COMPUTE TAXABLE INCOME FOR THE YEAR 2019-20 Mr. Adeel is working as Govt. Teacherr at pay scale
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COMPUTE TAXABLE INCOME FOR THE YEAR 2019-20
- Mr. Adeel is working as Govt. Teacherr at pay scale of 50000-15000-85000
- He’s provided with rent free accommodation in Islamabad.
- He is also entitled of medical allowance of Rs. 15,000/- p.m.
- The office has provided him a vehicle Rs. 1,500,000/- for both the personal and private use.
- He received Rs.25000 as utilities allowances.
- Gain on sale of plot bought in 2001 Rs. 500,000/-
- The tea and coffee is free at the premises but still he is getting entertainment allowance of Rs. 5,000/- p.m.
- He received Bonus of Rs. 60,000/- this year and pride of performance presidential award Rs.75, 000/-.
- Moreover, Adeel is entitled of Rs.45, 000/- as Project allowance.
- He has introduced a formula of chemistry and receiving Rs. 100, 000/- as royalty for this formula.
- Rental income from agriculture land is 500,000/-
- The following information is also given:
- Employee’s contribution 15,000
- Employer’s contribution 15,000
- Interest credited 90,000 annual
- Donation given to Edhi center 100,000/-
- Last year in March 23, 2019 he purchased the shares of a public limited company which he has sold in January 31, 2020.
- He owned a house which he rented out for Rs. 25, 000/- p.m. and 100,000/- as token money.
- He has also received an amount of 1000$ as birthday gift by his parents as foreign remittances.
- In a while, he started his business of pharmacy in evening and earned 800, 000/- annual profit.
- He has won the prize bond of Rs. 250, 000/-
- He has paid Zakat of Rs. 70, 000/-
- Calculate taxable income.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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