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Consolidated Question

Consolidated Question

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ruqayya muhammed
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28 views

Consolidated Question

Consolidated Question

Uploaded by

ruqayya muhammed
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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Yasir is full time teacher and have salary with following breakup:

Basic salary 70,000/month

Utility allowance 7,000/month

Medical allowance 8,000/month

House rent allowance 31,500/month

He is also earning PKR800,000 semi-annually from his consultancy.

He has paid insurance of medical of PKR20,000/- and life insurance premium of PKR200,000/-

Zakat of PKR60,000 is paid via cheque

He has given property on rent at rental value of PKR60,000/- month and this property remained vacant
for 3 months.

His father purchased property in 2013 @ PKR1,000,000 gifted him in June 20, 2018 when market value
of property was PKR4,000,000/-. He sold this property on June 18, 2021. Selling price was
PKR7,000,000/-

He sold precious coin at price of PKR20,000/- on 10 May 2021, whereas this coin was purchased at price
of 15,000/- in 2015.

He sold share of Listed company with following detail during the year:

Purchase price: 15/share

Sale price: 25/share

Holding period of shares is 8 months, No of shares were #5000 share

He earned profit of 20,000/- from bank account deposits where the amount of tax deducted by bank
was 2,000/-

He won the price bond of PKR300,000/- during the year.

Advance tax deducted during the year is:

On internet: 20,000/-, on salary PKR108,000/-

Please compute income and tax payable.

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