PROBLEMS AND SOLUTIONS INDIVIDUALS SUGGESTED PATTERN FOR COMPUTATION OF TAXABLE INCOME AND TAX LIABILITY NAME OF TAXPAYER NATIONAL TAX NUMBER 5 pte TAX YEAR ENDED ON : Soe TAX YEAR 5 XXX PERSONAL STATUS. : Ind./JAOPICo [N-1] RESIDENTIAL STATUS iH Resident / Non-Resident SALARY INCOME Rs. Rs. Basic salary xxx Dearness allowance XXX Cost of living allowance (COLA) XXX Overseas allowance XXX Bonus XXX Commission XXX Leave encashment (LPR) [N-2] XXX Overtime XXX Utilities: on XxX Water XXX Electricity XXX Telephone XXX Tax on salary - paid by employer (in case of tax-free salary) XXX Amount received on termination of employment (eg., golden handshake payment) [N-3] XXX Salary received in arrears [N-4] XXX Services of domestic servants (e.g., housekeeper, driver, etc.) XXX Loan from employer [N-5] XXX ‘aver of an amount payable by employee XXX Obiigation of an employee paid by employer XXX Tansfer of Property or provision of services to employee: Fair market value of property or services XXX Hoy Less: Payment made by the employee, if any XXX XXX “Se rent allowance XXX “tlre accommodation Higher of FMR or 45% of MTS/basie salary [N-6] XXXConveyance allowance Value of Conveyance [N-7] Leave fare assistance (LFA) [N-8] Entertainment allowance XK Less: Amount expended for official purposes 2X Employer's contribution to provident fund: Government provident fund — Totally exempt Unrecognized provident fund — No treatment Recognized provident fund he Less: Exempt lesser of 10% of the salary or Rs. 150,000 [N-9] XXX Interest on provident fund: Government provident fund — Totally exempt , Unrecognized provident fund — No treatment Recognized provident fund XK Less: . Exempt (Higher of 1/3rd of salary or amount calculated @ 16%) XXX Receipt of accumulated balance of provident fund Government provident fund — Totally exempt Recognized provident fund — Totally exempt Unrecognized provident fund [N-10] Profit in lieu of or in addition to salary Gratuity or commutation of pension: Received from Govt., statutory body or corporation - Exempt = Received from approved gratuity or pension fund — Exempt - Received from Gratuity scheme approved by Board XXX Less: Exempt Rs. 300,000 Any other case XXX Less: Exempt (Lesser of Rs. 75,000 or 50% of amount received) XXX Pension — only one pension with higher amount is exempt Any other benefits, allowances, etc. Total taxable salary income INCOME FROM PROPERTY Taxable as a separate block of income [11] INCOME FROM BUSINESS [N-12] Net profit/loss as per profit and loss account XXX Add inadmissible expenses XXX Income not included in P/L A/c XXX Rectification of accounting errors which result in increase of income XXX Expenses for such income which is not taxable under this head XKess: F u Admissible allowance not recorded Expenditures not included in P & L A/c Rectification of accounting errors which result in decrease of income Incomes not taxable under this head Total Income from Business Less: Carried forward loss from business INCOME FORM SPECULATION BUSINESS [N-13] Net taxable income from speculation business Less: Carried forward speculation losses CAPITAL GAINS [N-14] Gains on assets disposed of within one year from the date of acquisition Gains on assets disposed of after one year from the date of acquisition: [N-15] Less: Carried forward capital losses INCOME FROM OTHER SOURCES Dividend [N-16] Royalty Fee for technical services Profit on debt Ground rent Income from hire of machinery, plant or furniture Income from sub-lease of land or building Deemed income (on a/c of unexplained income, asset or expenditure) Meeting fees Income of non-professional writer Gratuity received by legal representatives of a deceased person Annuity or pension [N-17] Consideration received for vacating the possession ofa Property [N-18] Amount of loan, deposit or gift treated as income Income of shareholder from issuance of bonus shares Sale of irrigation water thers Total Less: Admissible deductions, if any [N-19] Total Income 88: Deductible Allowance and Other Allowable Deductions: Zakat paid or deducted under the Zakat and Ushr Ordinance XXX XXX XXX (XXX) XXX (XXX XXX XXX XXX XXX XXX XXX XXX OX) XXX XXX XXX