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Q. 1. Mr. Shahzad is working as Assistant Manager. Following are the detail of his...

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Q. 1. Mr. Shahzad is working as Assistant Manager. Following are the detail of his income during the latest tax year June 30, 2014. 1. Pay Scale of Rs. 90,000-10,000-150,000. 2. Bonus equal to 45 days salary. 3 Medical Allowance 15% of Basic Salary. 4. Cost of Living Allowance Rs. 5,000/- pm 5. Company Provide a Car for Personal use. The Cost of Car Rs. 1,000,000/- 6. Company Provide a Unfurnished Accommodation. The ALV Rs. 450,000/- 7 Dearness Allowance Rs 2,500/- pm 8. LFA One month Basic Salary. 9. Leave Encashment 15 days salary. 10. Received an interest free loan from his employer Rs. 2 Million. 11. Utility allowance 12% of Basc Salary. 12. Entertainment Allowance Rs, 3,000/- pm 13. Salary of Gardner & Watchman born by employer Rs. 7,000/- pm 14. Reimbursement of Medical Expenditure Rs. 150,000/-(under the term of employment). 15. Travelling allowance Rs 50,000/- 16. Agriculture income Rs. 150,000/- 17. He Received Gift from his Brother worth Rs. 40,000/- 18. Donation to Boit ul Mall under Zakat Usher Ordinance Rs. 15,000/ 19. Paid Zakat personally to poor relatives Rs. 35,000/- 20. He winning Prize on Prize Bond amounted Rs. 200,000/- Required: Compute total and taxable income for the year. Compute tax liabilities for the year

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