Farooq and co. ltd filed tax return for tax year 2012, declaring taxable income as Rs. 1050000; during the assessment and security of record by the tax authority, it was observed that deduction of tax at source was not made by the company, while making the following payments. Compute taxable income and tax thereon for tax year 2012.
Salaries Rs. 250,000
Purchase of office appliances. 100,000
Professional fee paid to chartered accountant Rs. 50,000
Declared taxable Income 1050000
Add:disallow due to non deduction of tax
Salaries Rs. 250,000
Purchase of office appliances. 100,000
Professional fee paid to chartered accountant Rs. 50,000
Taxable Income = 1450,000
Marks 5
Mr. Muhamad Din earned Rs. 45,000 by selling the woods of spontaneous forest in the local market. In his tax return he treated this income under the head of Agricultral income. According to the IT ordinance 2001, analyze whether the tax treatment is correct or not, justify your answer with reason.
Income of Spontaneous forest is non-agricultural income. Any receipts from land related to spontaneous are non agricultural income.
Marks 5
List down the names of Institution whose incomes are exempt from tax under the Part 1 of Second schedule of Income Tax Ordinance 2001 with their respective clauses.
Income of certain educational institutions [Clause (92), Part I of the Second Schedule] "income of any university or other educational institution established solely for educational purposes and not for purposes of profit"
Marks 5
What are the basic features of Sales Tax prevailing in Pakistan?
Features of Sales Tax
• Indirect tax
• Broad based
• Elastic/ Flexible
• Easy to collect
• Potential for revenue generation
Marks 3
Mr. Aslam is the owner of the building which is let out to Mr. Basher for Rs. 8,000 per month on 1st July 2011. During the year he contracted with Mr. Basher for the sales of building for Rs. 100,000 and received Rs. 10,000 as token money and agreed to pay the balance amount the at end of the year. Before the date of maturity Mr. Basher breaches the contract and as per terms of agreement token money paid is forfeited by Mr. Aslam.
Calculate the income from property of Mr. Aslam for the year ended 30th June 2012.
Property income 96,000
Forfeited Amount 10,000
Total Income = 106,000
Marks 3 Question No.64
On 01/01/2007 Mr. Y Purchased 100,000 shares at a price of Rs. 30 per share. He sold these shares on 20/06/2010 at a price of Rs. 40 per share. Calculate the gain taxable on this disposal.
Taxable gain = 100,000 * 30 = 3,000,000
Consideration received 100,000 * 40 = 4,000,000
---------------
Gain = 1,000,000
--------------------
Taxable gain = 1,000,000 * 75% = 750,000
Hence share held for more than one year so 25% gain exempt from tax
Marks 3 Question No. 63
What is meant by Zero Rated Supply with examples?
"Zero - rated supply" means a taxable supply which is charged to tax at the rate of zero per cent
under section 4
Jahangir bhia, woh Mr. Farooq and Mr. Aslam waley bhi questions solve kar dain .....On Tue, Feb 7, 2012 at 10:07 PM, mc100205067 Muhammad Jahangir <mc100205067@vu.edu.pk> wrote:
Mr. Muhamad Din earned Rs. 45,000 by selling the woods of spontaneous forest in the local market. In his tax return he treated this income under the head of Agricultral income. According to the IT ordinance 2001, analyze whether the tax treatment is correct or not, justify your answer with reason.
Income of Spontaneous forest is non-agricultural income. Any receipts from land related to spontaneous are non agricultural income.
Marks 5
List down the names of Institution whose incomes are exempt from tax under the Part 1 of Second schedule of Income Tax Ordinance 2001 with their respective clauses.
Income of certain educational institutions [Clause (92), Part I of the Second Schedule] "income of any university or other educational institution established solely for educational purposes and not for purposes of profit"
Marks 5
What are the basic features of Sales Tax prevailing in Pakistan?
Features of Sales Tax
• Indirect tax
• Broad based
• Elastic/ Flexible
• Easy to collect
• Potential for revenue generation
What is meant by Zero Rated Supply with examples?
