@raheel-zia said in FIN623 GDB 1 Solution and Discussion:
@Rabia-Dar said in FIN623 GDB 1 Solution and Discussion:
@Aqsa-Farhat said in FIN623 GDB 1 Solution and Discussion:
What is the taxable income of Mr. Khurram for the tax year 2020 who is earning a monthly basic salary of Rs. 70,000, earning the income from agricultural land used for growing flowers and creepers in Pakistan of Rs. 500,000 and is entitled to annual medical allowance of Rs. 30,000. (Show complete calculations)
Basic pay x 12= annual salary?
OR
Net pay after deduction x 12 = annual salary?
Grand pay x 12 = annual salary
Define any person.GROSS INCOME *12= PERSON (SALARY INDIVIDUAL ).
PERSON CAN BE A BUSINESS INDIVIDUAL
It looks wrong as per fbr?
Saw different Fix amounts on fbr.
6 Lacs - No Tax
6 - 8 Lacs - 2000 PKR
8 - 14 Lacs - 14500 PKR
14 - 15 Lacs - 79500
etc.
Please confirm
