Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT+DEP) is Rs. 24, 21 & 18 lakh respectively. Net income (gross income net of deductions including EMI of proposed
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c) Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT+DEP) is Rs. 24, 21 & 18 lakh respectively. Net income (gross income net of deductions including EMI of proposed loan) should not be less than 50%. With 30% margin, the Intt @12% pa, repayment in 15 years, how much will be the EMI amount for the approved loan if per lakh EMI is Rs. 1201 for 180 months?
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- Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…
- Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?Mr. Sia is working as a freelance professional in SDN Corporation. He is earning professional fees amounting to Php60,000.00 per month and is a Non-VAT registered. a. During the filing of his First Quarter Income Tax Return, which method of computing income tax is more advantageous? Justify your answer. b. During the filing of his Annual Income Tax Return, which method of computing income tax is more advantageous? Justify your answer.
- Mr Ahmed works as a Finance officer in a company named Ultimate Solutions private limited. He receives his monthly salary of Rs 86000, his father has also left two flats as a legacy for him that pays him rental income of Rs 15000 each. Calculate Only write numeric answer , no need to write Rs. Annual salaried income Annual rental incomeAnnual tax liabilityDuring the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018,her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return?
- 1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable? 3. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018, her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return? Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his gross sales amounted to P800,000. In addition to that, he received P300,000 from his services as a broker. Assume that he failed to signify his intention to be taxed at 8% income tax rate on gross sales in his initial Quarterly Income Tax Return, and he incurred the cost of sales and operating expenses amounting to P600,000 and P200,000, respectively. What is the income tax due to John Wick in his quarterly income tax return?