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Here's a short list of common forms and when you should expect to get them -- or when they already
should have been in your hands. Through the Finance Act, 2006, the Government withdrew this
exemption with effect from July 1, 2006. 25% advance was paid on signing of contract and balance
on the delivery of goods on July 15, 2006. Advise Mr. Pervez on the chargeability of sales tax. (03)
Q.8 (a) Every registered person making a taxable supply is required to issue a tax invoice at the time
of supply of goods. The details of rent received and expenses incurred are as follows: (a) Rent
Rs.10,000 per month. The property was let out on rent for the whole year. Taxation and accounting,
tax papers and tax preparation, paper document finance, money accounting d Captions are provided
by our contributors. It suffered losses in the first year of its operations. However, due to certain
reasons, the contract was prematurely terminated six months earlier i.e. on December 31, 2006.
Fatima accepted PIL’s offer by resigning from CPL with effect from June 1, 2005. Madziar says
librarians across the state are fielding the same questions. The IRS is saving money by sending
libraries only the most common forms on paper. You can find tax forms online and e-file or print
them at the library. The annual letting value of the house is Rs.100,000. (b) He has paid property tax
amounting to Rs. 11,500. (c) During the year he has paid Rs.6,000 for repairs and maintenance.
Libraries found out about the budget cut in January. “It’s very, very frustrating for library staff as the
sole provider of paper forms” Gail Madziar, executive director of the Michigan Library Association
said. Explain the tax implication for the author. (03) Q.6 (a) One of your clients has received a
notice from the Taxation Officer demanding payment of tax in respect of an order issued by the
Commissioner against which your client intends to file an appeal before the Income Tax Appellate
Tribunal. Fatima incurred Rs. 10,000 on the printing of research paper and courier charges for
sending the paper abroad. (vii) An amount of Rs. 50,000 was donated to an approved charitable
institution. Discuss the chargeability of above amounts in the hands of employees. (04) Q.9 Explain
the provisions of the Income Tax Ordinance 2001 regarding the principles of taxation of Association
of Persons. (07) Q.10 In the monthly sales tax return filed under the Sales Tax Act, 1990, input tax
paid for the month is adjusted against output tax payable. Most of these forms must be sent to
recipients by Jan. 31. However, many K-1 providers are late in gathering the information they need
to prepare the form. He considers it inadmissible as it is a tax paid to a provincial government. S is
provided a fully maintained car of 1000cc which is used both for private and business purpose. ii. G
owns his conveyance and also incurs its running and maintenance cost. Prepare a list of various types
of income which are not taken into consideration while calculating the amount of advance tax. (07)
(c) State the circumstances when two companies shall be considered as associates, under the Income
Tax Ordinance, 2001. (04) Q.6 (a) Mr. Kazim has recently started a business and has been registered
under the Sales Tax Act, 1990. Moreover, because W-2s include information on how much tax you
had withheld from your check, it's critical to calculate your tax refund. Out of the above stock
option, 1250 shares vested to him during the year were immediately exercised by him. However, the
IRS has different deadlines for the employers, financial institutions, and others who are responsible
for reporting tax information to get your tax documents to you. Briefly explain whether or not Mr.
Henry’s assumptions in (i) to (iv) above are in accordance with relevant provisions of the Income Tax
Ordinance, 2001. (08) (b) Discuss the procedure required to be followed by a resident company if it
intends to make payments to a non-resident individual without deduction of tax. (08) Q.4 Mr. Sajid is
a sole proprietor involved in the distribution of fans manufactured by a Pakistani Company. With
land area upto 250 sq. yards. Rs.40,000 Rs.27,000 With land areas exceeding 250 sq. That way, you
won't have to file an amended return. The relevant IRS publications say that K-1s are due from most
partnership by April 15 and by March 15 if a large partnership makes a relevant election for
treatment as such. Evaluate Mr. Rafiq’s point of view in the light of Income Tax Ordinance, 2001.
(03) Q.3 (a) Mr. Zia inherited certain assets from his father in the year 2004. The company’s
accountant has treated payments under this contract as being under an employment contract with the
company. Please download one of these browsers for the best experience on usatoday.com Google
Chrome Mozilla Firefox Opera Microsoft Edge Safari.
