From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June. 2019; a) Salary Rs. 195,000/- p.m b) Special Pay Rs. 25,000/- p.m ) Bonus for the year Rs. 585,000/- d) Conveyance allowance Rs. 15,000/- p.m e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000/- A Medical expenses reimbursed by his employer under the contract of employment Rs. 24,600/- ) Zakat paid under Zakat Ordinance during the year Rs. 48,000/- h) Donation to approved charitable institutions under section 61 Rs. 500,000/- 9 Legal expenses during the year Rs. 30,000/- D Amount paid for approved pension scheme during the year Rs. 190,000/- k) Shares of listed companies Purchased Rs. 1000,000/-

From the following data, calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June. 2019; a) Salary Rs. 195,000/- p.m b) Special Pay Rs. 25,000/- p.m ) Bonus for the year Rs. 585,000/- d) Conveyance allowance Rs. 15,000/- p.m e) Free accommodation provided by the employer. He was entitled to a house allowance of Rs. 420,000/- A Medical expenses reimbursed by his employer under the contract of employment Rs. 24,600/- ) Zakat paid under Zakat Ordinance during the year Rs. 48,000/- h) Donation to approved charitable institutions under section 61 Rs. 500,000/- 9 Legal expenses during the year Rs. 30,000/- D Amount paid for approved pension scheme during the year Rs. 190,000/- k) Shares of listed companies Purchased Rs. 1000,000/-

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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