Tax Book 2023

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

• Actual amount of donation i.e. 56,000


• 30% of taxable income i.e. 1,088,500 x 30% = 326,550

Tax credit = 56,000 x 12,213 / 1,088,500 (628)

Net tax liability under NTR 11,584

Less: Tax deducted at source (26,500)

Balance tax refundable (14,916)

Summer - 2011 Q. 2 (c) (i)

Rupees

Rent of the property 50,000 (per month)

Forfeited amount under a contract for the sale 100,000

Refundable security deposit 500,000

From the following compute the amount of "Income from Property" chargeable to tax for the year

ending June 30, 2023

Conceptual Approach to Taxes _____787

Refundable security deposit 500,000

Annual maintenance charges paid by the owner of the property 25,000

Solution:

Name of taxpayer

Computation of taxable income and tax liability

For the Tax year 2023

Rs.

INCOME FROM PROPERTY U/S 15

Rent of property (Rs. 50,000 x 12 months) 600,000

Add: 1/10th of Rs. 500,000 refundable security deposit (N - 1) 50,000

Add: Forfeited amount under a contract for the sale 100,000

Rent chargeable to tax 750,000

Less: 20% repair allowance (150,000)

Rent chargeable to tax under NTR 600,000

(N - 1)

Summer - 2011 Q. 5

1/10thof refundable securityhas been included in actual rent to compute the rent

chargeable to tax.

Summer - 2011 Q. 5

Rs.

·Basic salary 50,000 (per month)

·House rent allowance 22,500 (per month)

·Utility allowance 5,000 (per month)

·Medical allowance 6,000 (per month)

Mr. Hussain Ahmad is an officer in a public listed company. He derived the following salary income

during the tax year ended June 30, 2023:

Conceptual Approach to Taxes _____787