Prepare a list of various types of income which are not taken into consideration while calculating the
amount of advance tax. (07) (c) State the circumstances when two companies shall be considered as
associates, under the Income Tax Ordinance, 2001. (04) Q.6 (a) Mr. Kazim has recently started a
business and has been registered under the Sales Tax Act, 1990. You are required to compute the
amount of tax to be deducted each month, from his salary for tax year 2007. State the conditions
necessary for the application of this rule and the exceptions to it. (05) Q.5 (a) Mr. Zulqarnain intends
to make donations to certain charitable institutions. Describe the circumstances under which this rule
shall not be applicable. (03) (b) A transfer deed has been executed by Mr. Euro in favour of Mr.
Dirham. The deed contains a clause under which the assets will be given back to Mr. Euro after three
years. List down the conditions under which the Commissioner can exercise such powers. You are
required to explain with reasons as to how the above items will be treated in the computation of
taxable income. (04) (c) A taxpayer can be represented by an Authorized Representative in a
proceeding before any Income Tax Authority. Also discuss the rules relating to set off and carry
forward of association’s losses. (08) Q.2 (a) Explain the correct tax treatment in each of the
following situations: (i) In 1998, Mr. Hamid inherited a rare sculpture of Buddha which had a fair
market value of Rs. 200,000 on the date of inheritance. If you expect K-1s, be sure to track them
closely and avoid filing until you're sure that you have every one you expect. The benchmark rate
according to the Income Tax Ordinance, 2001 is 10%. (iii) He was allowed to retain a 1600cc car
which was in his use, at accounting book value of Rs. 650,000. The fair market value of the car at the
time of settlement was Rs. 700,000. Required: Compute the taxable income and tax liability for the
tax year 2007. You are required to explain to him the provisions of Sales Tax Act, 1990 relating to
maintenance and retention of records. (10) (b) Certain food items supplied by Pakistan Distributors
(Pvt.) Ltd. (PDL) have been returned by the customers after the expiry date. However, due to certain
reasons, the contract was prematurely terminated six months earlier i.e. on December 31, 2006. Mr.
Henry has entered into a contract with the company. However, the provisions relating to taxability of
income from property shall not apply to taxpayers who meet certain conditions. The cost of car to
the Company was Rs. 1,000,000. As per Company’s policy, the car was sold to Fatima in January
2005 at the written down value of Rs. 100,000 whereas the fair market value of the same at the time
of sale was Rs. 300,000. In May 2005, Fatima was approached by Pharma Industries (Pvt.) Limited
(PIL). They offered her employment at a higher salary and some extra benefits, alongwith a one time
payment of Rs. 200,000 as an inducement to accept their offer. Fatima incurred Rs. 10,000 on the
printing of research paper and courier charges for sending the paper abroad. (vii) An amount of Rs.
50,000 was donated to an approved charitable institution. Under the contract, Mr. Pervez will supply
branded computers to Mr. Farooq within two months. What are the particulars that are required to be
mentioned on the invoice? (03) (b) Sales Tax Act, 1990 places certain restrictions on adjustment of
input tax. He said many don’t want to file online because they’re unfamiliar with computers. By
knowing when you should have them, you can be smarter about when to file and when to push to
get the information you need. Mr. Imran acquired a flat from the amount of loan and rented it out at
the rate of Rs. 50,000 p.m for a period of seven months. Compute the tax liability of Mr. Yahya for
the tax year 2007. Accommodation or housing Value for areas falling within the limits of
Metropolitan Corporation, Municipal Corporation, Cantonment Board or the Islamabad Capital
Territory. Such tax is to be paid by every person who is engaged in the trading business in the
territory of Punjab. Discuss the options available with Mr. Waseem under the Income Tax Ordinance,
2001 and what matters should he consider in deciding the best option. (04) Q.3 (a) AAS (Pvt.) Ltd
was incorporated on July 1, 2006 and commenced commercial operations in the same month. Advise
the client about the requirements of the Income Tax Ordinance, 2001 regarding change in tax year
from normal to special. (03) (c) Mr. Rafiq, a salaried individual, whose taxable income for previous
year was more than Rs. 500,000, has not filed the wealth statement. You are required to list down
the criteria under which the Commissioner of Income Tax can select a person for tax audit. (05) Q.7
(a) Where goods supplied are returned, the supplier is required to issue credit note. He claimed the
loss in his return for tax year 2006 but an amount of Rs. 150,000 was disallowed by the Taxation
Officer. Please download one of these browsers for the best experience on usatoday.com Google
Chrome Mozilla Firefox Opera Microsoft Edge Safari. Moreover, because W-2s include information
on how much tax you had withheld from your check, it's critical to calculate your tax refund. You
are required to list down the incomes which are excluded for the purpose of calculating advance tax.
