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FIN623 Taxation Management Assignment 2 Solution Fall 2012

Mr. Ijaz is an employee of Regional International Airline (RIA). Following is the detail of his salary received and other receipts during the year ended on 30th June 2012:

Particulars                                                         Rs.
Basic salary                                                        (35000-5000-70000) 45,000
Medical allowance                                                70,000
Special allowance                                                 10,000
Overtime payment                                                 50,000
Entertainment allowance                                        40,000
Zakat paid under Zakat Ordinance                            10,000
Flying allowance                                                    250,000
Agricultural income                                                400,000
Dearness allowance                                                120,000
Investment in share of public company                       147,000
Concession loan availed form employer @5 %                1,000,000
Employer has provided vehicle for personal use costing 1,000,000

 
Free passage 02 tickets were provided by airline to its employee @ Rs. 50,000 per ticket
during the year.

Free accommodation is also provided by the employer. He is entitled to accommodation
allowance at 55% of his basic salary.

Requirment

You are required to calculate his taxable income and tax payable. Also show
complete working to support your values.

Solution:


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