Contemporary Taxation

Submitted to:
Sir Shaukat Amir
Submitted by:
Laiba Tufail Malik
Fa18-BAF-005
Date:
15th July 2020

COMSATS UNIVERSITY ISLAMABAD,

Attock Campus
Question No. 01

Tax Liability under the “head of income- Income from Property” for the tax year
2020 in the following cases;

1. 100,000

No tax liability.

2. 300,000

5% of the gross amount exceeding 200,000

Amount Exceeding 200,000 = 300,000 – 200,000

= 100,000

5% of 100,000 = 5,000

Total Tax Liability = 5000

3. 700,000

20,000 plus 10% of the amount exceeding 600,000

Amount Exceeding 600,000 = 700,000 – 600,000

= 100,000

10% of 100,000 = 10,000

Total Tax liability = 20,000 + 10,000

= 30,000

4. 1,900,000

60,000 plus 15% of the amount exceeding 1,000,000

Amount Exceeding 1,000,000 = 1,900,000 – 1,000,000

= 900,000

15% of 900,000 = 135,000

Total Tax Liability = 60,000 + 135,000

= 195,000

5. 4,000,000

210,000 plus 20% of the amount exceeding 2,000,000

Amount exceeding 2,000,000 = 4,000,000 – 2,000,000

= 2,000,000

20% of 2,000,000 = 400,000

Total Tax Liability = 210,000 + 400,000

= 610,000

6. 5,000,000

610,000 plus 25% of the gross amount exceeding 4,000,000

Amount Exceeding 4,000,000 = 5,000,000 – 4,000,000

= 1,000,000

25% of 1,000,000 = 250,000

Total Tax Liability = 610,000 + 250,000

= 860,000

7. 7,000,000

1,110,000 plus 30% of the gross amount exceeding 6,000,000

Amount Exceeding 6,000,000 = 7,000,000 – 6,000,000

= 1,000,000

30% of 1,000,000 = 300,000

Total Tax Liability = 1,110,000 + 300,000

= 1,410,000
 8. 9,000,000

1,710,000 plus 35% of the gross amount exceeding 8,000,000

Amount Exceeding 8,000,000 = 9,000,000 – 8,000,000

= 1,000,000

35% of 1,000,000 = 350,000

Total Tax Liability = 1,710,000 + 350,000

= 2,060,000

9. 10,000,000

1,710,000 plus 35% of the gross amount exceeding 8,000,000

Amount Exceeding 8,000,000 = 10,000,000 – 8,000,000

= 2,000,000

35% of 2,000,000 = 700,000

Total Tax Liability = 1,710,000 + 700,000

= 2,410,000

10. 12,000,000

1,710,000 plus 35% of the gross amount exceeding 8,000,000

Amount Exceeding 8,000,000 = 12,000,000 – 8,000,000

= 4,000,000

35% of 4,000,000 = 1,400,000

Total Tax Liability = 1,710,000 + 1,400,000

= 3,110,000