(07) (b) One of your clients, Japan and Company, a partnership having three partners, has sent you
its financial statements for the year ended June 30, 2006.
Mr. Henry stayed in Pakistan for eight months during the tax year 2008. Taxation and accounting,
tax papers and tax preparation, paper document finance, money accounting d Captions are provided
by our contributors. Accommodation or housing Value for areas falling within the limits of
Metropolitan Corporation, Municipal Corporation, Cantonment Board or the Islamabad Capital
Territory. Get stock recommendations, portfolio guidance, and more from The Motley Fool's
premium services. During this period, half of his salary will be credited to his bank account in
Pakistan, whereas the remaining portion will be received by him in Germany. (v) Mr. Zubair provided
consultancy services to a listed company. However, many K-1 providers are late in gathering the
information they need to prepare the form. Compute the tax liability of Mr. Yahya for the tax year
2007. You are required to compute the tax, if any, payable by the RF, Mr. A and Mr. B, assuming Mr.
A and B have no other source of income. She previously served as Michigan Public's Morning News
Editor, Investigative Reporter and West Michigan Reporter. Libraries found out about the budget cut
in January. “It’s very, very frustrating for library staff as the sole provider of paper forms” Gail
Madziar, executive director of the Michigan Library Association said. Fatima incurred Rs. 10,000 on
the printing of research paper and courier charges for sending the paper abroad. (vii) An amount of
Rs. 50,000 was donated to an approved charitable institution. Please draft a suitable reply briefly
describing the appellate procedure and incorporate the following chart in your reply. (12) Name of
Appellate Authority Authority whose order may be appealed against Filing fee Limitation period for
filing appeal Decision in appeal Limitation period for decision Q.10 For assessees enjoying resident
status, presumptive tax regime is applicable only on those earning business income. Those are the
folks who I really worry will be hurt most,” he said. We can’t foot that bill for everyone,” Dave
Ewick, the city librarian said. “The thing that really bothers me is this legislative change hurts the
people at the bottom end of the economic barrel,” Ewick said. “It’s the person who’s running on a
shoestring budget, comes in the library, maybe he’s elderly, it may be just someone who's not tax
savvy and doesn’t have the money to pay a preparer. ABC Associates follow accrual basis of
accounting and its income year is July-June 2002. Mr. Imran’s family stayed in Dubai throughout the
year. Neither the Pakistan subsidiary nor Mr. Imran incurred any cost in this regard. Discuss the
chargeability of above amounts in the hands of employees. (04) Q.9 Explain the provisions of the
Income Tax Ordinance 2001 regarding the principles of taxation of Association of Persons. (07)
Q.10 In the monthly sales tax return filed under the Sales Tax Act, 1990, input tax paid for the
month is adjusted against output tax payable. You are required to explain to him the provisions of
Sales Tax Act, 1990 relating to maintenance and retention of records. (10) (b) Certain food items
supplied by Pakistan Distributors (Pvt.) Ltd. (PDL) have been returned by the customers after the
expiry date. Otherwise, your return could trigger red flags that could get you audited -- even if it's
entirely someone else's fault. Nevertheless, you should contact your employer now if you still haven't
gotten a W-2 for a job that you worked in 2016. However, instead of paying the balance amount, he
terminated the sale agreement. Describe the circumstances under which this rule shall not be
applicable. (03) (b) A transfer deed has been executed by Mr. Euro in favour of Mr. Dirham. The
deed contains a clause under which the assets will be given back to Mr. Euro after three years.
