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[Solved] FIN623 Assignment 1 Solution & Discussion Fall 2019  

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20/01/2020 12:58 am  

FIN623 Taxation Management Assignment 1 Solution & Discussion Fall 2019


Semester “FALL 2019”

TAXATION MANAGEMENT (FIN623)

Assignment 01                                                                                                Marks: 10

 “Taxable Income and Tax Liability”

 

Question

Mr. Shams, the employee of a private company of Pakistan had been deputed on the official task in England in 2016. He returned to Pakistan on September 2019 and remained in Pakistan for the period of 7 months. For the tax year 2020, following are the details of his incomes and other particulars:

Rs.

1.   Monthly basic salary                                                                    90,000

2.   Bonus                                                                                            60,000

3.     Overtime payment                                                                        30,000

4.     Furnished accommodation provided by employer                     200,000

5.     Utilities paid by employer                                                            60,000

6.     Monthly medical allowance                                                         20,000

7.     Additional allowance paid by the employer                                 50,000

8.     Conveyance provided partly for personal and official use

Value of car purchased by the employer                                                                                                  1,150,000

9.     Interest-free loan taken from employer                            2,000,000

10.    Zakat paid                                                                             20,000

 

Requirement:

For the tax year 2020, determine for Mr. Shams’s:

a)  Residential status                                                      (2 Marks)

b)  Taxable income                                                         (6 Marks)

c)   Tax liability                                                                (2 Marks)

 

You MUST provide all the calculations in DETAIL as each calculation carry marks.

You MUST mention the relevant section/clause of the ITO 2001 and Income Tax Rules 2002 for the tax year 2020 to support

your answer and calculations as these carry marks.

IMPORTANT

24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.

 

IMPORTANT   INSTRUCTIONS/   SOLUTION                            GUIDELINES/         SPECIAL INSTRUCTIONS

BE NEAT IN YOUR PRESENTATION

 

OTHER IMPORTANT INSTRUCTIONS:

DEADLINE:

Make sure to upload the solution file before the due date on VULMS. Any submission made via email after the due date will not be accepted.

 

FORMATTING GUIDELINES:

Use the font style “Times New Roman” or “Arial” and font size “12”.

Do not add watermarks, backgrounds, page colors, page borders, and etcetera. It is advised to compose your document in MS-Word format ONLY.

You may compose your assignment in Open Office format. Use black and blue font colors only.

 

RULES FOR MARKING:

Please note that your assignment will NOT be graded or graded as Zero (0), if: It is submitted after the due date.

The file you uploaded does not open or is corrupt.

It is in any format other than MS-Word, Excel, or Open Office; e.g. PowerPoint, PDF, etc. It is cheated or copied from other student(s), internet, given article, books, journals, etc.

 

Note related to load shedding: Please be proactive

Dear Students,

As you know that load shedding problem is prevailing in our country, therefore, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignment.

 

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20/01/2020 12:59 am  

FIN623 Taxation Management Assignment 1 Solution & Discussion Fall 2019


 

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admin
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22/01/2020 4:32 pm  

FIN623 Taxation Management Assignment 1 Solution & Discussion Fall 2019


 

 

Download attachment for solution file of FIN623.

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