Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax Certificate
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Question:
Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020.
- His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000
- His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200.
- His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889.
- He received share of Profit from Investment in a Business Rs. 150,000.
- The details of his Personal Assets as follow:
Balances | June 30, 2019 | June 30, 2020 |
Cash at Hand | 50,000 | 50,000 |
Bank Account (Salaried) | 121,000 | 159,000 |
Bank Account (Saving) | 150,000 | 265,000 |
Prize Bond | 255,000 | 255,000 |
Investment in Business | 2,000,000 | 2,000,000 |
Property (Residential) | 3,200,000 | 3,200,000 |
Calculate:
- Total Income
- Tax Chargeable (Annual Income Tax)
- Admitted Income Tax (Remaining Tax Liability)
- His estimated Personal Expenses (Reconciliation of Personal Assets)
Related Book For
Financial Statement Analysis and Security Valuation
ISBN: 978-0078025310
5th edition
Authors: Stephen Penman
Posted Date: