05-06-2009, 11:20 PM
It Is necessary to inform u all that, Plz correct one mistake on worksheet sent by me, at Cell No. E224, formula is =IF(F232="yes",F235,0) , Plz change it as =IF(F232="yes",F234,0)
I have asked some Stupid questions above,,,,, now I am solving that,
An employer hire a car monthly rent 30,000/= and allot the same an Employee Mr. A for 6 month and after that the same car allot the Mr. B for 5 month for partly office & private use.
U should add 5% of car cost to the employee income,
Mr. A-
30,000 X 5% = 1500 par month
Mr A used this car for 6 months, 1500 X 6 = 9000
Add 1500 Par month into monthly income or Add 9000 into annual Taxable income.
Mr. B
30,000 X 5% = 1500 par month
Mr A used this car for 5 months, 1500 X 5 = 7500
Add 1500 Par month into monthly income or Add 7500 into annual Taxable income.
IF
An employer Purchased a car, cost 500,000/= and allot the same an Employee Mr. A for 6 month and after that the same car allot the Mr. B for 5 month for partly office & private use.
U should add 5% of car cost to the employee income,
Mr. A-
500,000 X 5% = 25,000 for the Tax Year
25,000 / 12 = 2083 par month
Mr A used this car for 6 months, 2083 X 6 = 12500
Add 2083 Par month into monthly income or Add 12500 into annual Taxable income.
Mr. B
500,000 X 5% = 25,000 for the Tax Year
25,000 / 12 = 2083 par month
Mr A used this car for 5 months, 2083 X 5 = 10417
Add 2083 Par month into monthly income or Add 10417 into annual Taxable income.
In accordance with the guidance embodied in Circular No. 18 of 2004 dated August 9, 2004, every employer, while deducting income tax on the income chargeable under the head âSalaryâ of its employees, is allowed to make such adjustments, as may be necessary, for any excess deduction or deficiency arising out of any previous deduction or failure to make deduction during the Tax Year under the provisions of section 149 of the Income Tax Ordinance, 2001.
I have asked some Stupid questions above,,,,, now I am solving that,
An employer hire a car monthly rent 30,000/= and allot the same an Employee Mr. A for 6 month and after that the same car allot the Mr. B for 5 month for partly office & private use.
U should add 5% of car cost to the employee income,
Mr. A-
30,000 X 5% = 1500 par month
Mr A used this car for 6 months, 1500 X 6 = 9000
Add 1500 Par month into monthly income or Add 9000 into annual Taxable income.
Mr. B
30,000 X 5% = 1500 par month
Mr A used this car for 5 months, 1500 X 5 = 7500
Add 1500 Par month into monthly income or Add 7500 into annual Taxable income.
IF
An employer Purchased a car, cost 500,000/= and allot the same an Employee Mr. A for 6 month and after that the same car allot the Mr. B for 5 month for partly office & private use.
U should add 5% of car cost to the employee income,
Mr. A-
500,000 X 5% = 25,000 for the Tax Year
25,000 / 12 = 2083 par month
Mr A used this car for 6 months, 2083 X 6 = 12500
Add 2083 Par month into monthly income or Add 12500 into annual Taxable income.
Mr. B
500,000 X 5% = 25,000 for the Tax Year
25,000 / 12 = 2083 par month
Mr A used this car for 5 months, 2083 X 5 = 10417
Add 2083 Par month into monthly income or Add 10417 into annual Taxable income.
In accordance with the guidance embodied in Circular No. 18 of 2004 dated August 9, 2004, every employer, while deducting income tax on the income chargeable under the head âSalaryâ of its employees, is allowed to make such adjustments, as may be necessary, for any excess deduction or deficiency arising out of any previous deduction or failure to make deduction during the Tax Year under the provisions of section 149 of the Income Tax Ordinance, 2001.
