Mrs. Aslam was employed with Sahal Ltd. (SL) as a Marketing Manager. On 30.6.20X2 she resigned from her employment with SL. On 1.7.20X2, she joined H Pakistan Ltd. (HPL), a quoted company, as a Marketing Director. She has provided you the following information in respect of the tax year 20X3: 1) In July 20X2, she received the following amounts from SL in final settlement: i. Leave encashment amounting to Rs. 95,000 ii. Gratuity of Rs. 500,000 from an unrecognised gratuity fund maintained by SL. iii. Reimbursement of Rs. 100,000 against a health insurance policy. The insurance claim was lodged by SL on behalf of Mrs. Aslam in January 20X2.

2) In accordance with the terms of her employment, income tax related to her salary and benefits is to be borne by HPL. Her benefits during the tax year were as follows: iv. Basic salary of Rs. 200,000/ month. v. Medical allowance of Rs. 60,000/month. vi. Rent free accommodation with the annual letting value of Rs. 480,000 vii. Travelling allowance of Rs. 50,000/ month. 60% of the amount was spent in the performance of official duties. viii. Recognised Provident fund at 10% of basic salary. An equal amount was contributed by HPL. ix. On 31.12.20X2, she received a loan of Rs. 400,000 from HPL. The loan carries a mark-up of 4% per annum. The benchmark rate is 10%. x. She won the best executive employee award of HPL and received a laptop having a fair market value of Rs. 100,000 xi. Health insurance for her and for her family. The amount of annual premium paid by HPL was Rs. 50,000. xii. She paid Rs.105,000 as Zakat under Zakat and Ushr Ordinace,1980. Compute the taxable income and tax liability for the tax year 20X3.