Tax Book 2023

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

8 months letting value of property [(372,000 - 120,000) x 8/12] 168,000

Less: 20% repair allowance (33,600)

Ground rent (200,000)

(65,600)

INCOME FROM OTHER SOURCES U/S 39

Rent of furniture and fixture (assumed for 8 months) 120,000

CAPITAL GAINS U/S 37

Sale proceeds of shares 600,000

Less: cost of shares 500,000

100,000

Loss under the head income from property (The same may be

adjusted against any other head of income except income from

salary)

Conceptual Approach to Taxes _____815

100,000

• 100,000
  Total and taxable income 1,519,400

COMPUTATION OF TAX LIABILITY:

Tax liability under NTR

Tax on Rs. 1,519,400 [15,000 + 12.5% x (1,519,400 - 1,200,000)] 54,925

Tax credit on investment in shares and insurance U/S 62

Tax credit is no more available:

Tax credit on contribution to approved pension fund U/S 63

Tax credit shall be allowed on lower of:

• Actual amount of contribution i.e. Rs. 45,000


• 20% of taxable income i.e. Rs. 303,880

As the salary income of the indiviual is not more than 75% of the taxable income hence tax under

non salary slab is computed as under.

In the absence of business turnover under NTR no minimim tax u/s

113 has been computed.

Tax credit = (45,000 x 54,925 / 1,519,400) (1,627)

(1,627)

Balance tax payable 53,298

Winter - 2004 Q. 5

Mr.Baqar,Mr.Hadi,andMr.MikdadaremembersofanAssociationofPersons,(AOP)whichis

doingbusinessunderthe name ofM/sBHMAssociates.Aspertheiragreement, Mr.Baqaris

entitledtoreceive5%interestonhiscapitalemployed,besideshissharefromprofit.Mr.Hadiis

Conceptual Approach to Taxes _____815