Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

use Compute Tax payable by Mr. Arshad Mehmood, who received following emoluments during the tax year ended on 30th June 2020; o Basic Salary (30,000-5,000-65,000)

image text in transcribed

use Compute Tax payable by Mr. Arshad Mehmood, who received following emoluments during the tax year ended on 30th June 2020; o Basic Salary (30,000-5,000-65,000) .Rs. 40,000/- P.M. o Concessional Loan obtained from employer @ 8% p.a ..Rs. 3,000,000/- o Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 288,000/- if such accommodation was not provided. o Cost of motor vehicle provided by employer partly for personal and official Rs. 1,400,000/- o Bonus Provided. Rs. 212,000/- o Medical Allowance provided. .Rs. 50,000/- o Entertainment Allowance Rs. 350,000/- o Travelling Allowance Rs. 75,000/- o Utilities Allowance Rs. 250,000/- o Overtime Rs. 200,000/- o Mr. Arshad Mehmood paid donation for charitable purposes to an institution recognized by FBR... .Rs. 120,000/- o Deduction of tax by the employer at source amounting. Rs. 3,366/- Note: 1. Consider tax rate @ 5% for the taxable income exceeding Rs. 1,200,000/

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Quantitative Analysis Of Finance And Accounting - New Series (Vol. 2)

Authors: Lee Cheng Few

1st Edition

9812561641, 9789812561640

More Books

Students also viewed these Accounting questions