Tax Book 2023

Chapter 30 Solved Past Papers Income Tax Numericals of ICMAP Stage IV - (2003 to 2018)

1,800,000 - 1,800,000

Item of inventory (45,000-23,000) 22,000

Share options

Fair market value (425x3,400) 1,445,000

Less: Amount paid for Options 325,000

Less:Amount paid for shares 270,000 850,000

10,444,600 2,035,000

Capital gain

Consideration received (1,725,000+7,250+ 14,000) 1,746,250

Less: Cost

Amount paid for options (325,000x 2,400/3,400) 229,412

Amount paid for Shares (270,000x2,400/3,400) 190,588

Amount charged under Salary 850,000

Bank Charges 7,250

Commission 14,000

1,291,250 455,000

Capital gain

FTR Income

746___ Conceptual Approach to Taxes

FTR Income

Dividend from ABC Limited (92,700+9,270+5,400) 107,370

Dividend from Singapore 125,000 232,370

N-1:

Rupees Rupees

Deductible allowance for profit on debt

Omitted by Finance Act, 2022 -

0

Deducible allowance for Zakat on dividend income 5,400 5,400

Taxable income 10,894,200

Tax Liability

2,595,615

34,856

Tax Liability 2,630,471

Less: Tax Credits

Withholding tax on dividend 9,270

Advance tax u/s 149 1,415,000

Balance tax payable 1,206,201

Question. 2( c ) Fall 2017

Add: Tax liability on FTR income (232,370 x 15%)

Tax liability other than FTR income on (salaried case)

[1,005,000+(10,894,200-6,000,000) x 32.5%]

Question. 2( c ) Fall 2017

. Monthly remuneration:
Rupees
Basic salary 430,000
Medical allowacnce 70,000

Mr. Atif is working in fatima Sugar Mils (PVT). Limited (FSML). The detail of Mr. Atif;s income for

the tax year 2023 is given below:

746___ Conceptual Approach to Taxes