Tax Book 2023

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

Basic salary (Rs.100,000 x 11 months) 1,100,000

House rent allowance (Rs. 40,000 x 11 months) 440,000

Utilities allowance (Rs. 15,000 x 11 months) 165,000

FMV at the time of purchase 300,000

Less: Consideration paid to employer (100,000) 200,000

200,000

2,105,000

CAPITAL GAIN U/S 37

Benefit on purchase of car from employer

Benefit from Pharma Industry (Pvt.) Limited

(^558) ____ _ _Conceptual Approach to Taxes
Gain on sale of shares in QP (Pvt.) Ltd. 500,000
Consideration received on disposal (200,000)
300,000
300,000
Loss on sale of painting is not recognized (N - 1)
INCOME FROM OTHER SOURCES
100,000
(10,000) 90,000
Total Income 2,495,000
Income taxable under FTR
Consideration for preparing a research paper for a foreign
University.
Less: Expenses paid on the printing of research paper and
courier charges
Income taxable under FTR
Cash prize (gross amount) 250,000
Dividend received (gross amount) 50,000
Q.NO. 7(b) Spring 2006
The records of Mr. A show the following results:
Particulars Rupees
(20,000)
Income from speculation business 10,000
Capital gains on disposal of shares of private limited companies 20,000
NOTE: N-1 Gain on the sale of residential plot after six (6) years of retention is not taxable under capital gains.
Loss from ‘income from other source’ after setting off dividend income of Rs. 30,000
Capital gains on disposal of shares of private limited companies 20,000
Loss from business of textiles after considering tax depreciation of Rs. 290,000 410,000
Required:
You are required to work out the following:
(i) taxable income;
(ii) tax liability; and
(iii) amount of loss that can be:
(a) adjusted against any other head of income;
(b) carried forward for maximum 6 years;
(c) carried forward for indefinite period.
Solution of Q.NO. 7(b) Spring 2006
Income year ended : June 30, 2023
Name of Taxpayer : Mr. A
National Tax Number :
Income year ended : June 30, 2023
i) Taxable Income Rs. Rs.
Loss from business (excluding depreciation loss Rs. 290,000) (120,000)
Income from speculation business 10,000
Income from capital gain (assumed within one year u/s 37) 20,000
(20,000)
Less: dividend income^ (30,000)^ (50,000)
Business loss (140,000)
Less tax depreciation (290,000)
Total loss as per tax (430,000)
ii) Computation of tax liability
Tax Year : 2023
Personal Status : Individual
Residential Status : Resident
Loss from other sources after dividend income
(^558) __ ___ _Conceptual Approach to Taxes