Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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 Basic Salary Rs.60,000 per month. Bonus equivalent to 45 days basic salary. 3 Dearness Allowance Rs. 20,000. 4 Cost of Living Allowance Rs.10,000 Per month. 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 Travelling Allowance Rs.5,000 per month 10 Utilities Allowance Rs.15,00 per month. 11 Gift received from mother Rs.60,000. 12 profit from registered firm Rs.20,000. 13 profit on P&L a/c Rs.50,000. 14 Zakat personally paid to poor relative Rs.20,000. 15 Donation to Bait-ul-Mal fund Rs.12,000. Calculate total and taxable income and tax liability

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Family Law Text Cases And Materials

Authors: Joanna Miles, Rob George, Sonia Harris-Short

4th Edition

0198811845, 978-0198811848

More Books

Students also viewed these Law questions

Question

Contrast Jungs and Freuds approaches to therapy.

Answered: 1 week ago