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    Saqib Class Example

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    Pak Career
    Saqib received income from salary, rental property, business profits, capital gains from assets, dividends, and other payments. He is entitled to deductions for zakat, loan interest, donations, tuition fees, and other allowances. His total income and tax liability for the tax year must be calculated.

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    Saqib Class Example

    Uploaded by

    Pak Career
    7 views2 pages
    Saqib received income from salary, rental property, business profits, capital gains from assets, dividends, and other payments. He is entitled to deductions for zakat, loan interest, donations, tuition fees, and other allowances. His total income and tax liability for the tax year must be calculated.

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    Taxation

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    Saqib received income from salary, rental property, business profits, capital gains from assets, dividends, and other payments. He is entitled to deductions for zakat, loan interest, donations, tuition fees, and other allowances. His total income and tax liability for the tax year must be calculated.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    7 views2 pages

    Saqib Class Example

    Uploaded by

    Pak Career
    Saqib received income from salary, rental property, business profits, capital gains from assets, dividends, and other payments. He is entitled to deductions for zakat, loan interest, donations, tuition fees, and other allowances. His total income and tax liability for the tax year must be calculated.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Saqib is resident individual and the details of his Incomes under different heads of

    incomes during the year ended 30 June 2021 are as under:


    1. Annual Salary received from Abhar Limited Rs 9,500,000
    2. Received Rs 700,000 from letting out one of his house in Madina Town.
    3. He gained taxable profit of Rs 800,000 from his private business activities.
    4. During this Tax year he obtained gain by disposing of following Capital
    Assets
    a) Private Company Shares Rs 100,000
    b) 2 Tola Gold Set Rs 150,000
    c) Painting/Drawing Sec 38(5) Rs 10,000
    d) House in Susan Road Rs 1,000,000
    e) Public Company Shares 70,000
    5. He also received following payments during this tax year
    A payment of Rs 170,000 as a dividend from ABC Limited and this payment
    was Disbursed after deduction of 15% Tax.
    Deductible Allowances
    o Saqib paid Zakat Rs 100,000 under Zakat and usher ordinance.
    o Saqib obtained a loan of Rs. 5 million from a scheduled bank at 15% mark-up
    per annum to acquire a residential house and he paid markup of Rs 700,000
    during tax year.
    o On 1 June 2021, Saqib paid Rs. 300,000 as donation to a non-profit
    organization listed in the Second Schedule of the Income Tax Ordinance,
    2001.
    o He paid Rs 200,000 as tuition fee of his son during the tax period. The name
    and NTN of education institution was mentioned on the slips.
    Tax Credit
    o Saqib is also partner in a business and during this tax year he received
    Rs1000,000 as Share from this AOP
    o Donation paid to NGO by cross cheque of Rs 300,000. Mr Saqib also donated
    his Picanto Car to another NGO that he was purchased 2 year ago at 1,700,000
    the fair market value of that car at time of transfer was 1,900,000.
    o He purchased Sukuks/Shares of a listed company amounting to Rs. 1,000,000
    as an original allottee, on 01 June 2021.
    o On 1 April 2021 he paid a premium of Rs. 200,000 on a Health insurance
    policy.

    Calculate his Total Income and Taxable Income and Tax Liability Under NTR
    of MR Saqib for the tax year 2021

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