Assuming no other tax adjustment, the profit shown in the accounts is liable to tax. His remuneration
during the year was as follows - Rupees (1 Basic Salary 1,117,245 (2) Reward 22,062 (3) Bonus
300,000 (4) House Rent Allowance 643,514 (5) Utility Allowance 111,724 The Company has
provided him a car for personal and business use. Explain the term “taxable supply” and “taxable
activity” used in the above statement describing the scope of sales tax. (08) (b) List down the persons
who are required to be registered under the Sales Tax Rules, 2006. (05) Q.8 Mr. Adam is a registered
person and engaged in the supply of various types of appliances for last many years. Please also
explain the taxability of income from such turnkey contract in the hands of resident person. (03) Q.5
Describe the provision relating to income splitting with reference to transfer of assets between
individual persons. (10) Q.6 Mr. A and B are equal partners of a Registered Firm (RF). Discuss the
options available with Mr. Waseem under the Income Tax Ordinance, 2001 and what matters should
he consider in deciding the best option. (04) Q.3 (a) AAS (Pvt.) Ltd was incorporated on July 1,
2006 and commenced commercial operations in the same month. The IRS is saving money by
sending libraries only the most common forms on paper.
With land area upto 250 sq. yards. Rs.40,000 Rs.27,000 With land areas exceeding 250 sq. However,
many K-1 providers are late in gathering the information they need to prepare the form. He said
many don’t want to file online because they’re unfamiliar with computers. You are required to
compute the tax, if any, payable by the RF, Mr. A and Mr. B, assuming Mr. A and B have no other
source of income. The detail of emoluments received by him during the tax year 2007 are given
below: Rupees Basic salary (per month) 70,500 Rent of furnished accommodation (per month)
30,000 Utilities allowance (per month) 12,000 Medical benefits reimbursed during the year 25,000
House rent was paid by the company directly to the landlord. The car was purchased at a cost of Rs.
500,000 but had a fair market value of Rs. 520,000. (iv) Medical allowance of Rs. 150,000 was paid
to him during the year. On November 10, 2003, it was also found out that there was another input tax
claim relating to tax period September 2003 amounting to Rs. 25,000 which was not claimed in the
monthly return filed for that period. The Motley Fool reaches millions of people every month
through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated
podcasts, and non-profit The Motley Fool Foundation. Fatima incurred Rs. 10,000 on the printing of
research paper and courier charges for sending the paper abroad. (vii) An amount of Rs. 50,000 was
donated to an approved charitable institution. S is provided a fully maintained car of 1000cc which
is used both for private and business purpose. ii. G owns his conveyance and also incurs its running
and maintenance cost. According to the Company’s policy, Mr. Ibrahim was sent on secondment to
Germany on January 1, 2007 for a period of five years. Compute the tax liability of Mr. Yahya for
the tax year 2007. Mr. Sajid wants to claim depreciation (including initial allowance) on the full
amount of cost. (iv) Computer software was purchased on January 1, 2008 at a cost of Rs. 900,000.
The software is likely to be used for twelve years. (v) His business assets worth Rs. 500,000 were
destroyed by the earthquake in October 2005. Running cost borne by employee Rs. 30,000 During
the year Mr. Mushtaq was issued 5,000 shares under an employee share option scheme whereby he
was offered shares at 25% discount to the market value. The details of rent received and expenses
incurred are as follows: (a) Rent Rs.10,000 per month. The property was let out on rent for the whole
year. Please download one of these browsers for the best experience on usatoday.com Google
Chrome Mozilla Firefox Opera Microsoft Edge Safari. Any increase in value of Pound Sterling
against Pakistan Rupee should be non-taxable. Neither the Pakistan subsidiary nor Mr. Imran
incurred any cost in this regard. The most common K-1s that ordinary investors receive is for master
limited partnerships, which are typically structured to require reporting in this manner. In tax year
2008, the Government gave him a compensation of Rs. 400,000 on this account. (vi) Professional tax
of Rs. 100,000 was paid to the Government of Punjab. Mr. Henry has entered into a contract with
the company. Explain the tax obligation in respect of income generated by the transferred assets
during this period. (02) (c) A literary work was completed by an author in thirty months. Even if you
can prepare your taxes without, it's important to be sure that the IRS has the same information that
you do. These forms are required to be sent to borrowers by Jan. 31. Again, without these forms, you
won't necessarily know how much your deductions will be, especially if your mortgage lender also
collected payments that go toward paying tax-deductible real estate taxes. In lieu of premature
termination, the following additional benefits were allowed to Mr. Ayub: (i) A compensation for
early termination of Rs. 150,000 was paid. (ii) Mr. Ayub had obtained an interest free loan of Rs.
200,000 on July 1, 2006 which was payable in lumpsum on March 31, 2007. 25% of the outstanding
balance was waived and remaining amount of loan was deducted from his final settlement. Libraries
found out about the budget cut in January. “It’s very, very frustrating for library staff as the sole
provider of paper forms” Gail Madziar, executive director of the Michigan Library Association said.
