Chapter 21 ___ Solved Past Papers Income Tax Numericals of CA Module C - (2001 to 2022)
Machinery 1,000,000
Installation cost 50,000
1,050,000
1,050,000 @ 25% 262,500Office Equipment 150,000
Machinery 1,050,000
Less: initial Allowance (262,500) 787,500
Depreciable amount 937,500
Depreciation on Rs. 937,500 @ 15% 140,625N-3 Depreciation on Fixed Asset @ 15%(^568) ____ _ _Conceptual Approach to Taxes
Depreciation on Rs. 937,500 @ 15% 140,625
Q.NO.5. Spring 2003
Rupees
Rent for the year already received 1,150,000
Rent for the year though due but irrecoverable 50,000
Signing amount (non-adjustable non-refundable) 100,000
Forthetaxyear 2023 followinginformationhasbeenprovidedtoyouforthecomputationofhisincomefrom
property and tax liability thereon:
MrAmir-ud-dinhasrecentlyconstructedanofficecomplexforthepurposesoflettingout.Theofficecomplexis
alsoequippedwithitsownelectricgeneratorsforwhichtenantsareseparatelychargedonamonthlybasis.As
per terms and conditions, Mr Amir-ud-din is also entitled to signing amount, which is nonrefundable.
Signing amount (non-adjustable non-refundable) 100,000
Fire and water tax paid to the local authority 20,000
Lawyers fee for suit to recover rent 50,000
Lawyers fee for drafting master rent agreement 10,000
Salary of the caretaker who also collects monthly rent 36,000
Insurance premium being one per cent of market value of the property 200,000
Repair maintenance expenditure 50,000
Solution of Q.NO.5. Spring 2003
Name of Taxpayer : Mr. Amir-ud-din
National Tax Number :
Tax Year : 2023
Personal Status : Individual
Residential Status : Resident
INCOME FROM PROPERTY Rs.
Rent for the year already received 1,150,000
Rent for the year though due but irrecoverable (N - 1) -
Signing amount (non-adjustable / non-refundable) 100,000
Gross property income 1,250,000
Less: 20% repair allowance (250,000)
Insurance paid against property (200,000)
Admin & collection charges (lower of actual
amount or 4% of rent chargeable to tax)
(36,000)
Taxable income from property 764,000
COMPUTATION OF TAX LIABILITY:COMPUTATION OF TAX LIABILITY:
Tax on first Rs. 600,000 -
8,200
Balance tax payable 8,200
Q.NO. 7 Spring 2003
Tax on balance (Rs. 764,000 - 600,000) x 5%
(N - 1) Rent due but irreocerable shall be ignored while computing income from property as the same is
excluded from the receivable income of the taxpayer.
Mr.Mushtaqhasprovidedyouwiththefollowingdataforthecomputationofhistotalincomeandtaxthereon
for the tax year 2023.
Basicsalary225,000Bonus50,000Conveyanceallowance50,000Houserentallowance101,250Leavefare
assistance 60,000
(^568) __ ___ _Conceptual Approach to Taxes