"Zero - rated supply" means a taxable supply which is charged to tax at the rate of zero per cent
under section 4
--On Tue, Feb 7, 2012 at 2:55 PM, mc100203984 Imran Zafar Khan <mc100203984@vu.edu.pk> wrote:
anyone can solve these question on urgent basis1-How valuation of stock is done and analyse the maintaniance of record in modern era?2. How mistakes are rectified through the term maLFUNCTIONING?baqi saray questions numerical thay :(Another paper...................................................................................................................today subjective of FIN623Marks 5Farooq and co. ltd filed tax return for tax year 2012, declaring taxable income as Rs. 1050000; during the assessment and security of record by the tax authority, it was observed that deduction of tax at source was not made by the company, while making the following payments. Compute taxable income and tax thereon for tax year 2012.Salaries Rs. 250,000Purchase of office appliances. 100,000Professional fee paid to chartered accountant Rs. 50,000Marks 5Mr. Muhamad Din earned Rs. 45,000 by selling the woods of spontaneous forest in the local market. In his tax return he treated this income under the head of Agricultral income. According to the IT ordinance 2001, analyze whether the tax treatment is correct or not, justify your answer with reason.Marks 5List down the names of Institution whose incomes are exempt from tax under the Part 1 of Second schedule of Income Tax Ordinance 2001 with their respective clauses.Marks 5What are the basic features of Sales Tax prevailing in Pakistan?Marks 3Mr. Aslam is the owner of the building which is let out to Mr. Basher for Rs. 8,000 per month on 1st July 2011. During the year he contracted with Mr. Basher for the sales of building for Rs. 100,000 and received Rs. 10,000 as token money and agreed to pay the balance amount the at end of the year. Before the date of maturity Mr. Basher breaches the contract and as per terms of agreement token money paid is forfeited by Mr. Aslam.Calculate the income from property of Mr. Aslam for the year ended 30th June 2012.Marks 3 Question No.64On 01/01/2007 Mr. Y Purchased 100,000 shares at a price of Rs. 30 per share. He sold these shares on 20/06/2010 at a price of Rs. 40 per share. Calculate the gain taxable on this disposal.Marks 3 Question No. 63What is meant by Zero Rated Supply with examples?--
██████████████████ Basic Group Rules ███████████████████
Immoral & Rudish talk, Earning program links, Cell number for friendship purpose, Websites/Groups Links, Adult contents, Criticize-able Islamic stuff, Spreading disruption, Spamming are strictly prohibited and banned in group.
█████████████████████████████████████████████████
Follow these detailed Group Rules, otherwise you will be banned at any time.
https://docs.google.com/document/d/1YJxA8x3_U7C1lRc0EXfLrJpco4A1XkB1vDxOTqOd3Jg/edit?hl=en&authkey=CNDy9tkJ
Group Email Address:
Attock-VU-Group@Googlegroups.Com
Join group by sending a blank email from University ID at:
Attock-VU-Group+Subscribe@Googlegroups.Com
Join us at http://www.Vusr.net for Papers,Assignments,GDBs, Quizes.
████████████ Click here to Join this group at Facebook:████████████
♥ ♥ ♥ https://www.facebook.com/home.php?sk=group_111877855568034 ♥ ♥ ♥
█████████████████████████████████████████████████
"Dream is not that what you see in your sleep, Dream is the thing which do not allow you to sleep"Malik Muhammad Jahangirmc100205067
MBA- 4th Semester (Finance)
Doha Qatar.
--
MBA- 4th Semester (Finance)
Doha Qatar.
Please visit http://www.weblyceum.com and get registered for Past Papers, Quiz, Assignments, GDBs and much more...
To post to this group, send email to vu-experts@googlegroups.com
To unsubscribe from this group, send email to vu-experts-unsubscribe@googlegroups.com
Do write to admin.bilal@weblyceum.com for Help, suggestion and Complaint.
No comments:
Post a Comment