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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