Law, 24.01.2021 20:40 nikki987654
Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020.
• His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000
• His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200. • His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889.
• He received share of Profit from Investment in a Business Rs. 150,000.
• The details of his Personal Assets as follow:
Balances June 30, 2019 June 30, 2020
Cash at Hand 50,000 50,000
Bank Account (Salaried) 121,000 159,000
Bank Account (Saving) 150,000 265,000
Prize Bond 255,000 255,000
Investment in Business 2,000,000 2,000,000
Property (Residential) 3,200,000 3,200,000
Calculate:
• Total Income
• Tax Chargeable (Annual Income Tax)
• Admitted Income Tax (Remaining Tax Liability)
• His estimated Personal Expenses (Reconciliation of Personal Assets)
Answers: 3
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Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020.
• His Annual Tax...
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