Chapter 30 Solved Past Papers Income Tax Numericals of ICMAP Stage IV - (2003 to 2018)
Less proportionate tax on consultancy services
(0 / 498,620 x 20,000) -
Balance tax under NTR -Proportionate tax on consultacny services as above (D) -Minimum tax on services
Rs. 20,000 @ 10% (E) 2,000Add: Higher of (D) and (E) shall be included in tax under NTR 2,000
Total tax liability under NTR 2,000Tax liability under FTR
Profit on PLS account (9,000 x 15 / 90) 1,500
Tax on commission @ 12% = (Rs. 19,000 x 12 / 88) 2,591
4,091
Total tax liability under NTR and FTR 6,091Conceptual Approach to Taxes _____823
Less: Tax paid / deducted at source
On salary 15,000
On profit on PLS account 1,500
On commission ( 20,000 x 12% already deducted on gross receipts) 2,591
On services ( 20,000 x 10% as per given rate on gross receipts) 2,000
21,091
Balance tax refdundable (15,000)Winter - 2003 Q. 6Akeel Hospital
Revenue Account
Year 2023Rs. Rs.Akeel Hospital is an unregistered partnership firm owned by Dr. Raees and Lady Doctor Mrs.
Ramis. You being a tax practitioner have been approached to prepare the Income Tax Return of
the firm from following revenue account and other relevant data as provided to you for the tax year
2023:Salaries 1,200,000 Gross In-patient receipts
Hospital supplies 300,000 (before tax deductions) 2,500,000
Electricity 200,000
Communication 100,000 O.P.D collections
Insurance 60,000 (before tax deductions) 500,000
Water 20,000
Repair and maintenance 20,000 Sale of scrap 100,000
Depreciation on FixedConceptual Approach to Taxes _____823