Business Taxation (B.

Com-II) Income tax Numerical

Mr. Ally
Tax Year: 2013
Tax Year Ended: 30-06-2013
Residential Status: Resident individual
Co!utation o" #n$oe Tax %aya&le
Income from Salary (Section 12)
-'asi$ Salary xxxxx
-'onus xxxxx
-Coission xxxxx
-Cost o" livin( allo)an$e xxxxx
-*earness Allo)an$e xxxxx
-+verseas Allo)an$e xxxxx
-Salary xxxxx
Accommodation
-,ouse rent allo)an$e xxxxx
-Rent "ree "urnis-ed.un"urnis-ed a$$oodation
1
/a0 value o" a$$oodation "a$ility /entitled aount o" rent0 xxxxx
/&0 123 o" MTS or &asi$ salary xxxxx
)-i$-ever o" /a0 or /&0 is -i(-er xxxxx
Conveyance
2
-Conveyan$e Allo)an$e xxxxx
-%i$4 and dro! "a$ility /!rovided ex$lusively "or &usiness !ur!ose0 xxxxx
-Conveyan$e !rovided &y e!loyer "or &usiness use.!ur!ose xxxxx
-Conveyan$e !rovided &y e!loyer "or !ersonal.!rivate use
/103 o" a$5uisition $ost o" ve-i$le0 xxxxx
-Conveyan$e !rovided &y e!loyer !artly "or !ersonal and !artly "or
o""i$ial use
/23 o" a$5uisition $ost o" ve-i$le0 xxxxx
Loan to employee
3
-#nterest "ree loan !rovided &y e!loyer
/aount o" loan6103 &en$-ar4 rate 0 xxxxx
-7oan !rovided &y e!loyer at $on$ession rate
8aount o" loan6 /103 9 $on$ession rate0: xxxxx
Contribution toward Recognized Provident Fund
-e!loyee;s $ontri&ution to !rovident "und (already included) xxxxx
-e!loyer;s $ontri&ution to !rovident "und xxxxx
7ess: exe!t u!-to 103 o" &asi$ salary xxxxx xxxxx
-#nterest on a$$uulated &alan$e o" %<6 (iven 3 xxxxx
7ess: exe!t intrest6163 or 1.3 o" salary )-i$-ever is less xxxxx xxxxx
-=tility Allo)an$e.Residential &ill !aid &y e!loyer.Rei&urseent
o" (as> )ater> and ele$tri$ity &ills /?as> ele$tri$ity> )ater $-ar(es> !atrol
"or (enerator0
1
xxxxx
-Medi$al &ill.ex!enses rei&urseent /as !er e!loyent $ontra$t0 xxxxx
-Medi$al #nsuran$e "or -os!itali@ation xxxxx
-Medi$al allo)an$e xxxxx
-7ess: Ex$e!t u! 103 o" 'asi$ Salary xxxxx Axxxx
-Entertainent &ill rei&urseent xxxxx
-Entertainent allo)an$e xxxxx
Annual leave "are assistan$e
2
xxxxx
-<ree 7a-ore-=SA return ti$4et "ro e!loyer xxxxx
-S!e$ial additional allo)an$e xxxxx
-S!e$ial allo)an$e/travelin( allo)an$e.daily allo)an$e0 xxxxx
-Cas- a)ard (ranted &y !resident o" %a4istan xxxxx
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)
Business Taxation (B.Com-II) Income tax Numerical
-Co!uter allo)an$e xxxxx
-%-. * allo)an$e xxxxx
-%er"oran$e a)ard xxxxx
-#n$entive a)ard xxxxx
-Buali"i$ation !ay xxxxx
-+vertie !ayent re$eived "ro e!loyer xxxxx
-Me&ers-i! "ee !aid &y e!loyer xxxxx
-7a-ore ?y4-ana e&ers-i! "ee !aid &y e!loyer xxxxx
--otel &ill !aid "or !leasure tri! xxxxx
-Re)ard on !assin( de!artental exaination xxxxx
-Senior !ost allo)an$e xxxxx
-Su&sidi@ed lun$-.7un$- "a$ility(if employee engaged in otel bu!ine!!) xxxxx
-ad-o$ relie" xxxxx
-%ay in lieu o" 7eave xxxx
-7eave en$as-ent (during !ervice)
"
xxxxx
-En$as-ent o" 7eave !re!aratory to retireent xxxxx
-"ees !aid "or ana(eent $ourse s!onsored &y e!loyer xxxxx
-S!e$ial relie" allo)an$e xxxxx
-<ees !aid &y e!loyer "or re"res-er $ourse xxxxx
-+rderly allo)an$e xxxxx
-C-ildren edu$ation "a$ility in e!loyerCs institution xxxxx
-C-ildren edu$ation "ee !aid &y e!loyer xxxxx
-Salary o" Mali and C-o)4idar !aid &y e!loyer (domestic servant) xxxxx
-E""i$ien$y -onorariu xxxxx
-Tele!-one &ill !aid.rei&urseent &y e!loyer xxxxx
-%roDe$t allo)an$e xxxxx
-Rei&urseent o" internet usa(e /"or o""i$ial !ur!ose0 xxxxx
-,otel &ill !aid "or o""i$ial duties xxxxx
-7i"e insuran$e !reiu !aid &y e!loyer xxxxx
-<ree trans!ort "a$ility to e!loyeeCs "aily /&ein( trans!ort &usness0 xxxxx
-<ree lod(in( and &oardin( "a$ility(if employee engaged in otel bu!ine!!) xxxxx
-S!e$ial %ay xxxxx
-<ixed edu$ation allo)an$e "or $-ildren xxxxx
Total in$oe "or salary xxxxx
Income from Property (Section 15)
-%ro!erty in$oe/Rent0 xxxxx
-<or"eited aount o" to4en oney xxxxx
- %ro!erty tax !aid &y tenant
-1.10
t-
o" un-adDusta&le advan$es xxxxx
-1.1
t-
o" aount o" a$tual rent in $ase t-e tenant &ears t-e $ost o" re!airs (if
tenant bear! te repair carged )
xxxxx
Total Rent C-ar(ea&le to tax
E

