Using the following data related to Mr. Dawood Khan, determine his taxable income and tax payable thereon for the tax year 2020: 

Monthly rent received on his residential building
Repair of the house
Property taxes include tax on property income of Rs. 3,500
Salary to Mr. Shaha for collecting rent
Interest paid on HBFC’s loan for house construction

Rs.
75,000
50,000
12,500
60,000
50,000

Other information:
Taxable salary received during the tax year 2020 Rs.2,350,780
Profit received on running his own business 1,840,320
Prize on Govt. prize bonds net of 15% tax 850,000
Zakat deducted by his bank during the year 65,940
Tax deducted at source including tax on property income 37,500

Answer rating: 100% (QA)

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