Tax Book 2023

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

Q. NO.7 Autumn 2001

Basic salary Rs. 35,000 p.m.

Bonus 180,000

House allowances 18,000 p.m

Utilities allowance 50,000 p.a.

The employer provided him a 1300 c.c. car for office/personal use and medical facility worth Rs.25,000 during

MrAmirAliismanagerfinanceinamultinationalcompany.Hehasreceivedthefollowingsalaryandother

perquisites during the year ended on June 30, 2023:

Conceptual Approach to Taxes ___ 573

Compute the total income of Mr Amir Ali and tax payable thereon.

Solution of Q. NO.7 Autumn 2001:

INCOME FROM SALARY Rs. Rs.

Personal Status : Individual

Residential Status : Resident

The employer provided him a 1300 c.c. car for office/personal use and medical facility worth Rs.25,000 during

the year.

Name of Taxpayer : Mr. Amir Ali

National Tax Number :

Income year ended : June 30, 2023

Tax Year : 2023

INCOME FROM SALARY Rs. Rs.

Basic salary (35,000 p.m.) 420,000

Bonus 180,000

House allowances (18,000 p.m) 216,000

Utilities allowance (50,000 p.a) 50,000

50,000

Taxable salary income 916,000

COMPUTATION OF TAX LIABILITY:

7,900

1300 cc car for office / personal use ( Value assumed

Rs.1,000,000 hence 5% of the said cost shall be included in

salary income)

Medical facility (Assumed it is in accordance with terms of

employment.)

Tax on Rs. 916,000 [2.5% x (916,000-600,000)]

Q. NO.8 Autumn 2001

Tariq

(a) Income accrued abroad but not remitted to Pakistan. 72,000

(b) Shares of loss from an association of persons 5,000

(c) Zakat paid 26,500

Hamid

(a) Speculation loss 25,000

(b) Profit on sale of car 13,000

TandHEnterprisesisaregisteredfirmcomprisingoftwoequalpartnersnamedTariqandHamid.Duringthe

yearendedon30thJune 2023 thepartnersbesidestheirsharesinthefirmenjoyedincomeandsustained

losses from the sources given below:

(b) Profit on sale of car 13,000

(c) Income tax refund 5,000

(d) Zakat paid 14,000

Rs. Rs.

Salaries 300,000Gross profit b/d 480,000

Office maintenance 5,000Dividend from

Public Co. 250,000

Repairs 38,000

Provision for bad debts 14,000

Super tax paid for last year 5,000

Legal expenses 15,000

Commission to Tariq 16,000

Premium of life policies of

Partners 5,000

The profit and loss account of the registered firm for the year ended on 30th June, 2023, shows the following

position:

Conceptual Approach to Taxes ___ 573