(Taxable Under Final Tax Regime)
xxxxx
Income from business (Section 18)
-#n$oe "ro "is- $at$-in( &usiness xxxxx
-Royalties on !ro"essional &oo4s xxxxx
-#n$oe "ro !ro"essional &oo4s xxxxx
-#n$oe "ro !oultry "or xxxxx
-#n$oe "ro 'usiness =F xxxxx
Capital Gains (Section 37)
-?ain on sales o" s-ares o" !rivate $o!any (di!po!ed off after #2 mont!) xxxxx
7ess: $a!ital loss xxxxx
xxxxx
7ess: Exe!t 223 o" net $a!ital (ain xxxxx xxxxx
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)
Business Taxation (B.Com-II) Income tax Numerical
-?ain on sales o" s-ares o" !rivate $o!any (di!po!ed off during #2 mont!) xxxxx
-?ain on sales o" s-ares o" !u&li$ $o!any (holding more than one
year)
xxxxx
-?ain on sale o" se$urities /-oldin( ore t-an one year0 xxxx
7oss on sale o" Anti5ues xxxxx
-?ain on sale o" in-erited -ouse /-oldin( ore t-an 2 years0 xxxxx
%ro"it on sale o" Modara&a Certi"i$ates /-oldin( less t-an 6 ont-s0 xxxxx
-%ro"it on sale o" in-erited Ge)elry /-oldin( less t-an 12 ont-s0 xxxxx
-%ro"it on sale o" in-erited Ge)elry /-oldin( ore t-an 12 ont-s0 xxxxx
7ess: Ex$e!t u! to 223 o" %ro"it xxxxx xxxxx
-En$aseent o" *e"ense Savin( Certi"i$ate xxxxx
Income form other sources (Section 3)
-A(ri$ultural #n$oe xxxxx
- Reuneration "or exaination /?ross aount0 xxxxx
-#n$oe "ro tal4 delivered on TH /?ross0 xxxxx
-#n$oe "ro -ire o" "urniture xxxxx
-in$oe "ro su&lease o" !ro!erty xxxxx
-#n$oe o" non-!ro"essional )riter xxxxx
Sale o" %ersonal $an on !ro"it xxxxx
-?i"t re$eived "ro ot-er xxxxx
-Aount re$eived "ro a&road &y son xxxxx
-Reuneration "or exaination.%a!er Settin( Reuneration /?ross0 xxxxx
-Reuneration on literary )or4 xxxxx
-Rent o" "urniture and "ittin( xxxxx
-#nsuran$e oney re$eived on aturity o" !oli$y xxxxx
-?ratuity re$eived "ro a!!roved (ratuity "und(Approved by F$R%C&') xxxxx
7ess: exe!t u! to Rs. 200>000 xxxxx xxxxx
-Aount o" (ratuity re$eived "ro una!!roved (ratuity "und xxxxx
7ess: exe!t u! to E2>000 or 203 o" (ratuity(wicever i! le!!) xxxxx xxxxx
Total #n$oe xxxxx
7ess:
II..Ja4at dedu$ted xxxxx
II..Kor4ers Kel"are <und $ontri&ution xxxxx
II..*onations a!!roved under Clause 61 o" S$-edule ## /Restri$ted
u! to 303 o" Taxa&le #n$oe0
xxxxx xxxxx
sA$tual Taxa&le #n$oe xxxxx
Add: S-are "ro Asso$iation o" %ersons
/in$luded "or rate !ur!ose only0
xxxxx
Taxa&le in$oe "or rate !ur!ose xxxxx
A"ter $al$ulatin( t-e Total taxa&le in$oe> )e $al$ulate aount o" (ross tax !aya&le &y
A!!lin( tax rates on taxa&le in$oe
?ross Tax as a!!lyin( tax rates xxxxx
+r Tax as !er rule o" ar(inal relie" xxxxx
?ross Tax /)-i$-ever is less0 xxxxx
Add: Tax on %ro!erty #n$oe as !er rules xxxxx
?ross Tax xxxxx
Co!utation o" Tax !aya&le on A$tual Taxa&le #n$oe
#n$oe Taxa&le A$tual
%ur!ose Rate "or #n$oe Taxa&le
%ur!ose Rate "or #n$oe Taxa&le on Tax

