Tax Book 2023

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

Require

ANSWER

Name of Taxpayer : Mr. Abid

National Tax Number : xxx

Tax Year Ended on : 30-Jun-22

Tax Year : 2023

Personal Status : Salaried individual

Note

Rupees

TaxatsourceofRs.4,000 hasbeendeducted byICRPrivateLimitedwhile notaxhas

been deducted by Daxo Pharma from Mr. Abid's salary.

ComputeMr.Abid'staxableincomeandtaxpayable/refundableforthetaxyear2023.Givebrief

reasons forthetreatment ofany itemsexcluded from taxable income orforwhich noexpense/

deduction is allowed.

Benefits Received From ICR Private

Conceptual Approach to Taxes _____761

360,000

N-1 18,000

N-1 27,000

20,000

N-4 65,000

N-5 -

490,000

100,000

N-1 40,000

N-3 3,000

6,667

N-2 -

N-5 -

149,667

639,667

N-6 30,000

Utility allowance (2,000 x 9)

Capital gain

Basic salary (40,000 x 9)

Entertainment allowance (1,500 x 2)

Benefits Received From Daxo Pharma:

Basic salary (50,000 x 2)

Company owned and maintained car for

personal and business use (5% of cost for 2

months)

Medical reimbursement

Income from other sources:

Conveyance allowance (3,000 x 9)

Bonus received

Gratuity

Contribution to recognized provident fund

House rent allowance (20,000 x 2)

Benefits Received From ICR Private

Limited:

Income from salary

Contribution to recognized provident fund

65,000

734,667

3,367

3,367

Less proportionate tax on visiting faculty fee computed in (A) below (298)

Tax on Rs. 734,667 [2.5% x (734,667 - 600,000)]

Tax for the year

Total taxable income

Income from other sources:

Visiting faculty fee from University

Tax Liability: as salaried individual

Conceptual Approach to Taxes _____761