However, the provisions relating to taxability of income from property shall not apply to taxpayers
who meet certain conditions. It suffered losses in the first year of its operations. Discuss the
chargeability of above amounts in the hands of employees. (04) Q.9 Explain the provisions of the
Income Tax Ordinance 2001 regarding the principles of taxation of Association of Persons. (07)
Q.10 In the monthly sales tax return filed under the Sales Tax Act, 1990, input tax paid for the
month is adjusted against output tax payable. Get stock recommendations, portfolio guidance, and
more from The Motley Fool's premium services.
The detail of his monthly emoluments is as under: Rupees Basic salary 100,000 Medical allowance
15,000 Utilities allowance 10,000 In addition to the above cash emoluments, he is entitled to the
following perquisites: (i) A car for his personal and official use, having cost of Rs. 700,000 to the
employer. (ii) Rent free accommodation having monthly rent of Rs 20,000 or cash in lieu thereof.
How much of the amount received by Shewani Group is dividend. Accommodation or housing Value
for areas falling within the limits of Metropolitan Corporation, Municipal Corporation, Cantonment
Board or the Islamabad Capital Territory. He also earned dividend of Rs. 50,000 from a listed
company. (v) Mr. Moin has no other source of income. ABC Associates follow accrual basis of
accounting and its income year is July-June 2002. However, United Autos deposited an amount of
Rs. 275,000 in the government treasury on his behalf. What are the particulars that are required to be
mentioned on the invoice? (03) (b) Sales Tax Act, 1990 places certain restrictions on adjustment of
input tax. Briefly explain the following in the light of Income Tax Ordinance, 2001. However he has
opted to take rent free accommodation. (iii) Special allowance of Rs 15,000 to meet traveling,
boarding and lodging expenses to be incurred by him in the normal course of his employment duties.
However, the provisions relating to taxability of income from property shall not apply to taxpayers
who meet certain conditions. Specify any seven exceptions to this rule. (07) Q.4 (a) In certain
circumstances, the Income Tax Ordinance, 2001 empowers the Commissioner of Income Tax to
make assessment based on any available information or material, to the best of his judgment. In tax
year 2008, the Government gave him a compensation of Rs. 400,000 on this account. (vi)
Professional tax of Rs. 100,000 was paid to the Government of Punjab. That way, you won't have to
file an amended return. You are required to specify the particulars to be mentioned on the debit note
issued by the buyer. (06) (b) Describe the circumstances under which a registered person shall not be
able to claim or deduct input tax? (06) Q.8 (a) What is the difference between zero-rated and exempt
supplies? (04) (b) A registered person is required to maintain certain records under the Sales Tax Act,
1990. You are required to advise Mr. Anil about the circumstances under which the loan may be
included in his taxable income. (04) (b) Mr. Waseem received an amount of Rs. 50,000 as arrears of
salary pertaining to the tax year 2007 in the tax year 2008. Mr. Henry has entered into a contract
with the company. Through the Finance Act, 2006, the Government withdrew this exemption with
effect from July 1, 2006. 25% advance was paid on signing of contract and balance on the delivery
of goods on July 15, 2006. Advise Mr. Pervez on the chargeability of sales tax. (03) Q.8 (a) Every
registered person making a taxable supply is required to issue a tax invoice at the time of supply of
goods. Describe the modes of recovery available to the Commissioner, if the taxpayer fails to pay the
amount of tax within the time specified in the said notice. (04) Q.6 (a) Under the Income Tax
Ordinance, 2001, a deduction for capital loss is allowed when consideration received on disposal of
a capital asset is less than its cost. Mr. Henry stayed in Pakistan for eight months during the tax year
2008. When is it required to be filed? (02) Q.15 Mr “B” is the Chief Executive of a Multinational
Company. Moreover, because W-2s include information on how much tax you had withheld from
your check, it's critical to calculate your tax refund. Explain the term “taxable supply” and “taxable
activity” used in the above statement describing the scope of sales tax. (08) (b) List down the persons
who are required to be registered under the Sales Tax Rules, 2006. (05) Q.8 Mr. Adam is a registered
person and engaged in the supply of various types of appliances for last many years. Mr. Sajid wants
to claim depreciation (including initial allowance) on the full amount of cost. (iv) Computer software
was purchased on January 1, 2008 at a cost of Rs. 900,000. The software is likely to be used for
twelve years. (v) His business assets worth Rs. 500,000 were destroyed by the earthquake in October
2005. You are required to list down the criteria under which the Commissioner of Income Tax can
