Tax Book 2023

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

COMPUTATION OF TAX LIABILITY:

As the taxpayer is a non salaried person hence tax liability is computed as under:

Tax on Rs. 487,850 -

Less: Advance income tax paid 60,000

Balance tax refundable (60,000)

Note - 2 Investment in DSC's shall be accounted for in the personal wealth statement of the

taxpayer.

Note-1Thequestionhasbeensolvedontheassumptionthatnotaxonconsultationfeehasbeen

deductedduringtheyearothewisethesameshallconstituteasminimumtaxliabilityU/S 153 ofthe

IncomeTaxOrdinance,2001.Furthernominimumtaxu/s 113 hasbeencomputedastheturnover

of the AOP is less than Rs.100 million.

830830 Conceptu Conceptual Approach to Taxesal Approach to Taxes