FIN623 Assignment no 2 Solution-Semester Fall 2021-vu-Taxation Management<br /><br />FIN623 Assignment no 2 Solution-Semester Fall 2021-vu-taxation Management<br />#Fin623, #VU, Semester Fall 2021, FIN623 Assignment no 2 Solution,-taxation Management, virtual university, ITO 2001, Income Tax Rule 2002,<br />income tax ordinance 2001, taxable income, residential status, <br />tax liability,<br /><br /><br />Question<br />Mr. Anonymous the Manager of a Multinational Company in Pakistan was deputed on the official task in Italy in 2016. He returned to Pakistan in June 2021 and remained in Pakistan for the period of 1 year. For the tax year 2022, the following are the details of his incomes and other particulars:<br />Monthly basic salary 120,000<br />2. Bonus 90,000<br />3. Adhoc allowance 50,000<br />4. Furnished accommodation provided by employer 200,000<br />5. Utilities paid by employer 80,000<br />6. Monthly medical allowance 50,000<br />7. Conveyance provided for personal use <br />Value of car purchased by the employer 2,150,000<br />8. Interest-free loan is taken from employer 4,000,000<br />9. Rental income from building 550,000<br />10. Non- adjustable advance received 100,000<br />11. Zakat paid 50,000<br />12. Investment in shares of a public company listed on<br />Stock Exchange of Pakistan 100,00<br /><br />Requirement: <br />For the tax year 2022, determine for Mr. Anonymous: <br />a) Residential status (1 Mark) <br />b) Taxable income (6.5 Marks) <br />c) Tax liability (2.5 Marks) <br /><br /><br />
