Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889. He received share of Profit from Investment in a Business Rs. 150,000. The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 50,000 50,000 Bank Account (Salaried) 121,000 159,000 Bank Account (Saving) 150,000 265,000 Prize Bond 255,000 255,000 Investment in Business 2,000,000 2,000,000 Property (Residential) 3,200,000 3,200,000 Calculate: Total Income Tax Chargeable (Annual Income Tax) Admitted Income Tax (Remaining Tax Liability) His estimated Personal Expenses (Reconciliation of Personal Assets)
Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889. He received share of Profit from Investment in a Business Rs. 150,000. The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 50,000 50,000 Bank Account (Salaried) 121,000 159,000 Bank Account (Saving) 150,000 265,000 Prize Bond 255,000 255,000 Investment in Business 2,000,000 2,000,000 Property (Residential) 3,200,000 3,200,000 Calculate: Total Income Tax Chargeable (Annual Income Tax) Admitted Income Tax (Remaining Tax Liability) His estimated Personal Expenses (Reconciliation of Personal Assets)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
