Chapter 30 Solved Past Papers Income Tax Numericals of ICMAP Stage IV - (2003 to 2018)
27,000
Loss on disposal of fixed assets 15,000
37,000
Residential utility bills of Mr. Faisal 60,000
Miscellaneous expenses 50,000
115,000Rupees
Disposals
(WDV) Sales Proceeds Purchases
Plant 750,000 100,000 120,000 50,000
Vehicles 500,000 - - 1,700,000
F & F 90,000 15,000 10,000 12,000. Analysis of liabilities reveals that the amounts are outstanding for more than 3 Year:
RupeesInterest expenses on loan utilized for purchases of fixedBad debts recovered (disallowed by the Tax Department inLease rental for the year was Rs. 22,000 and information for tax depreciation purposes was
as follows:Opening Tax
WDVConceptual Approach to Taxes _____753
Rupees
Bank loan 250,000
Liability against purchases 85,000
Advance from customers 52,000
Interest on the above bank loan 40,000Required:
Compute the taxable in come and tax liability of the Associates for the tax year 2023.Answer 2(b) Spring 2017(b) Name of Taxpayer : Falah Associates
National Tax Number : XXX
Tax Year : 2023
Personal Status : Association of persosn (AOP)
Residental Status : Resident
Taxable income and Divisible Income
Rupees
Net profit as per accounts 733,000
Add: Depreciation (220,000 + 85,000) 305,000
Salary to Mr. Malik 600,000
Salary to Mr. Khalid 480,000
Commission to Mr. Faisal 212,500
Depreciation on Finance Lease Depreciation on Finance Lease 70,00070,000
Finance charges on Leased Assets 2,000
Provision for doubtful debts 22,500
Accounting loss on disposal of fixed assets 15,000
Residential utility bills of Mr. Faisal 60,000
Liability outstanding for more than 3 years:- Against purchases 85,000
- Interst on bank loan 40,000
Tax gain on disposal of plant 20,000
Conceptual Approach to Taxes _____753