Mr. Mushtaq has provided you with the following data for the computation of his total income and
Question:
Mr. Mushtaq has provided you with the following data for the computation of his total income and tax thereon for the tax year 2022.
Basic salary 1,225,000
Bonus 50,000
Conveyance allowance 50,000
House rent allowance 101,250
Leave fare assistance 60,000
Cash paid to a non-profit organization by way of donation 20,000
Motor vehicle valuing Rs. 400,000 provided by employer and used partly for personal and partly for business purpose.
Running cost borne by employee 30,000
House loan taken by Mr. Mushtaq amounted to Rs.200,000 and interest paid on such loan during the year amounted to Rs.6,000
Compute his taxable income and tax thereon for the Tax Year 2022
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine