Chapter 21 ___ Solved Past Papers Income Tax Numericals of CA Module C - (2001 to 2022)
INCOME FROM PROPERTYRental income (Rs.50,000 x 7 months) 350,000
Less: 20% repair allowance (70,000)
Property tax paid (35,000) 245,000
Taxable income under NTR 19,966,820COMPUTATION OF TAX LIABILITY:Tax on Rs. 19,966,820 [2,955,000 + 35% x (19,966,820 - 12,000,000)] 5,743,387(^562) ____ _ _Conceptual Approach to Taxes
Tax on Rs. 19,966,820 [2,955,000 + 35% x (19,966,820 - 12,000,000)] 5,743,387
Total tax under NTR 5,743,387
Add Tax under FTR
15% tax on PLS profit of Rs. 6,300 945
5,744,332
Less: Tax already paid
Tax paid by emplyer 446,820
Tax deducted from salary 4,541,250
Tax paid on PLS profit 630
On receipt of rent 17,500 (5,006,200)
Balance tax payable 738,132
Q.NO.15: Autumn 2004
(N-1) No deductible allowance u/s 60D on children education fee for the year has been computed as the
taxable income of the taxpayer is not less than Rs. 1,500,000.
Q.NO.15: Autumn 2004
Mr. A is the Chief Executive of a multinational company. Details of his emoluments are as follows:
Basic salary 4,004,520
Bonus 1,980,642
Utility allowance 400,452
Leave encashment 538,083
Other allowance 90,000
House rent allowance 1,802,040
He also owns a property which has been let out on rent. The details of rent received and expenses
ApartfromtheabovehehasreceivedDirector’sfeeamountingtoRs.52,000.Duringtheyearhehassold
sharesthatwereacquiredthroughexerciseofa‘StockOption’(beingtheashare,ofaUKcompany)three
years ago. The gain on sale amounts to Rs.4,206,000.
He also owns a property which has been let out on rent. The details of rent received and expenses
incurred are as follows:
(a) Rent Rs.10,000 per month. The property was let out on rent for the whole year. The annual letting
value of the house is 'Rs.100,000.
(b) He has paid property tax amounting to Rs. 11,500.
(c) During the year he has paid Rs.6,000 for repairs and maintenance.
He has also received profit on PLS Account at Rs.6,500.
During the year the following amounts were withheld at source towards income tax.
(a) From salary income Rs. 3,600,000
(b) From profit on PLS Account Rs.975
You are required to compute the taxable income and tax liability of Mr. A for the tax year 2023.You are required to compute the taxable income and tax liability of Mr. A for the tax year 2023.
Solution of Q.No 15 Autumn 2004
Income year ended : June 30, 2023
(Rs.) (Rs.)
INCOME FROM SALARY
Basic salary 4,004,520
Bonus 1,980,642
Utility allowance 400,452
Leave encashment 538,083
Other allowance 90,000
Tax Year : 2023
Name of Taxpayer : Mr. A
National Tax Number :
Personal Status : Individual
Residential Status : Resident
(^562) __ ___ _Conceptual Approach to Taxes