numerical related to business taxation. b) Mr. Akbar is an employee in Kchkashan Ltd based in Karachi. He was provide followingpay and benefits in TY 2020.Рay BenefisBasic PayAmounts in PKR50,000 p/mDearness AllowanceAn option was given by his employer to avail the accommodation orreceive Rs. 30,000 p/m in cash, but employce preferred10,000 p/maccommodationAn amount of 800,000 was given by employer to his cmployec forthe renovation of house and he applied 0% interest on this loanA driver's salary was paid by his employer @ 15,000 p/mCompute his taxable income and tax liability for TY 2020

Taxable income is the income that is taxable in the hands of an assessee using the tax laws that…

b) Mr. Akbar is an cmployee in Kchkashan Ltd based in Karachi. He was provide following pay and benefits in TY 2020. Pay/Benefits Amounts in PKR | 50,000 p/m Basic Pay 10,000 p/m Dcarness Allowance An option was given by his employer to avail the accommodation or reccive Rs. 30,000 p/m in cash, but employce preferred accommodation | An amount of 800,000 was given by employer to his cmployec for the renovation of house and he applied 0% interest on this loan |A driver's salary was paid by his employer @ 15,000 p/m Compute his taxable income and tax liability for TY 2020

b) Mr. Akbar is an cmployee in Kchkashan Ltd based in Karachi. He was provide following pay and benefits in TY 2020. Pay/Benefits Amounts in PKR | 50,000 p/m Basic Pay 10,000 p/m Dcarness Allowance An option was given by his employer to avail the accommodation or reccive Rs. 30,000 p/m in cash, but employce preferred accommodation | An amount of 800,000 was given by employer to his cmployec for the renovation of house and he applied 0% interest on this loan |A driver's salary was paid by his employer @ 15,000 p/m Compute his taxable income and tax liability for TY 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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