xxxxx
7ess :Con$ession as senior $iti@en 6 203
L
xxxxx
xxxxx
7ess: Con$ession as Tea$-er.Resear$-er
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)
Business Taxation (B.Com-II) Income tax Numerical

E23 6
#n$oe Taxa&le
A$tual on Tax o" Aount

#n$oe Taxa&le A$tual
Tea$-er Tie <ull as Salary

xxxxx
xxxxx
7ess: Tax $redit in $ase o" "orei(n in$oe tax !aid
Co!utation o" Tax $redit in $ase o" <orei(n #n$oe Tax
1. <orei(n in$oe tax !aid xxxxx
2.
#n$oe <orei(n
#n$oe <orei(n
#n$ludin( #n$oe Taxa&le
#n$oe <orei(n #n$ludin(
#n$oe Taxa&le on Tax

xxxxx
/K-i$-ever is less is "or 1 M 20
xxxxx
Tax %aya&le xxxxx
Avera(e Relie"
1. *onation to Allaa #5&al +!en =niversity xxxxx
*onation to So$ial se$urity ,os!ital xxxxx
*onation to %unDa& =niversity xxxxx
*onation to 7a-ore 'oard xxxxx
*onation to Buid-i- A@a Meorial <und xxxxx
*onation to ?ovt. ,os!ital xxxxx
*onation to relie" "und s!onsored &y ?ovt. xxxxx
*onation to C-arita&le #nstitution xxxxx
*onation to a!!roved Reli(ious #nstitution xxxxx
*onation to re$o(ni@ed edu$ation institution xxxxx
Total aount o" donation
/Max u! to 303 o" Taxa&le #n$oe0
xxxxx
xxxxx
2. S-are o" %u&li$ 7isted Co!any !ur$-ased /as ori(inal allottee0
/Max =! to 123 o" Taxa&le #n$oe or Rs. 200>000 )-i$-ever is less0
xxxxx
xxxxx
3. %ro"it on *e&t on ,ousin( S$-ee
/Max u! to 203 o" taxa&le in$oe or Rs. E20>000 )-i$-ever is less0
xxxxx
xxxxx
1. Contri&ution to a!!roved !ension "und
/Max u! to 203 o" taxa&le in$oe0
xxxxx
xxxxx
Total aount adissi&le "or relie" xxxxx
Avera(e Relie" N
Relie" Avera(e "or Adissi&le Aount
%ur!ose Rate "or #n$oe Taxa&le
%ur!ose Rate "or #n$oe Taxa&le on Tax

Oet Tax N ?ross Tax %aya&le Avera(e relie"

