Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr Uwaym is a top management employee working in a well renowned local manufacturing company. Owing to rather recent Government measures to increase revenue such

Mr Uwaym is a top management employee working in a well renowned local manufacturing company. Owing to rather recent Government measures to increase revenue such as imposing penalties and additional taxes on persons not filing their income tax return, he is serious, considering to become a compliant tax payer. As of now, he is not even register with FBR

To gain further insight on compliance requirements and structure of Pakistan's income taxes, he has approached you and provided the following initial information

1. Salary package derived from his employment contract that started in 2009 comprises of basic, allowance, perquisite and various reimbursements Further he is also eligible for provident fund

2. He regularly invests in multiple mutual funds.

3. As permitted by his Company, he takes on ad.hoc consultancy assignments for which he needs to travel Pakistan All such income is kept by him in US bank accounts and due US taxes are withheld from turn

4. He owns two flats in Karachi, and both are rented out since 2019 In addition to adiustabk security deposit, he has received non.adiustable amount from tenant on renting one of his properties

5. Recently he has started a small online setup through which he has providing technical services to new start up. All his clients are registered taxpayers

6. He has also bought Health Insurance policy for him and his family. Premium is paid on quarter, basis

7. He is a committed donor for the Citizens Foundation and donates a significant amount every year

8.He also regularly participates in cross word quizzes and won the first price several times.

9. Generally, his salary comprises of 81a% of his yearly income.

Requirements: Please prepare a detailed report on income tax compliances, computations, administration etc. that may apply to him Feel free to make any assumptions that you need for presenting a clearer picture

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

Managerial Accounting

Authors: John Wild, Ken Shaw

6th Edition

9781259726972

More Books

Students also viewed these Accounting questions

Question

Q .1. Different ways of testing the present adulterants ?

Answered: 1 week ago

Question

Q.1. Health issues caused by adulteration data ?

Answered: 1 week ago

Question

1. Traditional and modern methods of preserving food Articles ?

Answered: 1 week ago

Question

What is sociology and its nature ?

Answered: 1 week ago