Mr. Zaviar rented out his Property @ 190,000 per month on 1st September 2022 and received...
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Mr. Zaviar rented out his Property @ 190,000 per month on 1st September 2022 and received Adjustable rent of Rs. 200,000 and Un-adjustable rent of Rs. 600,000. During the year he incurred following expense a. Insurance Rs. 100,000 b. Property tax paid Rs. 118,000 c. Fee to Lawyer for execution of contract Rs. 20,000 d. Fee to Lawyer for Court Case for defense of tittle of the property Rs. 100,000 e. Salary to employee for collection of rent agreement Rs. 25,000 Determine his tax liability. (10) Mr. Zaviar rented out his Property @ 190,000 per month on 1st September 2022 and received Adjustable rent of Rs. 200,000 and Un-adjustable rent of Rs. 600,000. During the year he incurred following expense a. Insurance Rs. 100,000 b. Property tax paid Rs. 118,000 c. Fee to Lawyer for execution of contract Rs. 20,000 d. Fee to Lawyer for Court Case for defense of tittle of the property Rs. 100,000 e. Salary to employee for collection of rent agreement Rs. 25,000 Determine his tax liability. (10)
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Mr Zaviars tax liability is Rs 140100 Rs 467000 x 30 Tax Liability Tax liability refers to the amount of money that an individual or business entity o... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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