course : BUSINESS LAW AND TAX

Mr. Haseeb Malik is working in Omer Associates as Manager, in the pay scale 50,000-2,000-80,000. He furnished the following particulars of his income for the tax year June 30, 2021. (15 M)

S.No. Particulars

1 Basic Salary Rs.60,000 per month.

2 Bonus equivalent to 45 days basic salary.

3 Dearness Allowance Rs. 20,000.

4 Cost of Living Allowance Rs.10,000.

5 He is provided Rent Free furnished accommodation by his employer.

The annual rental value of Rs.180,000.

6 He is provided a motor vehicle which he is using for official and personal use. The vehicle was purchased on lease by the employer for Rs.1,200,000.

7 Medical Allowance 10% of basic salary.

8 Medical reimbursement Rs.20,000.

9 He received interest free loan from his employer in 2016 amounting to Rs.800,000.

10 Travelling Allowance Rs.5,000 per month

11 Utilities Allowance Rs.15,00 per month.

12 Property income 20000 per month

13 Gift received from mother Rs.80,000.

15 profit from registered firm Rs.20,000.

17 profit on P&L a/c Rs.50,000.

21 Zakat personally paid to poor relative Rs.20,000.

22 Donation to Bait-ul-Mal fund Rs.12,000.

Calculate total and taxable income and tax liability