Mr. Raza, an employee of a Public Limted Company, submitted the following information for tax years ended on 30th June, 200B when he retired from companys service at the age of 60 years. A. 1) Salary per annumRs. 200,000 1) Perquisites and allowances paid by the employer: a) Bonus..Rs.40,000 b) Medical allowance..Rs. 70,000 /month. c) Contractual commission.Rs.20,000 d) Rent free furnished accommodation with annual rental value...Rs. 120,000 e) Gratuity (Scheme approved by FBR).Rs. 300,000 f) Amount received from recognised provident fund Rs. 300,000 g) Interest on recognised provident fund @20%....................................Rs. 20,000 h) Mr. Raza has been provided company maintained car partly for his personal and maintenance. The cost of the car isRs. 600,000 i) Utility expenses paid by the employer...Rs. 25,000 j) Encashment of leave preparatory to retirement.Rs. 60,000 k) Mr. Raza is entitled as per service rules free passage for travel abroad for self and his dependants after every three years. The expenditures incurred during the year in this respect are as under: i. Air tickets.100,000 ii. Hotel expenses..50,000 iii. Taxi charges...20,000 Rs. 170,000 l) Lunch allowance paid by the company Rs. 108,000 m) Mr. Raza also obtained a loan from his employer amounting Rs. 1300,000 but was unable to pay till now. His employer has decided to waive 50% off the loan. n) Further, Mr. Raza also obtained loan from a bank in a tax year 2016 amounting Rs 1,350,000 but was unable to pay till present tax year. As a benefit, his employer has decided to pay the loan as well. o) Mr. Raza also obtained the loan of Rs. 1300,000 from its own company. The loan carries the mark up of 14%. p) During the year, he also paid Zakat amount Rs. 150,000 to an approved organization, through cross cheque and Rs. 35,000 was deducted from his saving account. Compute the taxable income and tax liability of Mr. Raza from salary. (10 marks)