select a person for tax audit. (05) Q.7 (a) Where goods supplied are returned, the supplier is required
to issue credit note. However, due to certain reasons, the contract was prematurely terminated six
months earlier i.e. on December 31, 2006. The car was purchased at a cost of Rs. 500,000 but had a
fair market value of Rs. 520,000. (iv) Medical allowance of Rs. 150,000 was paid to him during the
year. S is provided a fully maintained car of 1000cc which is used both for private and business
purpose. ii. G owns his conveyance and also incurs its running and maintenance cost. Mr. Henry
believes that taxes deposited on Mr. Henry’s behalf does not attract any additional tax incidence for
him as he has not received the amount in cash, from the company. (iv) Since his remuneration was
agreed to be paid in Pound Sterling, the rate of conversion for tax purpose shall be the rate applicable
on the date of agreement. As per terms and conditions, Mr Amir-ud-din is also entitled to signing
amount, which is non-refundable. Out of the above stock option, 1250 shares vested to him during
the year were immediately exercised by him.
Discuss the options available with Mr. Waseem under the Income Tax Ordinance, 2001 and what
matters should he consider in deciding the best option. (04) Q.3 (a) AAS (Pvt.) Ltd was incorporated
on July 1, 2006 and commenced commercial operations in the same month. Out of the above stock
option, 1250 shares vested to him during the year were immediately exercised by him. These forms
are required to be sent to borrowers by Jan. 31. Again, without these forms, you won't necessarily
know how much your deductions will be, especially if your mortgage lender also collected payments
that go toward paying tax-deductible real estate taxes. You are required to explain to him the
provisions of Sales Tax Act, 1990 relating to maintenance and retention of records. (10) (b) Certain
food items supplied by Pakistan Distributors (Pvt.) Ltd. (PDL) have been returned by the customers
after the expiry date. Fatima incurred Rs. 10,000 on the printing of research paper and courier
charges for sending the paper abroad. (vii) An amount of Rs. 50,000 was donated to an approved
charitable institution. Mr. Henry stayed in Pakistan for eight months during the tax year 2008. He
considers it inadmissible as it is a tax paid to a provincial government. Explain the tax implication for
the author. (03) Q.6 (a) One of your clients has received a notice from the Taxation Officer
demanding payment of tax in respect of an order issued by the Commissioner against which your
client intends to file an appeal before the Income Tax Appellate Tribunal. During the said period, he
was only involved in providing in-house independent consultancy services to different departments
of the Company. The cost of car to the Company was Rs. 1,000,000. As per Company’s policy, the
car was sold to Fatima in January 2005 at the written down value of Rs. 100,000 whereas the fair
market value of the same at the time of sale was Rs. 300,000. In May 2005, Fatima was approached
by Pharma Industries (Pvt.) Limited (PIL). They offered her employment at a higher salary and some
extra benefits, alongwith a one time payment of Rs. 200,000 as an inducement to accept their offer.
However, the shares have been issued and he enjoys all rights of ownership. Please advise your
client on its obligations. (12) Q.5 Can the income tax be recovered from a director or shareholder of
a a private company whose liability is limited to the extent of amount paid on shares subscribed by
him. (05) Q.6 Describe briefly the provisions relating to re-opening of a completed assessment,
including period of limitation, if any? (10) Q.7 Mr Amir Ali is manager finance in a multinational
company. Briefly explain whether or not Mr. Henry’s assumptions in (i) to (iv) above are in
accordance with relevant provisions of the Income Tax Ordinance, 2001. (08) (b) Discuss the
procedure required to be followed by a resident company if it intends to make payments to a non-
resident individual without deduction of tax. (08) Q.4 Mr. Sajid is a sole proprietor involved in the
distribution of fans manufactured by a Pakistani Company. You are required to specify the
particulars to be mentioned on the debit note issued by the buyer. (06) (b) Describe the circumstances
under which a registered person shall not be able to claim or deduct input tax? (06) Q.8 (a) What is
the difference between zero-rated and exempt supplies? (04) (b) A registered person is required to
maintain certain records under the Sales Tax Act, 1990. The amount of Rs 200,000 was, however,
paid to her on June 29, 2005. Here's a short list of common forms and when you should expect to
get them -- or when they already should have been in your hands. Please also explain the taxability
of income from such turnkey contract in the hands of resident person. (03) Q.5 Describe the
provision relating to income splitting with reference to transfer of assets between individual persons.
