of Karachi owns a building in clifton area of karachi.On 1.7.2021 he rented out the building to Mr Bhutto at an annual rent of Rs. 1.600,000. This amount include Rs. 15.000 per month for arranging security guards for the building. Following expenses were incurred by Mr. Zardari on the property during the tax year 2022,he ta year 2022. Repairs and Main: 35,000 Propetly tax: 20,000 Rent Collection Charges: 10,000 Salary of Security Guards: 70,000 Required: Under the provision of ITO. 2001 calculate the tax liability of M
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‘‘Mr Zardari a resident of Karachi owns a building in clifton area of karachi.On 1.7.2021 he rented out the building to Mr Bhutto at an annual rent of Rs. 1.600,000. This amount include Rs. 15.000 per month for arranging security guards for the building. Following expenses were incurred by Mr. Zardari on the property during the tax year 2022,he ta year 2022.
Repairs and Main: 35,000 Propetly tax: 20,000
Rent Collection Charges: 10,000 Salary of Security Guards: 70,000
Required: Under the provision of ITO. 2001 calculate the tax liability of Mr Zardari under the appropriate beads of income for the tax year 2022.
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- Mr Lee owns a residential property in Hong Kong. During the year ended 31 March 2021, Mr Lee received the followings from the tenant: (1) Rent: $240,000 ($20,000 x 12) (2) Refundable deposit: $20,000 (3) Management fee: $12,000 ($1,000 per month). For the sake of convenience the tenant paid the management fee to the management office through Mr Lee. Based on the above information, the net assessable value of the above property for the year of assessment 2020/21 is: a. $192,000. b. $185,600. c. $201,600. d. $208,000.c) Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT+DEP) is Rs. 24, 21 & 18 lakh respectively. Net income (gross income net of deductions including EMI of proposed loan) should not be less than 50%. With 30% margin, the Intt @12% pa, repayment in 15 years, how much will be the EMI amount for the approved loan if per lakh EMI is Rs. 1201 for 180 months?Mr Ahmed works as a Finance officer in a company named Ultimate Solutions private limited. He receives his monthly salary of Rs 86000, his father has also left two flats as a legacy for him that pays him rental income of Rs 15000 each. Calculate Only write numeric answer , no need to write Rs. Annual salaried income Annual rental incomeAnnual tax liability
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- Mr. Amit owns a flat. On 5-4-2020, he decides and starts a business of dealing in sale and purchse of flats. He treats this flat as a part of stock in trade for this newly commenced business. He entered into a deal of selling this flat to one of his client on 30/.3/2021 and booked a profit of Rs5 Lakhs. Discuss the term capital asset, the relevant provision applicable, implications of above transaction, provision in his hand under the relevant head of Indian Income Tax Act.From 1 March 2021 to 28 February 2022, employee A used her own vehicle for business purposes. She received a travelling allowance of R20 000 per month for this purpose. She travelled a total of 65 000 kilometers during the year of which 45 000 kilometers was for private travel. She kept an accurate logbook during the period she received the travel allowance. She purchased a motor vehicle for R660 000 (including VAT) on 28 February 2020. Finance charges for the current year was R105 000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenance was R12 000 for the period. Do not use R, brackets, spaces, signs or decimals (unless specifically instructed) The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1 Travel allowance for the year: Blank 2 Wear and tear: Blank 3 Finance charges: Blank 4 Insurance: Blank 5 Fuel: Blank 6 Maintenance: Blank 7 Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8 Possible deduction allowed for business…Required information [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance $ 1,060 Advertising expense Mortgage interest Property taxes Repairs & maintenance Utilities 1,290 1,200 Depreciation 12,300 During the year, Natalie rented out the condo for 89 days, receiving $14,000 of gross income. She personally used the condo for 38 days during her vacation. Natalie's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. 25 Assume Natalie uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. (Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount.) 14 b. If Natalie's basis in the condo at the beginning of the year was $235,000, what is her basis in…
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