Nasir Hussain worked at monthly basic salary of Rs. 160,000/- and retired on 31.05.2018 He is entitled
Question:
Nasir Hussain worked at monthly basic salary of Rs. 160,000/- and retired on 31.05.2018
He is entitled to the following:
•Company Maintained Car having a cost of Rs. 1,500,000/- to be used for official & personal purposes.
•A furnished Accommodation by the Company.
•Rs. 15,000/- Medical Allowance Per Month
•Utilities paid during the Year by the Company were Rs. 300,000/- and deductions being made @ Rs. 13,000/- per month for his Salary.
•He contributed Rs. 8,000/- per month in a Provident Fund during the current year.
On his retirement, he became entitled to a monthly pension of Rs. 22,000 from the company's approved pension fund. He also received Rs. 240,000 from the company's gratuity scheme, which is unapproved. The accumulated balance of provident fund was Rs. 1,900,000 and interest amount received was Rs. 418,000/-.
He is not working anywhere after the retirement.
Required:
Calculate the Annual Taxable Salary.
Calculate the Annual Tax Payable / deductible
Taxation of Individuals 2017
ISBN: 9781259548666
8th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver