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) 4,200,000 4,200,000 Property (Shop Rented) 3,500,000 3,500,000 Property (Flat Rented) 2,800,000 2,800,000 Calculate: Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) His estimated Personal Expenses (Reconciliation of Net Personal Assets)
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) 4,200,000 4,200,000 Property (Shop Rented) 3,500,000 3,500,000 Property (Flat Rented) 2,800,000 2,800,000 Calculate: Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets) His estimated Personal Expenses (Reconciliation of Net Personal Assets)
Chapter16: Tax Research
Section: Chapter Questions
Problem 69EDC
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Question
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) |
4,200,000 |
4,200,000 |
|
Property (Shop Rented) |
3,500,000 |
3,500,000 |
|
Property (Flat Rented) |
2,800,000 |
2,800,000 |
Calculate:
- Total Inflow during the Tax Year 2020 (Reconciliation of Net Assets)
- His estimated Personal Expenses (Reconciliation of Net Personal Assets)
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Author:
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Publisher:
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