Note: exclude from Income from Property as this is subject to Fixed/Final Tax) Tax Chargeable (2 Marks) Normal Income Tax (on Income from Salary + Business) (1 Mark) Fixed Income Tax (on Income from Property) (1 Mark) Admitted Income Tax (Remaining Tax Liability) (1 Mark) Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) (1 Mark) . His estimated Personal Expenses (Reconciliation of Net Personal Assets) (1 mark) Question 2 Income Taxen Multiple Sources of Inccome 18 Marks Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020 His Annual Tax Certificate from Employer shows, Annial Gross Salaried Income of Rs 1450,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97206 His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Cand) Rs. 2335. He received share of Profit from investment in a Business Rs 750,000 He received Rent from Property as follow Shop Rent of 20,000 per month (Shop was Tented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) . The details of his Personal Assets as follow Balances June 30, June 30. 2019 2020 Cash at Hand 150.000 180.000 Bank Account 421.000 659.000 (Salaried) Bank Account 850,000 1265,000 (Saving) Investment Securities 1255.000 1550,000 Saving Certificates and Prize Bonds) Investment in 4,000,000 4,000,000 Business Property 4,200,000 4.200.000 (Residential Property (Shop 3,500,000 3.500.000 Rented) Property (Flat 2.800,000 2.800.000 Rented Calculate: Total income subject to Normal Income Tax (! Mark) (Note: exclude from Income from Property as this is subject to Fixed/Final ) Tax Chargeable (2 Marks) . Normal Income Tax (on Income from Salary + Business) (1 Mark) . Fixed Income Tax (on Income from Property) ( Mark) Admitted Income Tax (Remaining Tax Liability) (1 mark) Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) Mark) . His estimated Personal Expenses (Reconciliation Net Personal Assets) (Mark)