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Assignment 2 Property Tax

This document contains calculations of rent charged for tax purposes (RCT) for three individuals - Mr. Yasir, Mr. Ali, and Mr. Safeer - for the 2019-2020 tax year. It details the rent received, adjustments for unadjustable advances and other additions or deductions to calculate the RCT. For Mr. Ali it notes the annual rental value was determined to be Rs. 360,000 by tax authorities for 2019-2020. The calculations are to determine the taxable rental income for property tax.

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AHMAD ALI
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52 views

Assignment 2 Property Tax

This document contains calculations of rent charged for tax purposes (RCT) for three individuals - Mr. Yasir, Mr. Ali, and Mr. Safeer - for the 2019-2020 tax year. It details the rent received, adjustments for unadjustable advances and other additions or deductions to calculate the RCT. For Mr. Ali it notes the annual rental value was determined to be Rs. 360,000 by tax authorities for 2019-2020. The calculations are to determine the taxable rental income for property tax.

Uploaded by

AHMAD ALI
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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FACULTY OF COMMERCE

‘‘Advance Taxtion’’
B.S COMMERCE
6TH SEMESTER
ASSIGNMENT NO 2
Submitted To:
Respected Prof. Tanvir Yasir
Submitted By:
AHMAD ALI BUTT
G1F17BSCM0025
Mr. Yasir
Tax year: 2019 - 2020
Tax year ended: 30-6-2020
Residential status:Resident
CALCULATING RCT TAX YEAR 2020
Particular Rs Rs
RENT RECEVIED (1 JULY 2019 - 30 JUNE 2020) 120000
F.M.V = 10000*12=
ADD: 1/10 OF UNADJUSTABLE ADVANCE 20000
1\10*200000 =
TOKEN MONEY AS FORFEITED 8000
(WHEN AGREEMENT IS BREACHED IT IS ADDED )
OBLIGATION OF OWNER PAID BY TENANT 5000
R.C.T(RENT CHARGEDABLE TO TAX) 153000
Mr. ALI
Tax year: 2019 - 2020
Tax year ended: 30-6-2020
Residential status:Resident
CALCULATING RCT TAX YEAR 2019-2020
Particular Rs Rs
RENT RECEVIED (1 JULY 2018 - 30 JUNE 2019) 360000
F.M.V = 30000*12=
ADD: 1/10 OF UNADJUSTABLE ADVANCE 18000
1\10*180000 =
OBLIGATION OF OWNER PAID BY TENANT 2000
(PROPERTY TAX IN TAX YEAR 2019)
R.C.T(RENT CHARGEDABLE TO TAX) 380000

TAX YEAR (2019-2020)


Particular Rs Rs
RENT RECEVIED (1 JULY 2019 - 30 OCTOBER 2019) 120000
F.M.V = 30000*4=
ADD: 1/10 OF UNADJUSTABLE ADVANCE -
(NO CALCULATION)
R.C.T(RENT CHARGEDABLE TO TAX) 120000

NOTE:The annual rental value of property was determined as Rs.360,000 by the tax authorities for tax year 2019 and 2020.
360000/12=30000
SO WE USE 30000 INSTEADED OF 15000 AS THE TAX PAYER TOLD AS RENT PER MONTH.
ties for tax year 2019 and 2020.
Mr. SAFEER
Tax year: 2019 - 2020
Tax year ended: 30-6-2020
Residential status:Resident
CALCULATING RCT AND TAXABLE PROPERTY FOR TAX YEAR 2020
Particular Rs Rs
RENT RECEVIED 900000
ADD: 1/10 OF UNADJUSTABLE ADVANCE
1\10*500000 = 50000
ADD:INTEREST OF LOAN (2016) 15000
R.C.T(RENT CHARGEDABLE TO TAX) 965000
LESS:
PROPERTY TAX -6000
GROUND RENT -15000
RENT COLLECTION -9000
INTEREST OF LOAN -15000
REPAIR CHARGES -30000
TAXABLE PROPERTY TAX 890000

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