We are aware of three bases/ methods/ systems of
accounts in use, viz.
(i)
Accrual - This is the preferred basis of
accounting. This method is compulsory under
section 209 of the Act;
(ii) Cash - Not generally preferred basis. This is
generally followed by Not-For- Profit-
Organisations and Government;
(iii) Hybrid - This basis is not preferred, since it lacks
consistency.
no see this
An AOP means a group of persons (whether individuals, HUF, companies, firms, etc.) who join together for common purpose(s). Every combination of person cannot be termed as AOP. It is only when they associate themselves in an income-producing activity then they become AOP.Whereas, BOI means a group of individuals (individual only) who join together for common purpose(s) whether or not to earn income.Co-heirs, co-donees, etc joining together for a common purpose or action would be chargeable as an AOP or BOI. In case of income of AOP, the AOP alone shall be taxed and the members of the AOP cannot be taxed individually in respect of the income of the AOP In case of income of AOP, the AOP alone shall be taxed and the members of the AOP cannot be taxed individually in respect of the income of the AOPDifference between AOP and BOIIn case of BOI, only individuals can be the members, whereas in case of AOP, any person can be its member i.e. entities like Company, Firm etc. can be the member of AOP but not of BOI.In case of an AOP, members voluntarily get together with a common will for a common intention or purpose, whereas in case of BOI, such common will may or may not be present.On Sun, May 22, 2011 at 2:37 PM, eemaan Khan <eemaan@vuzs.net> wrote:Fuad bhai! See this4.Which of the following methods of accounting is compulsory to adopt for aop?
► Accrual Basis
► Cash Basis
► Both Accrual and Cash Basis
► Free to choose any kind of baseShouldn't it be "Free to choose any kind of base" becauseFor Companies 'Accrual Basis' method of accounting is compulsory [Section 32(2)]
For Others --- optional, cash or Accrual Basis
On Sun, May 22, 2011 at 2:27 PM, ◆Fuad Hasan◆ <mrfuad2007@gmail.com> wrote:
eemaan thanks for providing reference ...in fact i have replied to hafiz usman... :) Please try to give confirmation about (Not sure) answers....
On Sun, May 22, 2011 at 12:46 PM, eemaan Khan <eemaan@vuzs.net> wrote:Mr. A non-resident of Pakistan received interest on Australian Bonds Rs. 100,000(half amount received in Pakistan). What is the treatment of this amount for calculating his gross total income?
Rs. 100,000 added in his total incomeRs. 50,000 added in his total income (100% SURE)
Rs. 100,000 subtracted from his total income
Exempt from taxSee For a Non-resident of Pakistan, only that part will be added to gross income which is recieved in Pakistan and not the whole and it will not be exempted.On Sun, May 22, 2011 at 12:08 PM, ◆Fuad Hasan◆ <mrfuad2007@gmail.com> wrote:sorry here is the file attached..
On Sun, May 22, 2011 at 12:07 PM, ◆Fuad Hasan◆ <mrfuad2007@gmail.com> wrote:
4.Which of the following methods of accounting is compulsory to adopt for aop?
► Accrual Basis
► Cash Basis
► Both Accrual and Cash Basis
► Free to choose any kind of base
1.Mr.______recieved in agriculture income from dubai, his income shall be treated as……….
► Taxable (Not sure) (find the answer using the attached file of IT Ordinance)
► Exempt
► not remember
► None
A firm ABC maintaining its account in cash basis, at June 27, 2008 it incurred expenses for Rs. 10,000 but actual payments made at 01 August 2008. It would be charge to tax into the tax year:
► 2006
► 2007
► 2008 (not sure)
► 2009
Suppose a merchant acquired Profit from the purchase of standing crops and
resale of it after harvesting. The profit of the merchant will be treated in which of the
following way?
Agriculture Income
Income from Business
Income from Property
Capital Gain
Mr. A non-resident of Pakistan received interest on Australian Bonds Rs.
100,000 (half amount received in Pakistan). What is the treatment of this
amount for calculating his gross total income?
Rs. 100,000 added in his total income
Rs. 100,000 subtracted from his total income
Rs. 50,000 added in his total income
Exempt from tax (not sure)
Mr. A resident of Pakistan received interest on Australian Bonds Rs. 100,000
(half amount received in Pakistan). What is the treatment of this amount for
calculating his gross total income?
Rs. 100,000 added in his total income
Rs. 100,000 subtracted from his total income
Rs. 50,000 added in his total income
Mr. X resident of Pakistan remittance from UK received Rs. 20,000 in Pakistan
from past profits. Which of the following is right for the above scenario?
Mr. X being resident of Pakistan Rs. 20,000 will be added in Gross total
income
Mr. X being resident of Pakistan Rs. 20,000 will be Subtracted in Gross
total income
Mr. X being non-resident of Pakistan Rs. 20,000 will be added in Gross
total income
None of given option
Ref. Since remittance is not considered as income
Superior judiciary includes which of the following authorities?
City Court
Supreme Court
High Court
Both supreme and High court
Ref.
http://www.scribd.com/doc/21271738/Court-System-in-Pakistan
Which one of the following is the example of tax payer?
Salaried Person
LESCO
WAPDA
All of the given options
Which of the following is not an employment tax?
► Social Security Tax
► Federal Excise Tax
► Federal unemployment compensation tax
► State unemployment compensation tax
ref. Excise taxes, also known as manufacturer's excise taxes, are fees imposed by all levels of government on producers, manufacturers and importers of goods and activities. Taxes on goods are usually passed on to the consumer as the normal cost of doing business. The amount of the tax is occasionally posted for the consumer, with an example being the information attached to gasoline pumps. However, the amount is often simply incorporated into the price without any notation.
