Sunday, July 24, 2011

Re: [ vuZs.net ] FIN623 please answer

60. Describe the Legal Status under section (80) of the following :

        1. Federal Government Of Pakistan

        2. Mr.Shakeel Serving as a director

        3. Joint family of Mr. Hari Prasad ,his Son Mr.Johan and Mr. Vijay

 

Ans: 1. (v) Public Company       page #16

        2. (Xii) Individual

        3. (iii) Hindu Undivided Family



62. Tax Treatment of Gratuity not Covered under clause (13) ?? (Marks 5)

 

Treatment of Gratuity not Covered under any other Clause of Part I of 2nd Schedule:

Gratuity received by an employee/family on retirement or death shall be exempt from tax to the extent of the least of the following:

a. 50% of amount receivable

Or

b. Rs.75, 000 However, this exemption is not available in the following cases:

•If gratuity is received outside Pakistan

•Received by a director of a company who is not a regular employee of the company

•If received by a non resident person

•If recipient has already received any gratuity from the same or any other employer

 

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