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Posted on Aug 26, 2024

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

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: image text in transcribed

Apps 5 DL with TubeOffline What is vehicle-to-... apps/assessment/take/launchAssessment.jsp?course_id=_374_1&content_id=_50421_1&mode=view 5 Save Video Me Download Online V... El IEEE Spectrum: Tech... 5 N Free Text to Speech... Self-Driving Cars Le... 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 3,500,000 3,500,000 Property (Shop Rented) 2,800.000 2,800,000 Property (Flat Rented) 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) Activate Win Go to Settings Cance Apps 5 DL with TubeOffline What is vehicle-to-... apps/assessment/take/launchAssessment.jsp?course_id=_374_1&content_id=_50421_1&mode=view 5 Save Video Me Download Online V... El IEEE Spectrum: Tech... 5 N Free Text to Speech... Self-Driving Cars Le... 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 3,500,000 3,500,000 Property (Shop Rented) 2,800.000 2,800,000 Property (Flat Rented) 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) Activate Win Go to Settings Cance