Calculate taxable income.
Mr. Adeel is working as Govt. Teacherr at pay scale of 50000-15000-85000 and he’s provided with rent free accommodation in Islamabad. He is also entitled of medical allowance of Rs. 15,000/- p.m. The office has provided him a vehicle Rs. 1,500,000/- for both the personal and private use. He received Rs.25000 as utilities allowances. The tea and coffee is free at the premises but still he is getting entertainment allowance of Rs. 5,000/- p.m. He received Bonus of Rs. 60,000/- this year and pride of performance presidential award Rs.75, 000/-. Moreover, Adeel is entitled of Rs.45, 000/- as Adhoc allowance. He has introduced a formula of chemistry and receiving Rs. 100, 000/- as royalty for this formula. Last year in January 22, 2019 he purchased the shares of a public limited company which he has sold in February 28, 2020. He owned a house which he rented out for Rs. 25, 000/- p.m. and 50,000/- as token money. He has also received an amount of 100$ as birthday gift by his parents as foreign remittances. In a while, he started his business of pharmacy in evening and earned 600, 000/- annual profit. He has won the prize bond of Rs. 500, 000/- He has paid Zakat of Rs. 35, 000/- the following information is also given:
Employee’s contribution 3500 p.m
Employer’s contribution 3500 p.m
Interest credited 60,000 annual
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Adhoc allowance. He has introduced a formula of chemistry and receiving Rs. 100, 000/- as royalty for this formula. Last year in January 22, 2019 he purchased the shares of a public limited company which he has sold in February 28, 2020. He owned a house which he rented out for Rs. 25, 000/- p.m. and 50,000/- as token money. He has also received an amount of 100$ as birthday gift by his parents as foreign remittances. In a while, he started his business of pharmacy in evening and earned 600, 000/- annual profit. He has won the prize bond of Rs. 500, 000/- He has paid Zakat of Rs. 35, 000/- the following information is also given:
Employee’s contribution 3500 p.m
Employer’s contribution 3500 p.m
Interest credited 60,000 annual
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