Tax Book 2023

Chapter 21 ___ Solved Past Papers Income Tax Numericals of CA Module C - (2001 to 2022)

Sale of inherited shares in (Pvt.) Ltd. Company Rs.(62-42) x 25,000 shares 500,000

INCOME FROM OTHER SOURCES

Amount received on lecture given on hotel management (gross amount) 100,000

Total Income 2,609,200

Less: Deductible allowance

(200,000)

Taxable income 2,409,200

Zakat paid to an approved organization [ Lower of 30% of taxable income or actual

Zakat paid ]

(^548) ____ _ _Conceptual Approach to Taxes
COMPUTATION OF TAX LIABILITY:
166,840
(100,000 x 166,840 / 2,409,200) (A) 6,925 159,915
Tax deducted on services (Minimum tax) (B) 10,000
Add: higher of (A) or (B) 10,000
169,915
Less: Tax deducted on services income^ (10,000)
Tax deducted on salary income^ (249,200)
Balance Tax refundable (89,285)
Tax on Rs. 2,409,200 [165,000 + 20% x (2,409,200 -
2,400,000)]
Less: proportionate tax on service income
Solution of Q.NO.1(b) Spring 2009
Q.NO. 3(b) Spring 2009
Rupees
Sales 12,000,000
Cost of sales 10,000,000
Gross profit 2,000,000
AsalltheinformationhasbeenconsideredwhilesolvingthePart(a)ofthisquestionhencethereisnotneed
any answer for this part.
Mr.Qasmisinthebusinessofmanufacturingofleatherproducts.Thefinancialresultsofthebusinessforthe
tax year 2023 are as follows:
Gross profit 2,000,000
2,500,000
Net loss (500,000)
Import of raw materials 200,000
Electricity bills 70,000
Telephone bills 50,000
Required:
Compute the tax payable/refundable by Mr. Qasmi for the tax year 2023
Solution of Q.NO. 3(b) Spring 2009
Selling, administrative and other expenses
HehadrentedoutthegroundfloorofhishouseandreceivedRs.300,000asrentthereof.Notaxwas
deducted by his tenant. Advance tax paid during the year includes the following:
Income year ended : June 30, 2023
Rupees Rupees
(500,000)
Taxable income from property
Rent chargeable to tax (Gross amount) 300,000
Less: 20% repair allowance (60,000) 240,000
Net loss as per tax (260,000)
Name of Taxpayer : Mr. Qasim
National Tax Number :
Computation of income and tax thereon
Tax Year : 2023
Personal Status : Individual
Net loss as given in the question
Residential Status : Resident
(^548) __ ___ _Conceptual Approach to Taxes