Q-2: Water Cool (Pvt.) Ltd., a resident company, has rented Four buildings A, B, C and D at rent during Tax Year 2020. The following information is provided by the company for each property:

For Property A

a. Gross Rent is Rs. 50,000/month

b. Two months rent of Rs. 100,000 for the Tax Year 2018 is still receivable but the tax was paid at the same during the Tax Year 2018. Further information shows that;

The tenant vacated the property a at 30-06-2019.

The tenant of property a and property c is the same.

For Property B

Gross Rent is Rs. 30,000/month

The new agreement was made during the month of Jul-2019, the fair market rent in that area was Rs. 35,000/month at that time which became 40,000/month in Jan-2020.

Rent of Rs. 30,000/- was receivable at the end of the Tax Year 2020.

The person had claimed an insurance premium of Rs. 25,000/- against the rent of the said property in Tax Year 2016. Out of which Rs. 10,000/- is still payable.

For Property C

Gross Rent is Rs. 40,000/month

A plant and machinery is installed in the building

For Property D

Gross Rent is Rs. 60,000/month

Out of the total rent of Rs. 60,000/month, Rs. 20,000/month is for utilities and amenities provided with the building.

REQUIRED:

Calculate the Taxable Income of Water Cool (Pvt.) Ltd. for the Tax Year 2020 by mentioning relevant Heads of Income