Read more: What Is a Federal Excise Tax? | eHow.com http://www.ehow.com/about_5047991_federal-excise-tax.html#ixzz1N3s1mUIv
For a non-resident AOP which of the following condition must be satisfied?
► Control and management of affairs of AOP is situated partly in Pakistan
► Control and management of affairs of AOP is situated wholly in Pakistan
► Control and management of affairs of AOP is situated wholly or partly in
Pakistan
► None of the given options
Which of the following is the example of deemed income?
► Cash Gift
► Loan through cross cheque
► Salary
► Golden hand shake
Rate charged under presumptive tax regime to non resident shipping firm 8% on its gross
receipt is quite low as compare to other business. This is an example of which type of tax
concession?
► Reduction in total taxable income
► None of the given options
► Reduction in tax liability
► Reduction in tax rate
Mr. Ali resident of Pakistan received salary form UK? What will be the tax treatment of
his salary in Pakistan?
► Wholly taxable
► Partly Taxable
► Wholly exempt
► Wholly exempt only if resident paid foreign tax on his salary
Mr. A non-resident of Pakistan received interest on Canadian Bonds Rs. 150,000 (entire
amount received in Pakistan). What is the treatment of this amount for calculating his
gross total income?
► Rs. 150,000 added in his total income
► Rs. 150,000 subtracted from his total income
► Rs. 75,000 added in his total income
► Exempt from tax
Any amount shall be Pakistan-source income if it is paid by:
► Resident person
► Non-resident person
► Citizen of Pakistan
► All of the given options
On Sun, May 22, 2011 at 11:08 AM, hafiz usman <hafizusman86@gmail.com> wrote:
4.Which of the following methods of accounting is compulsory to adopt for aop?
► Accrual Basis
► Cash Basis
► Both Accrual and Cash Basis
► Free to choose any kind of base
1.Mr.______recieved in agriculture income from dubai, his income shall be treated as……….
► Taxable
► Exempt
► not remember
► None
A firm ABC maintaining its account in cash basis, at June 27, 2008 it incurred expenses for Rs. 10,000 but actual payments made at 01 August 2008. It would be charge to tax into the tax year:
► 2006
► 2007
► 2008
► 2009
Suppose a merchant acquired Profit from the purchase of standing crops and
resale of it after harvesting. The profit of the merchant will be treated in which of the
following way?
Agriculture Income
Income from Business
Income from Property
Capital Gain
Mr. A non-resident of Pakistan received interest on Australian Bonds Rs.
100,000 (half amount received in Pakistan). What is the treatment of this
amount for calculating his gross total income?
Rs. 100,000 added in his total income
Rs. 100,000 subtracted from his total income
Rs. 50,000 added in his total income
Exempt from tax
Mr. A resident of Pakistan received interest on Australian Bonds Rs. 100,000
(half amount received in Pakistan). What is the treatment of this amount for
calculating his gross total income?
Rs. 100,000 added in his total income
Rs. 100,000 subtracted from his total income
Rs. 50,000 added in his total income
Mr. X resident of Pakistan remittance from UK received Rs. 20,000 in Pakistan
from past profits. Which of the following is right for the above scenario?
Mr. X being resident of Pakistan Rs. 20,000 will be added in Gross total
income
Mr. X being resident of Pakistan Rs. 20,000 will be Subtracted in Gross
total income
Mr. X being non-resident of Pakistan Rs. 20,000 will be added in Gross
total income
None of given option
Superior judiciary includes which of the following authorities?
City Court
Supreme Court
High Court
Both supreme and High court
Which one of the following is the example of tax payer?
Salaried Person
LESCO
WAPDA
All of the given options
Which of the following is not an employment tax?
► Social Security Tax
► Federal Excise Tax
► Federal unemployment compensation tax
► State unemployment compensation tax
For a non-resident AOP which of the following condition must be satisfied?
► Control and management of affairs of AOP is situated partly in Pakistan
► Control and management of affairs of AOP is situated wholly in Pakistan
► Control and management of affairs of AOP is situated wholly or partly in
Pakistan
► None of the given options
Which of the following is the example of deemed income?
► Cash Gift
► Loan through cross cheque
► Salary
► Golden hand shake
Rate charged under presumptive tax regime to non resident shipping firm 8% on its gross
receipt is quite low as compare to other business. This is an example of which type of tax
concession?
► Reduction in total taxable income
► None of the given options
► Reduction in tax liability
► Reduction in tax rate
Mr. Ali resident of Pakistan received salary form UK? What will be the tax treatment of
his salary in Pakistan?
► Wholly taxable
► Partly Taxable
► Wholly exempt
► Wholly exempt only if resident paid foreign tax on his salary
Mr. A non-resident of Pakistan received interest on Canadian Bonds Rs. 150,000 (entire
amount received in Pakistan). What is the treatment of this amount for calculating his
gross total income?
► Rs. 150,000 added in his total income
► Rs. 150,000 subtracted from his total income
► Rs. 75,000 added in his total income
► Exempt from tax
Any amount shall be Pakistan-source income if it is paid by:
► Resident person
► Non-resident person
► Citizen of Pakistan
► All of the given options
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REGARD:
HAFIZ M USMAN
MBA- 4th (FINANCE GROUP)
OKARA
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