TAXATION MANAGEMENT (FIN623) Assignment 02 Marks: 10 Taxable Income and Tax Liability" Question Mr. Toor a Provincial Government employee of Pakistan was deputed on the official task in Florida in 2016. He returned to Pakistan in July 2020 and remained in Pakistan for the period of 1 year. For the tax year 2021, following are the details of his incomes and other particulars: Rs. 1. Monthly basic salary 120,000 2. Bonus 90,000 3. Adhoc allowance 50,000 4. Furnished accommodation provided by employer 200,000 5. Utilities paid by employer 80,000 6. Monthly medical allowance 50,000 7. Additional allowance paid by the employer 150,000 8. Conveyance provided for personal use Value of car purchased by the employer 2,150,000 9. Interest-free loan taken from employer 4,000,000 10. Zakat paid 50,000 11. Investment in shares of a public company listed on Stock Exchange of Pakistan 100,000 Requirement: For the tax year 2021, determine for Mr. Toor: a) Residential status b) Taxable income c) Tax liability (1 Mark) (6 Marks) (3 Marks) You MUST provide all the calculations in DETAIL as each calculation carry marks. You MUST mention the relevant section/clause of the ITO 2001 and Income Tax Rules 2002 for the tax year 2021 to support your answer and calculations as these carry marks