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The instructions and requirements for assignment no. 2 of the taxation management course during the spring semester 2012. Students are required to calculate the taxable income and tax liability for the tax year 2012 based on the provided information. Details about mr. Jamal's salary, allowances, expenses, and benefits, as well as instructions for formatting and submission.
Typology: Exercises
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Mr. Jamal is now 62 years old and he is working on contract basis in a multinational group of companies. He has to stay in different cities for more than one year for performing his duties. Rent free accommodation and medical facility is provided to him by the company as per contract agreement. He is also entitled to accommodation allowance of Rs. 17,000 per month, if, in case the company’s accommodation is not available. For tax purpose, the house rent allowance is admissible at the rate of thirty percent. Further, the following information is available for the tax year 2012:
Particulars Rs. Basic salary (per month) 40, Medical expenses reimbursed 90, Children fee paid 10, Bonus 70, Free food during duty hours paid by employer 50, Gratuity approved from Commissioner of Income Tax received 50, Agricultural income 150, Loan payable to previous employer @ 14% for purchase of an asset paid by current employer
Loan amount waived off 10, Cheque received as performance award from president of the company 50, Fair market value of Jeep provided by employer for personal and official use 950, Annual lease payment of jeep by the employer 90,
Instructions:
Note:
Important Instructions:
Please read the following instructions carefully before attempting the assignment solution.
Deadline:
Solution guidelines: