Q.7 From the following data related to Mr. Hassan for the tax year ending 30th June 2008.
Question:
Q.7 From the following data related to Mr. Hassan for the tax year ending 30th June 2008. His Basic salary Rs.10,000 Per Month with the scale Rs.9,000-1000-20,000, Cost of living allowance is 20% of Minimum time scale, Commission is 12% paid only when annual basic salary exceeds amount of Rs.110,000, Dearness Allowance Rs.30,000, Medical Allowance Rs.12,500 Bonus Rs.2,000 Per Month, Provided a rent free unfurnished accommodation and entitled to an Accommodation Allowance of Rs.15,000. Per Month, Provided a car for his personal use only and the cost of car is Rs.1,180,000, Entertainment Allowance Rs.10,000, the CEO of the organization announce for Special Additional Allowances of 7% of Salary as per rule. Because of his special duty a Special Allowance of Rs.2,000 Per Month is also provided, 9% of the basic salary is contributed as Provident Fund by employer and employee both with interest rate of 6% and fund is recognized, Allowance for gas and electricity 60% of Maximum time scale PM, He paid Zakat under Zakat Ordinance and donated to a Agha Khan Hospital fund of Rs.8,000 and Rs.6,000 respectively.
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta