01-10-2011, 05:15 PM
From the following particulars given by Mr. X, an officer in the Ministry of Trade, calculate the taxable income and tax payable by him in respect of the year ended on June 30, 2010.
1. Basic salary Rs. 120,000
2. He has been provided with the rent-free furnished accommodation with annual value of Rs. 60,000
3. He has been given a car by his employer and Rs. 1,000 per month to meet the running costs, etc. he can take that car home as well.
4. He is provided one free Karachi-London and back air ticket every year. During the year he received Rs. 17,000 in this respect.
5. Leave encashment paid to him Rs. 10,000.
6. He has let out his house at Rs. 3,000 per month. The tenant has left without paying rent for two months, which could not be recovered despite the best efforts.
7. He claims the following payments including Rs. 400 as Zakat deposited in Zakat fund.
Property tax Rs. 6,000 Fire Insurance Rs. 1,000
Corporation tax Rs. 5,000 Income tax deducted Rs. 3,000
Books purchased Rs. 5,000 Life Insurance Premium Rs. 6,000
8. The following amounts were received
Dividend from NIT units (Zakat Rs. 1,000) 8,000
Dividend from XY (Pvt.) Ltd. (Zakat Rs. 600) 3,000
9. The life policy has Rs. 50,000 sum insured and the employee contributes one monthâs basic salary to the Recognized Provident Fund.
Note Using Tax rate 2010-11
1. Basic salary Rs. 120,000
2. He has been provided with the rent-free furnished accommodation with annual value of Rs. 60,000
3. He has been given a car by his employer and Rs. 1,000 per month to meet the running costs, etc. he can take that car home as well.
4. He is provided one free Karachi-London and back air ticket every year. During the year he received Rs. 17,000 in this respect.
5. Leave encashment paid to him Rs. 10,000.
6. He has let out his house at Rs. 3,000 per month. The tenant has left without paying rent for two months, which could not be recovered despite the best efforts.
7. He claims the following payments including Rs. 400 as Zakat deposited in Zakat fund.
Property tax Rs. 6,000 Fire Insurance Rs. 1,000
Corporation tax Rs. 5,000 Income tax deducted Rs. 3,000
Books purchased Rs. 5,000 Life Insurance Premium Rs. 6,000
8. The following amounts were received
Dividend from NIT units (Zakat Rs. 1,000) 8,000
Dividend from XY (Pvt.) Ltd. (Zakat Rs. 600) 3,000
9. The life policy has Rs. 50,000 sum insured and the employee contributes one monthâs basic salary to the Recognized Provident Fund.
Note Using Tax rate 2010-11
