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Assignment No 3

The document outlines an assignment for the course BUS482, Business Law and Taxation, focusing on the financial details of Mr. Hasan, an accountant, for the tax year 2023. It includes his salary, benefits, and additional sources of income, along with specific instructions to compute his total income, taxable income, tax liability, and tax payable. The assignment is due on August 29, 2023, and is worth 10 marks.

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Ali Khan
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9 views2 pages

Assignment No 3

The document outlines an assignment for the course BUS482, Business Law and Taxation, focusing on the financial details of Mr. Hasan, an accountant, for the tax year 2023. It includes his salary, benefits, and additional sources of income, along with specific instructions to compute his total income, taxable income, tax liability, and tax payable. The assignment is due on August 29, 2023, and is worth 10 marks.

Uploaded by

Ali Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 02

Course Code BUS482


Course Title Business law and taxation
Duration 01 Hour
Program BBA
Semester Summer 2023
Marks 10
Submission Date 29th August 2023

Course: Business law and taxation

Question # 01): Mr. Hasan is working as an accountant in a private limited company for last 5 years.
Following is information related to his remuneration and other benefits provided to him by the
company for the tax year 2023.

1. Basic monthly salary Rs. 125,000


2. Bonus equal to 2 month salary
3. Travelling allowance Rs. 7,000 per month
4. Car is provided having fair market value of Rs. 4,000,000
5. Medical allowance equal to 8.5 % of basic salary annually
6. Company also pay his utility bills of amount Rs. 20,000 per month

Following are other information about salary related activities perform during the year

The company has a policy to provide 23 days leave encashment at the end of the year. Mr. uzair has
only availed 11 days due to his mother treatment.

Two company maintained cars. Both cars were purchased on 1 October 20X8. The car costing Rs.
3,500,000 was used for official purposes whereas the car costing Rs. 1,900,000 was used for personal
purposes.

Health insurance for Nasir and his dependents as per the terms of employment. For this purpose,
APL is paying annual insurance premium of Rs. 100,000. The insurance company incurred expenses
of Rs. 500,000 on hospitalization of his dependents.

Ad-hoc relief allowance equal to one month’s basic salary keeping in view the increase in inflation.

Rs. 400,000 received from DH as commission for securing a large contract.s

He has also taken loan of Rs. 1.8 million @ 7.5% p.a from his employer which will be adjusted from
his monthly salary.

Employer has withhold Rs. 235,000 from his salary.


Above mentioned salary benefits, followings are other source of income

1. He has rented out a flat for annual rent of Rs. 750,000. The fair market rent of the same flat
is Rs. 800,000 per annum. He has also taken 5 month rent as security deposit which is not
adjustable against the rent.
2. An open plot is rented for 9 months during the year for total amount of Rs. 300,000 with
initial deposit of RS. 100,000, refunded after vacancy of the plot.

Required: compute the total income, taxable income, tax liability and tax payable

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