From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June. 2019; a) Salary Rs. 195,000/- p.m b) Special Pay Rs. 25,000/- p.m ) Bonus for the year Rs. 585,000/- d) Conveyance allowance Rs. 15,000/- p.m e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000/- A Medical expenses reimbursed by his employer under the contract of employment Rs. 24,600/- ) Zakat paid under Zakat Ordinance during the year Rs. 48,000/- h) Donation to approved charitable institutions under section 61 Rs. 500,000/- 9 Legal expenses during the year Rs. 30,000/- D Amount paid for approved pension scheme during the year Rs. 190,000/- k) Shares of listed companies Purchased Rs. 1000,000/-
From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June. 2019; a) Salary Rs. 195,000/- p.m b) Special Pay Rs. 25,000/- p.m ) Bonus for the year Rs. 585,000/- d) Conveyance allowance Rs. 15,000/- p.m e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000/- A Medical expenses reimbursed by his employer under the contract of employment Rs. 24,600/- ) Zakat paid under Zakat Ordinance during the year Rs. 48,000/- h) Donation to approved charitable institutions under section 61 Rs. 500,000/- 9 Legal expenses during the year Rs. 30,000/- D Amount paid for approved pension scheme during the year Rs. 190,000/- k) Shares of listed companies Purchased Rs. 1000,000/-
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 33P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT