From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June 2020 (under tax law of Pakistan):

(a) Salary Rs. 195,000 p.m.

(b) Special pay Rs. 25,000 p.m.

(c) Bonus for the year Rs. 585,000.

(d) Conveyance Allowance Rs. 15,000 p.m.

(e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000.

(f) Medical expenses reimbursed by his employer under the contract of employment Rs. 24,000.

(g) Zakat paid under the Zakat Ordinance during the year Rs. 48,000.

(h) Donation to the approved charitable institutions under section-61 Rs. 500,000.

(i) Legal expenses during the year Rs. 30,000.

(j) Amount paid for approved pension scheme during the year Rs. 190,000.

(k) Shares of listed companies purchased Rs. 10,00,000.

Answer rating: 100% (QA)

To calculate the tax payable by Mr Sohail Aslam we need to first compute his taxable income Here is ... View the full answer