Question: i need complete answer (a) Compute Tax Payable by Mr. Ahmad for the tax year 2021 by using following data. Balance b/d Motor car Expenses
i need complete answer

(a) Compute Tax Payable by Mr. Ahmad for the tax year 2021 by using following data. Balance b/d Motor car Expenses 210 Accountancy fee 850.000 Office Expenses 2075 Income from other Membership & 25 Accountancy work certificate Fees Institute fees 500 Institute Expenses 350 Examiner's fee 1800 Personal Expenses 2000 Interest on investment 1950 Income Tax 1250 Rent from Property 250.000 Motorcar Purchased 1725 Insurance of 150 Property Balance c/d Total Total Required: Compute Tax Liability of Mr. Ahmad for the tax year 2021,after taking into account the following additional information i. Office Expenses Includes Rs. 1000 for furniture purchased for his office use. ii. 50% of Moto car expenses are in respect of his professional practice. His investments are all in commercial securities. iv . Depreciation allowance for motor car and furniture is Rs.150. Note: Assume blank figures(-) by yourself. (b) Mr. Sarfraz let out his house at a rent of Rs. 10,000 p.m. He received a deposit of Rs.200,000 not adjustable against rent, out of which he refunded Rs. 100,000 to previous tenant, who vacated the house after 3 years' tenancy. Calculate rent chargeable to tax for the tax year 2021
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
