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Project Icome Tax

Muhammad Ijaz's tax computation for the year 2024 indicates a total income of Rs. 773,796, with deductions amounting to Rs. 58,572, resulting in a taxable income of Rs. 715,224. The gross tax calculated includes a tax on Rs. 600,000 and an additional tax on the remaining Rs. 115,224 at a rate of 2.5%. The total tax payable is Rs. 2,880.6.

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14 views1 page

Project Icome Tax

Muhammad Ijaz's tax computation for the year 2024 indicates a total income of Rs. 773,796, with deductions amounting to Rs. 58,572, resulting in a taxable income of Rs. 715,224. The gross tax calculated includes a tax on Rs. 600,000 and an additional tax on the remaining Rs. 115,224 at a rate of 2.5%. The total tax payable is Rs. 2,880.6.

Uploaded by

qkinxa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Muhammad Ijaz

Tax year 2024


Tax Year Ended : 30 – June – 2024
Residential Status : Resident computation of tax payable
Particulars Rs Rs
Basic Salary ( 27750 * 12) 333000
Conveyance Allowance (2856*12) 34272
Washing Allowance (150*12) 1800
Ration Allowance police (1038*12) 12456
Adhoc Rel AL (2452*12) 29424
House Rent Allowance (2214*12) 26568
Medical Allowance :
Actual Amount Paid (1500*12) 18000
Less : 10 % OF BS (10%*333000) 33300
Ordinary FDA Allowance police (14000*12) 168000
Police law and order allowance (4920*12) 59040
Adhoc relief all (9103*12) 109236
Loan (not exceed Rs.1000000) 159148
Total Income 773796
Less : Deduction
GPF Subscription (3900*12) (46800)
Group Insurance (149*12) (1788)
Punjab police welfare fund (832*12) (9984) (58572)
Taxable Income 715224
Gross Tax:
Tax on Rs.600000
Tax on Rs. (715224 – 600000 = 115224*2.5% ) 2880.6

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