Ms. Fatima Hasan was working as a Marketing Head with Consumer Products Limited (CPL) atfollowing emoluments:

(i) Basic salary Rs. 100,000 per month;

(ii) House rent allowance Rs. 40,000 per month; and

(iii) Utilities allowance Rs. 15,000 per month.

In addition to the above cash emoluments, she was provided with a Honda Civic car, exclusively for official use.

The cost of car to the company was Rs. 1,000,000. As per company's policy, the car was sold to Fatima in

January at the written down value of Rs, 100,000 whereas the fair market value of the same at the time of sale

was Rs. 300,000.

In May, Fatima was approached by Pharma Industries (Pvt.) Limited (PIL). They offered her employment at a

higher salary and some extra benefits, along with a one-time payment of Rs 200,000 was, an inducement to

accept their offer. Fatima accepted PIL's offer by resigning from CPL with effect from June 1, 20x1. She joined

PIL from July 1, 20x1 . The amount of Rs. 200,000 was, however, paid to her on June 29, 20x1.

During the year, Fatima has also undertaken the following transactions:

I. A residential plot inherited 5 years ago was sold for Rs. 1,000,000. The fair value of the plot at the time

of inheritance was Rs. 200,000.

II. She had won a cash prize of Rs. 250,000 in a quiz show. Tax of Rs.50,000 was deducted from the

prize money under section 156.

III. An amount of Rs. 50,000 was donated to an approved charitable institution.

In the light of above information, compute the taxable income of Ms. Fatima for the tax year 20x1.

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