Question No: 43 ( Marks: 3 )
What is the main?(2purposeTIMES REPEAT)ofGratuity
Main purpose of Gratuity:
- Provision of Gratuity to employees or
- Undertakingion (payment)ofprovis of gratuity on retir
- On employees becoming incapacitated or
- On termination of their em ploymenteriodofafterservic specifithedregulationsin of fund or to the widow employees on their death
- All benefits granted by the. fund shall be
Question No: 44 ( Marks: 3 )
Mr. Farooq’s salary is Rs.22, 000 per month. amounting to Rs.33,eep000by. hisHe isemployerprovidedanfora pej official use. The employer took this jeep fr Rs.80, 000. The fair market value of the 000
Question statement is uncompleted
Question N : 45 ( Marks: 3 )
What are the Penalties in case of failure to notice under section 185 and 186 of Income T
Penalty for failure to maintain records Sec.
In casefirst offailure, two thousand rupees
In thesecondcase offailure, five thousand rupee
- In thethirdcase andof subsequent failure, ten t
Penalty-compliafornonce with notice: Sec 186
- aIn. casefirstof failure, two thousand rupees
- bIn. theassecondof failure, five thousand rupe
- cIn. thethirdcase andof subsequent failure, ten
Question No: 46 ( Marks: 5 )
What are the exemptions availablertyIncome?inTax Ord
Exemptions availableerpropertyundincome:
Any income of a trust or welfare institution said clauses are reproduced below:
- A trust administered under a scheme appr behalf and establishedistanexclusivelyinPak for the purpos activities as are for the benefit and welfar Ex-servicemen and serving personnel, includin and their dependents; or
ii- Exemployees andofservingtheFedperalsonnelGovernment o Government and their dependents, where the s nominated by the Federal
Government or, as the case may be, a Provinc
- A trust or welfare-profit institutionorganization][orapprovnon Commissioner of Income Tax]-clausefor. the purposes
Question No: 47 ( Marks: 5 )
What are the basictax? features of Sales
Features of Sales Tax
- Indirect tax
- Broad based
- Elastic/e Flexibl
- Easy to collect
- Potential for revenue generation
| Question | No: 49 | ( Marks: | 3 ) |
| What is | meant by Depreciable asset? | ||
| Depreciable asset: | |||
| Means a tangible movable or | immovable proper |
improvement rtopertyimmovableownd pby a person that h
- Normal useful life of one year or more.
- Likely to lose value due to normal wear an
- Used wholly in deriving income from busine
Question No: 50 ( Marks: 3 )
Who is liableapitaltoValuepay CTax on capital value
Levy of tax on Capital Value of certain ass
Capital value tax shall be payable by Individual
Association of persons, firm or A company which acquires by: Purchase
Gift Exchange
Power ofy attorne Surrender of rights
Relinquishment of rights by the owner
| Question No: | 51 | ( Marks: | 5 | ) |
| Your are required | to 21(l)define‘Expenditureindetailthepais | |||
| underhead Income from Business. | ||||
| Question No: | 52 | ( Marks: | 5 | ) |
What do you understand-administration’bythetermin‘malcontext department? Explain
The term-administration”includes:“mal109PAGETO110
(i) A decision, process, recommendation,- act
- Is law,contraryrulestoor regulations or is a dep procedure, unless it is bona fide and for va
- Is perverse, arbitrary or unreasonable,
- Is based onorirrelevant grounds;
- Involves the exercise of powers, or the improper motives, favorit,such asnepotismbribery,andadministratjobbery, excesses.
Question No: 53 ( Marks: 5 )
Mr. Adeel ownsh ahepropehasrentedtywhicout for Rs.10, local authority has determined the rental va has no other income.
| Required: | ||
| What will be | the fair market value of the pr | |
| How much tax | will | beforpayablethetaxbyyearMr.khan2009? |
| Page 62 | ||
| Question No: | 45 | ( Marks: 3 ) |
Briefly explain the unexplained Taxincome or as Ordinance2001.
