A person has following information for the Tax Year 2020 Income from Salary 9,000,000 Total income from
Question:
A person has following information for the Tax Year 2020
Income from Salary 9,000,000
Total income from business (1,000,000)
Total Capital Gains 2,000,000
Total income from property 5,000,000
Out of the capital gains, Rs. 1,000,000 is from foreign source also exempt from tax as per Income Tax Ordinance, 2001 as well. Income from property is totally taxable and coming from both foreign and Pakistani sources in the following manner:
Foreign Source 2,000,000
Pakistani Source 3,000,000
Required:
Calculate both Total Income and Taxable Income of the person as per Income Tax Ordinance, 2001 for Tax Year 2020 in both of the following cases separately: If
A. The person is resident; and if (05)
B. The person is non-resident (05)
Financial Statement Analysis and Security Valuation
ISBN: 978-0078025310
5th edition
Authors: Stephen Penman