Q.4 Calculate the tax liability of Mr. Yousaf from the following data: (20)

No. Item Amount

1 Basic salary 60,000 per month

2 Conveyance allowance 8,000 per month

3 Utility allowance 2500 per month

4 Overtime 4,000 per month

5 House facility is provided to Mr. Yousaf. His house rent allowance entitlement is Rs. 18,000 per month

6 Medical expenses reimbursed 35,000 per annum

7 Computer allowance 4,000 per month

8 Loan of Rs. 800,000 from employer at 0% interest rate

9 Shares gifted to Mr. Yousaf by his employer Market value Rs. 45,000

10 Rent received from property 15,000 per month

11 Deductions claimed on property income:

Interest expense Rs. 20,000, Depreciation Rs. 10,000

12 Income from vegetable store Rs. 155,000 per annum

13 Sale of shares of public company for Rs. 200,000 after 1 year of acquisition (purchase price Rs. 300,000)

14 Royalty received Rs. 55,000 per annum

15 Zakat paid Rs. 20,000

16 Donation to a Prime Minister Relief Fund for Earthquake Victims Rs. 10,000

17 Withholding tax paid in the year Rs. 55,000