Sec. 111 unexplained income or assets
Where:
A person has made an investment,
Any amount credited to person’s books of accoun A person has incurred expenditure
A person has made an investment,
| Any amount credited to person’s | books of acc | |||
| A person | has | incurred expenditure. | ||
| Question | No: | 46 | ( Marks: 5 | ) |
Under whats conditcommissionera of Income Tax may returns by notice?
The Commissioner may, by notice in writing, representative, as the case may be, to furni the nfoticera period of less- than 12 month, whe
- The person has died;
- The person has become bankrupt or gone i
- The person is about to leave Pakistan pe
- The commissioner may require any person opinion of the commissioner, a person is he failed to do so. The person on whom th 30 days from the date of service of notic
- In case of any omissarevionsedbyreturnatax canpayer,be years of the date that the original retur
Question No: 47 ( Marks: 5 )
Mr. Ghaus is employed in a company after his income for the year ended 30th
| uneJ 2009 are as under; | ||
| Basic salary from company | Rs.20, 000 per | |
| Entertainment allowance | Rs. 1,000 per | mo |
| Pension received from army | Rs. 48,000 | pe |
Calculate the total taxable income of Mr.Gha
Solution
| Tax payer:GhausMr. | Tax | year: 2009 | ||||||
| Residential Status: | ResidentNTN: | 000111 | ||||||
| Computation of taxable incomeIn Rsand tax thereo | ||||||||
| Particula Totalincom Exempt In Taxable I | ||||||||
| Basic sal | 240,000 | NIL | 240,000 | |||||
| Entertain | 12,000 | Exempt | ||||||
| allowance | ||||||||
| Pension r | 48,000 | Exempt | ||||||
| from army | ||||||||
| Total | 240,000 | |||||||
Particulars Total income Exempt Income Taxab
Where theincometaxableexceeds Rs. 180,000 but does 0.50%
Income tax payable:
240,000*0.50/100 = 1200
5cases where deduction not allowed 5 marksDeductions –notSec.Allowed21
1) Any cess, rate or tax npaidor aorforeignpayablecounby PTR/FinalRegimeTax.
2). any amount of tax deducted at source.
- If payer/employer does not deduct tax fro paymentsalariesmde, paid by such payer/employerduction
of these expenses.
- Any entertainment expenditure in excess o conditions]prescribed;asmaybe
5)Any contribution made by the person to a f fund* [approvedpensiond] approvedfun superannuation fund,
UnderwhatconditionsacommissionerofIncomeTaxmayaskforthefilingof returbynotice?s
DefineRoyalty )Sec. 2 (54
Royalty means any amount paid orwhetherpayable how periodicalsum,oraslumpaconsideration for:
- The use of, or right to use any patent, i process, ortradeothermarklike property or right;
- The use of, or rightry,to artisticuseany copyorsciri including tapefilms for viduseoin connection with t with radio broadcasting,includeconsiderationbutshallotfor t exhibitioncinematographyilmsof.
Pension Granted to Injured or Disabled: (shae
Pension granted to a public servant or pers
disabilityfamiliesand toand dependents of ‘Shaheeds Armed Forces; ormemberpublicof ArmedservantForces, who di exempt as provided in AnypartpaymentIof Secondinthe Scn commutation of pensionI,2nd[ClauseSchedule](12),tax:Anyis PartExemp payment in the naturereceivedofcommutationfromtheofgoverpen any pensionscheme approved by the Central Board o Second Schedulefrom istaxexempt.
65:xyz purchase 100,000 shares at 150 share p theapitalc gain on shares?
64:Levy of tax on Capital(marksValue5) of certain as
Levy of tax on Capital Value of certain asse
Capital value tax shall be payable by
1.Individual
2.Association of persons, firm or 3.A company which acquires by:
- Purchase
- Gift
- Exchange
- Power of attorney
- Surrender of rights
Relinquishment of rights by the owner
Responses