What will be the tax treatment of followin, Also give reason.
On 29 August 2011, ABC Associates Inc (Italy) transferred the equivalent of Rs.
400,000 in US dollars to H's foreign currency bank account in Italy. ABC
Associates informed H in writing that the Rs. 400,000 was a voluntary payment to
reimburse H for the salary he had not received from Paragon Constructions. ABC
(Italy) further confirmed that the Rs. 400,000 was not a payment on behalf of
Bricks Pakistan nor would the amount be borne by Bricks or claimed by Bricks as
a deductible charge. H is of the view that the Rs. 400,000 being a reimbursement
of the loss suffered by him is not his income chargeable to tax.
On Fri, Jan 20, 2012 at 3:36 PM, farwa khan <ijeeb191@gmail.com> wrote:
iska full solution to send karden???????--
On Fri, Jan 20, 2012 at 12:28 AM, mc100200990 Kanwal Arif <mc100200990@vu.edu.pk> wrote:
okz thanks.
On 1/20/12, mc100202612 Ihsan Ahmad <mc100202612@vu.edu.pk> wrote:
> Rs.500,000/- is taxable as extraordinary payment received.
> Rs.360,000/- net of tax as prize on prize bond is not taxable as tax is
> already deducted from the prize and that is final discharge of tax.
> above is my point of view
>
>
> On Thu, Jan 19, 2012 at 5:44 PM, mc100200990 Kanwal Arif <
> mc100200990@vu.edu.pk> wrote:
>
>> Please tell me its calculation and effect in FIN623 assigment
>>
>> H received Rs. 500,000 from Mr. Ali, a client of Bricks, in
>> appreciation of his extraordinary efforts in meeting the due date of
>> completion of a building project of Mr. Ali. As there was no agreement
>> between H and Ali for the payment of the Rs. 500,000 and the payment
>> made by Ali were voluntary, H contends that the Rs. 500,000 received
>> is in the nature of a windfall and is therefore not taxable.
>>
>> &
>>
>> Rs. 360,000 (net of tax deducted) was received by H in the tax year
>> 2012 as a prize on a prize bond.
>>
>>
>> regards,
>>
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