Oet Tax xxxxx
Add: Tax on ?olden -ands-a4e 6 avera(e rate
P
xxxxx
xxxxx
Add: Tax on sale o" in-erited -ouse 6103 /-oldin( less t-an one year0 xxxxx
Oet Tax xxxxx
7ess: Tax already !aid
Tax !aid on Cas- )it-dra)al "ro &an4 6 0.33 /i" aount ex$eedin(
Rs. 20>0000 xxxxx
Tax !aid on tele!-one &ill xxxxx
Tax !aid on !ur$-ase o" doesti$ air ti$4et xxxxx
Tax !aid on reuneration "or exaination.%a!er Settin( 6 63 xxxxx
Tax !aid on %ro!erty #n$oe /in $ase !ro!erty let out to a $o!any0 xxxxx
Tax !aid on tal4 delivered on TH6 63 xxxxx
Tax !aid on ?olden -ands-a4e 6 avera(e rate xxxxx
Tax dedu$ted at sour$e "or salary.e!loyer xxxxx
Tax !aid on otor ve-i$le xxxxx xxxxx
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)
Business Taxation (B.Com-II) Income tax Numerical
Tax !aya&le xxxxx
#n$oe Covered under <TR
-Tax on *ividend "ro !u&li$.listed Co!any 6 103 xxxxx
- Tax on Yield o" Oational Savin( *e!osits Certi"i$ates 6 103 xxxxx
-Tax on Yield o" *e"ense Savin( Certi"i$ate 6 103 xxxxx
-Tax on !ro"it on s!e$ial de!osit $erti"i$ates 6 103 xxxxx
-Tax on !ri@e on %ri@e &ond 6 103 xxxxx
-%ro"it on se$urity issued &y &an4in( Co!any 6 103 xxxxx
-Tax on %ro"it on sale on Modara&a Certi"i$ates6 103 xxxxx
-*ividend "ro %rivate Co!any 6 103 xxxxx
-%ro"it on se$urities issued y "ederal (ovt. 6103 xxxxx
-%ro"it on %7S A.C 6 103 xxxxx
-Tax on in$oe "ro )innin( "ro ra""le 6 203 xxxxx
-#n$oe "or Cross )ord !u@@le 6 103 xxxxx
-Tax on !ro"it on de&t /+t-er t-an on ,ouse "inan$in( S$-ee0 6 103 xxxxx xxxxx
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)
Business Taxation (B.Com-II) Income tax Numerical
Oote:
1. #" land area is entioned /i.e. a$$oodation !rovided &y e!loyer )it- land area o"
200 s5. yards0 t-en it is not to &e $onsidered.
Sae !ro$edure is to &e ado!ted )-et-er a$$oodation !rovided is "urnis-ed or
un"urnis-ed.
#" A$$oodation !rovided ot-er t-an &i( $ity t-an 303 o" MTS or 'asi$ Salary )ill &e
$onsidered instead o" 123.
2. #" e!loyer a$5uires t-e ve-i$le on lease t-en "air ar4et value at t-e tie o"
$oen$eent o" lease )ill &e as$ertained. Aount o" annual lease rent !aid &y
e!loyer )ill not &e ta4en into $onsideration.
