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?--
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