Q1. Using your own words, List Five with an explanation of the obligatory conditions of Zakat to be eligible as alms assets. (5 Marks)
Q2. Abdullah is a Saudi citizen has submitted his zakat return including the following information for 1445 H (4 Marks)
Owns an investment car at a book value of 450,000 and with market value of 510,000, the car produced a monthly rental value of 33,000, actual total expenses incurred every month of getting the income is SAR 5,500.
Owns a farm at a book value of 950,000 and during the year it produces different type of fruits. The total gain is SR 390,000. Expenses of the production are estimated at one-third, assuming it’s watered by water from springs and rain.
Required: Calculate the receptacle of the zakat for each kind assuming the zakat receptacle exceeds Nisab.
Q3. Using your own words, explain the different concepts of income from accounting, economics, and taxation perspectives. (3 Marks)
Q4. Using the Formula for individual income tax. Give a comprehensive numerical example for calculating income tax for an individual taxpayer in United States. (3 Marks)
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