Tax Book 2023

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

(60,000)

Taxable income 584,744

COMPUTATION OF TAX LIABILITY:

Tax liability under NTR:

Tax on Rs. 587,744 -

Tax liability under SBI as FTR

Tax on dividend income (Rs. 20,000 x 15%) 3,000

Total tax liability 3,000

Less: Tax paid / deducted at source:

On salary 12,000

On dividend income (although not given in question) 3,000

Balance tax refundable (12,000)

As the salary income of the indiviual constitute more than 75% of the taxable income hence tax

under salary slab at 0% is computed as under.

respective provincial law)

812___ Conceptual Approach to Taxes

Balance tax refundable (12,000)

Winter - 2005 Q. 5

Salary Income

Rs. per month

Pay 90,000

House rent allowance 40,500

Utilities 9,000

(Note-1)Ifthe medicalreimbursementofmedicalexpesestoemployee areprovidedalongwith

medicalallowanceasperterms ofemploymentthenthe10%exemptionformedicalallowance

shallnotbeallowedhoweverthemedicalre-imbursementshallbetotallyexemptfromtaxprovided

the hospital / clinic NTN and bills are provided by the employee and certified by employer.

Following are the details of Mr.Shakeel for the financial year ended June 30, 2022 who is

employedwiththeInstituteofComputerSciencesasProfessor.HejoinedtheInstituteonJuly1,

2022.PreviouslyheworkedwithInstituteofcomputerstudies.Hewasrequiredtogive 3 months'

noticetohispreviousemployertoterminatehisemployment.Heservednoticeperiodfor 1 month

and his current employer paid the notice payequivalent to 2 months' salary to the previous

employer amounting to Rs. 150,000. Other details for the year are as follows:

Investments

Investment in shares of listed companies 175,000

House loan

No company maintained car was provided to him. However, 175 litres petrol per month was given

to him @ Rs. 50 per litre.

812___ Conceptual Approach to Taxes