COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

SINGLE COMPREHENSIVE NUMERICAL FOR REVISION CLASS

ONLYYY…….
AUDIT & INCOME TAX LAW(B.COM PART-2)
Miss MUQADUS “Manager finance & accounts department “in ABC company
has following salary & other details.
Basic salary Rs. 80,000 P.M
Basic pay scale (60,000-10,000-160,000)

• Bonus = 160,000
• House rent allowance 45% of basic pay
• Conveyance provided for official & personal use both costing =1.8
million
• Medical reimbursement = 125,000
• Entertainment allowance for official use = 25,000
• Payment in leaves = 40,000
• Commission =56,000
• Traveling allowance for personal use = 36,000
• Share of profit from AOP = 90,000
• Cost of living allowance = 120,000
• Conveyance allowance = 120,000
• Utilities allowance =60,000
• Interest free loan by the company = 800,000
• Bonus equal to 3 months salary
• He was provided rent free accommodation by his employer; he was
entitled to an accommodation Allowance Rs. 23,000 P.m., if this
accommodation was not provided to him.
• Medical allowance = 9,000 p.m. the actual expense for the year Rs.
45,000
• Dearness allowance = 5,000 P.m.
• Company allowed 1200 per month for telephone
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

• Company allowed 2000 per month for electricity.

• Employer paid 50,000 for admission fees for her children in
school.
• House rent allowance 1500 per month.
• Reimbursement of medical expenditure 30,000 under the terms of
employment.
• Fee for the refresher course paid by the employer 40,000
• Salary of maali & chaukidar paid by the employer 7000
• He received special relief allowance 5000
• He received a profit of Rs.50,000 on security issued by the banking
company.
• Cash award on his outstanding performance =50000
• He received rent of land Rs. 400,000 from subleasing on which he
had paid Rs.300,000 as rent.
• Agriculture income = 50,000
• Dearness allowance = 5000 per month
• Bonus equal to 45 days of basic salary.
• He received a demand draft from brother live in DUBAI(UAE)Rs.
Three hundred thousand which was deposited in UBL account.
• Received gift worth Rs. 40,000
• Share of profit from registered firm Rs.25,000
• Special additional allowance Rs.6000
• Life insurance premium paid by the employer Rs.15000
• Zakat=20000
• Prize on prize bond =100,000
• Dividend received=20000
• Tax deducted by the employer =12500
• Tax deducted u/s 149
• Tax deducted on telephone charges=1200
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

Property income
Mr. Hassan live in ABC house & he rented out his one property @80,000
per month on September,1,2011and the fair market value is 1,000,000.
Following are the additional information. (Which would be higher
between rent received & fair market value will be taxable).
ADDITIONS
1) Income from gifted property =10000
2) Unadjusted advanced rent= 35000
• 1/10th of unadjusted advanced would be added
3) Forfeited amount of token money =15000
4) Signing amount from tenant= 10000
DEDUCTIONS:
1) Repair charges = 8000
• Always 1/5th of RCT orrrrrrrrrrrrr yayy fixeddddddd hayyy….
Ignoring the actual amount of repair charges given in the
question.
2) Administrative & collection charges = 1000
• 6% of RCT (a) xxxxx
• Actual (b) xxxxx
Whichever is less would be deducted.
3) Legal expense = 5000
4) Unrealized rent = 4000
5) Insurance premium = 2000
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

6) Municipal taxes = 5000

7) Utilities charges & rent of furniture = 8000
8) Fittings = 8500
9) Loss from any property = 2000

Question: Mr. khizer has two flats rented out Rs. 7500 per month for flat
01 and tenant also deducted & submitted withholding income tax 4,500
and rented out flat number 02 Rs.8,000 per month.

Calculate his property income & tax liability if any.

Question: Children tuition fee paid by the employer & children

education allowance are two different things as already discussed in
the class.
Taxable income of Mr. sauud gaurii (being salaried person for tax
year 2019 is Rs. 950,000. He has paid 700,000 as tuition fee of his
five children.
We will compare three figure whichever is less would be
deductible from total income just like zakat & donation
a) 5% of tuition fee paid xxxxxx
b) 25% of taxable income xxxxxx
c) No. of children * 60,000 xxxxxx
d) Whichever is less
Yay opper kay rates & 60,000 fixed hay, fixedddd hayyy
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

NOTE : If total income exceeds Rs. 15,00,000 then deduction of

educational tuition fee is not allowed for deduction

Tax slab of property income for an individual

& tax slabs for salaried individual
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)

Complete exam format of numerical

Sample question solved (2011 -regular)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)
COMPILED BY ADNAN JAVED – (MBA -Finance & supply chain management -IOBM)