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Income Tax Computation Practice Questions

The document contains a series of practice questions for computing income tax payable for different individuals based on their various sources of income. Each question lists specific income types, such as trading income, pension income, and dividend income, and requires the computation of tax payable. The document serves as an assignment for understanding income tax calculations.

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fahad zia
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47 views2 pages

Income Tax Computation Practice Questions

The document contains a series of practice questions for computing income tax payable for different individuals based on their various sources of income. Each question lists specific income types, such as trading income, pension income, and dividend income, and requires the computation of tax payable. The document serves as an assignment for understanding income tax calculations.

Uploaded by

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

Income tax computation practice questions (Assignment):

1. Mr. A has following incomes for the year:

- Trading Income 16,000

- Pension Income 28,000

- REIT dividend 12,000

Required: Compute Tax Payable?

2. Mr. Z has following Income for the year:

- Trading Income of 18,000

- Income received from DT 8,000

- Dividend Income 23,000

Required: Compute Tax Payable?

3. Mr. N has following Incomes during the year:

• Employment Income of 22,000

• Income from DT of 8,000

• Income from IIP 8,500 (IIP earns from Interest Income)

• Income from Bank Interest is 16,500

• Dividend Income 12,500

Required: Compute tax payable?

4. Mr. X has following incomes during the year

• Employment Income 50,000

• Property Income 15,000

• He made a Qualifying Donation of 16,000

• Qualifying Loan Interest expense is 3,000

Required: Compute Tax Payable?

5. Mr. N has following Incomes for the year

o Employment Income 32,000

o Trading Income 50,000

o Income from DT 8,000

o Income from IIP 3,400 (Non-Saving source)

o Dividend Income 24,000

o He paid Qualifying Loan Interest of 6,000


o He made Qualifying donations of 7,500.

Required: Compute Tax payable?

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