i" value o" $onveyan$e not (iven t-en not-in( )ill in$luded in in$oe o" tax !ayer and i"
ex!enses o" e!loyer.e!loyee on ve-i$le is (iven t-en t-ey )ill not &e $onsidered in
$al$ulation o" in$oe o" tax!ayer.
3. #" loan !rovided &y e!loyer at or a&ove &en$-ar4 rate t-en not-in( )ill in$luded in
in$oe o" tax!ayer.
#" 7oan !rovided &y e!loyer is less t-an Rs. 200>000 t-en not-in( )ill &e in$luded in
taxa&le in$oe o" t-e e!loyee
1. #" e!loyer !rovide =tility "a$ility "ro o)n sour$es> t-en it )ill &e exe!t
2. Annual leave "are assistan$e is totally taxa&le /)-et-er traveled inside or +utside
%a4istan0. Exe!tion is allo)ed only i" trans!ort is o)ned &y e!lyer.
6. #" leave en$as-ent re$eived &y ?ovt. e!loyee a"ter retireent t-en it )ill &e totally
exe!t.
E. Co!utin( #n$oe "ro !ro!erty dedu$tions -ave &een )it-dra)n )it- e""e$t "ro 1
st
Guly 2006> so all ex!enses in res!e$t o" !ro!erty /i.e. re!air $-ar(es> !ro!erty tax !aid>
"ire insuran$e !aid> $olle$tion $-ar(es et$0 )ill &e i(nored.
L. Con$ession as senior $iti@en is allo)ed only i" tax!ayer is a&ove t-e a(e o" 60 years and
-is total taxa&le in$oe is less t-an Rs. 10>00>000
P. #" ?olden -ands-a4e re$eived and avera(e rates o" !ro$eedin( 3 years are (iven t-en it
)ill &e treated as se!arate &lo$4 o" in$oe 6 avera(e rate/i.e.
123 123 1L3
123
3
+ +
= 0
#" Avera(e rates o" T-ree !re$edin( years not (iven t-en it )ill &e "ully taxa&le under t-e
,ead #n$oe "ro Salary /Se$ 120.
10. Oo treatent o" 'onus s-ares re$eived a$$ordin( to t-e *e"inition o" #n$oe.
11. 7i"e #nsuran$e !aid &y e!loyee> %ersonal 7e(al ex!enses> 'oo4s %ur$-ased> %ur$-ase
o" *SC and O#T =nits> F-as *e!osit Certi"i$ates> %ur$-ase s-ares "ro Sto$4 Ex$-an(e>
C-arity> and %ur$-ase o" S-ares o" %rivate Co. is not entitled "or Avera(e Relie".
12. *onation to 'aitul Mall <und> edu$ation ex!enses o" $-ildren> %ayent o" loan
installent> !ur$-ase o" doesti$ air ti$4et> and %ersonal Medi$al ex!enses are not
entitled "or Con$ession.
13. Any @a4at !ersonally !aid $annot &e dedu$ted )-ile $o!utin( taxa&le in$oe.
WISH YOU ALL THE BEST
Al-Re-an Colle(e ?.T Road> Murid4e. By: Usman Munir
(M.Com)