Mr. Toor a Provincial Government employee of Pakistan was deputed on the official task in Florida...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr. Toor a Provincial Government employee of Pakistan was deputed on the official task in Florida in 2016. He returned to Pakistan in July 2020 and remained in Pakistan for the period of 1 year. For the tax year 2021, following are the details of his incomes and other particulars: 1. Monthly basic salary 2. Bonus 3. Adhoc allowance 4. Furnished accommodation provided by employer 5. Utilities paid by employer 6. Monthly medical allowance 7. Additional allowance paid by the employer 8. Conveyance provided for personal use Value of car purchased by the employer 9. Interest-free loan taken from employer 10. Zakat paid 11. Investment in shares of a public company listed on Stock Exchange of Pakistan Requirement: For the tax year 2021, determine for Mr. Toor: a) Residential status b) Taxable income c) Tax liability (1 Mark) (6 Marks) (3 Marks) Rs. 120,000 90,000 50,000 200,000 80,000 50,000 150,000 2,150,000 4,000,000 50,000 100,000 Mr. Toor a Provincial Government employee of Pakistan was deputed on the official task in Florida in 2016. He returned to Pakistan in July 2020 and remained in Pakistan for the period of 1 year. For the tax year 2021, following are the details of his incomes and other particulars: 1. Monthly basic salary 2. Bonus 3. Adhoc allowance 4. Furnished accommodation provided by employer 5. Utilities paid by employer 6. Monthly medical allowance 7. Additional allowance paid by the employer 8. Conveyance provided for personal use Value of car purchased by the employer 9. Interest-free loan taken from employer 10. Zakat paid 11. Investment in shares of a public company listed on Stock Exchange of Pakistan Requirement: For the tax year 2021, determine for Mr. Toor: a) Residential status b) Taxable income c) Tax liability (1 Mark) (6 Marks) (3 Marks) Rs. 120,000 90,000 50,000 200,000 80,000 50,000 150,000 2,150,000 4,000,000 50,000 100,000
Expert Answer:
Answer rating: 100% (QA)
a Mr Toors residential status is nonresident for the tax year 2021 b Mr Toors taxable income fo... View the full answer
Related Book For
Taxation for Decision Makers 2017
ISBN: 9781119373735
7th edition
Authors: Shirley Dennis-Escoffier, Karen Fortin
Posted Date:
Students also viewed these accounting questions
-
Determine George and Mary's taxable income and tax liability for 2016 if George has $65,000 and Mary has $45,000 of salary income, they have $36,200 of total allowable deductions, and they file a...
-
Determine George and Marys taxable income and tax liability for 2018 if George has $65,000 and Mary has $45,000 of salary income, they have $20,000 of allowable itemized deductions, no dependents,...
-
Calculate the molarity of a solution prepared by dissolving 4.00 g NaOH into 100.0 mL of water. a little more than 4.00 M O 4.00 M a little less than 1.00 M a little less than 4.00 M O 1.00 M a...
-
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis Computers 1/30 $28,000 Office desks 2/15...
-
An entomologist is studying a new tick species that may be the carrier of the pathogen associated with lyme disease. She designs a study to estimate prevalence of the pathogen in the tick. She...
-
How many different pentapeptides can be constructed from the 20 naturally occurring amino acids in the following table? Abbreviation Name Structure Abbreviation Name Structure Amino acids with polar...
-
Currents induced by rapid field changes in an MRI solenoid can, in some cases, heat tissues in the body, but under normal circumstances the heating is small. We can do a quick estimate to show this....
-
Avant Corporation's November inventory activity is as follows. Avant uses a perpetual inventory system. Required Compute the ending inventory and cost of goods sold under the FIFO, LIFO, and moving...
-
If a marathon (26.2 miles) follows a straight course and the winner goes 12 miles north during the race, how far did she travel in the x direction?
-
After running depth-first search on a directed graph G, is it necessarily true that v.f > u.f if vertex v is a descendent of vertex u? Explain your answer. (b) Is it true that if a directed graph G...
-
The RL can be implemented without dynamically managed linked lists by creating a new field, next, in each PCB, which points to the next PCB on the same list. Each entry of the RL then points to the...
-
How does the physical environment play a role in sports marketing? How can sports marketers manipulate or change the physical environment?
-
Interview the marketing manager of a local college or professional sports organization and develop a list of the uncontrollable factors that were unexpected throughout the last season.
-
Experience a portion of any sporting event via Internet broadcast. What did you enjoy the most about this experience, and what could be done to improve this technology?
-
Interview five international students and discuss the core values used by sports marketers in their culture. Do these values differ from the core American values? For example, do the British value...
-
Provide two examples of sports organizations that have (either in whole or in part) a social concern pricing objective.
-
4. CINAMON, a famous home dcor company, has a contract to deliver 300, 750, 570, 420, 660, and 330 chairs over the next 6 months. Production cost (labor, material, and utilities) per window varies by...
-
-x/2 x/4 If A = -x/2 and A-1 =6 then x equals
-
Marino Corporation pays $6,500 to rent a 10-seat skybox for three football games to use for business entertainment at each game. The price for a regular nonluxury box seat at each game is $45. How...
-
Nicko Corporation (a calendar-year corporation) purchased a new machine (7-year property) in July 2014 for $20,000. Nicko did not elect Section 179 for this asset but did claim 50 percent bonus...
-
Sheralyn was in the wholesale distribution business for pecans and peanuts grown in Georgia. She and her brother owned and operated several warehouses. Seven years ago, they purchased property for...
-
Who was Phar-Mors flamboyant Chief Executive Officer?
-
Which of the following generally is not considered something of value? 1. Cash, money or checks 2. Airline miles or hotel credits associated with frequent activity (e.g., frequent flier miles) 3. An...
-
Which of the following is not one of the five major categories of fraudulent disbursements? 1. Payroll schemes 2. Expense reimbursement schemes 3. Shell company schemes 4. Billing schemes
Study smarter with the SolutionInn App