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Before Break Assignement

1. Mr. Peter received various emoluments totaling over 1 million rupees from his employer in tax year 2012, including a loan paid off by the employer. His tax liability for that year needs to be calculated. 2. Mr. Moee rented out a property in 2011 for 80,000 rupees per month. He received a deposit of 100,000 rupees and paid property tax of the previous year. Some rent was irrecoverable. Expenses on the property included repairs and interest. His total income and tax liability for 2011 need to be calculated.

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Sadam Lashari
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212 views1 page

Before Break Assignement

1. Mr. Peter received various emoluments totaling over 1 million rupees from his employer in tax year 2012, including a loan paid off by the employer. His tax liability for that year needs to be calculated. 2. Mr. Moee rented out a property in 2011 for 80,000 rupees per month. He received a deposit of 100,000 rupees and paid property tax of the previous year. Some rent was irrecoverable. Expenses on the property included repairs and interest. His total income and tax liability for 2011 need to be calculated.

Uploaded by

Sadam Lashari
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1. Mr. Peter, an employee of a company was paid the following emoluments during the tax year 2012. i. ii.

iii. i&. &. &i. &ii. &iii. ix. x. xi. Basic salary "ouse ent #llowance %on&eyance #llowance 'earness #llowances 'ri&ers (alary )tilities #llowance Pension from pre&ious employer Pro&ident +und , ecogni-ed. )nfurnished #ccommodation ,it0s +air mar1et &alue. "a3 4xpenses /orne /y 4mployer 5nterest free loan s.!0,000 per month s.$0,000 per month s.20,000 per month s.1!,000 per month s.1!,000 per month s.*0,000 per month s.100,000 per month s.10,000 per month /y the employer s.20,000 per month s.200,000 s.!00,000

'uring the tax year 2012 s.!0,00067 was paid /y the employer for clearing the dues of the employee paya/le to a /an1. %ompute total income and calculate tax lia/ility of Mr. Peter for the tax year 2012. (5 Marks) 2. Mr. Moee- rented out the property at monthly rent of s.80, 00067 during the tax year 2011. )n7ad3usta/le deposit of s.!00, 00067 was also recei&ed during the year. Property tax of s.$!, 00067 paya/le for the last income year was paid in income year pertaining to tax year 2011. 9wo months0 rent of the year was irreco&era/le. 9he following expenses were incurred against the Property: epairs 5ncome 9ax Property 9ax of last income year %ollection %harges. 5nterest paid s.100,000 s.10,000 s.!,000 s.$,000 s.10,000 (5 Marks)

%ompute total income of Mr. Moee- and calculate his 9ax lia/ility

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