(10) Q.6 Mr. A and B are equal partners of a Registered Firm (RF). Those are the folks who I really
worry will be hurt most,” he said. In addition, if your Form 1099-MISC for nonemployee
compensation includes proceeds paid to attorneys or substitute dividend or tax-exempt interest
payments, then the reporting party has until Feb. 15 to get your 1099-MISC to you. On November
10, 2003, it was also found out that there was another input tax claim relating to tax period
September 2003 amounting to Rs. 25,000 which was not claimed in the monthly return filed for that
period. Neither the Pakistan subsidiary nor Mr. Imran incurred any cost in this regard. Through the
Finance Act, 2006, the Government withdrew this exemption with effect from July 1, 2006. 25%
advance was paid on signing of contract and balance on the delivery of goods on July 15, 2006.
Advise Mr. Pervez on the chargeability of sales tax. (03) Q.8 (a) Every registered person making a
taxable supply is required to issue a tax invoice at the time of supply of goods. The details of rent
received and expenses incurred are as follows: (a) Rent Rs.10,000 per month. The property was let
out on rent for the whole year. To relocate Mr. Imran in UAE, the UAE Company incurred one time
miscellaneous cost of Rs. 100,000 to move the household items of Mr. Imran from Pakistan to
Dubai. He also sold his personal car for a loss of Rs. 50,000. (iii) Mr. Rashid earned a gross income
of Rs. 200,000 from another partnership firm where he is entitled to 25% of the total profit of the
firm. State the conditions necessary for the application of this rule and the exceptions to it. (05) Q.5
(a) Mr. Zulqarnain intends to make donations to certain charitable institutions. He received a
lumpsum amount of Rs. 3.0 million as royalty, on March 31, 2006. ABC Associates follow accrual
basis of accounting and its income year is July-June 2002. However he has opted to take rent free
accommodation. (iii) Special allowance of Rs 15,000 to meet traveling, boarding and lodging
expenses to be incurred by him in the normal course of his employment duties. Please advise your
client on its obligations. (12) Q.5 Can the income tax be recovered from a director or shareholder of
a a private company whose liability is limited to the extent of amount paid on shares subscribed by
him. (05) Q.6 Describe briefly the provisions relating to re-opening of a completed assessment,
including period of limitation, if any? (10) Q.7 Mr Amir Ali is manager finance in a multinational
company.
Here's a short list of common forms and when you should expect to get them -- or when they already
should have been in your hands. He said many don’t want to file online because they’re unfamiliar
with computers. The Motley Fool reaches millions of people every month through our premium
investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-
profit The Motley Fool Foundation. Please download one of these browsers for the best experience
on usatoday.com Google Chrome Mozilla Firefox Opera Microsoft Edge Safari. In tax year 2008,
the Government gave him a compensation of Rs. 400,000 on this account. (vi) Professional tax of Rs.
100,000 was paid to the Government of Punjab. However, many K-1 providers are late in gathering
the information they need to prepare the form. You are required to advise as to whether such
unclaimed amounts could be claimed under the Sales Tax Act, 1990. But the instruction book is more
than 100 pages long. There are other similar forms that report deductible items, such as Form 1098-E
for student loan interest payments and 1098-T for tuition paid for higher education. Moreover,
because W-2s include information on how much tax you had withheld from your check, it's critical
to calculate your tax refund. What are the exceptions to this rule? (06) (b) Every resident taxpayer
whose last declared or assessed income is five hundred thousand rupees or more is required to
furnish a wealth statement for that year along with the income tax return. You are required to
compute the amount of tax to be deducted each month, from his salary for tax year 2007. During
the said period, he was only involved in providing in-house independent consultancy services to
different departments of the Company. Please advise your client on its obligations. (12) Q.5 Can the
income tax be recovered from a director or shareholder of a a private company whose liability is
limited to the extent of amount paid on shares subscribed by him. (05) Q.6 Describe briefly the
provisions relating to re-opening of a completed assessment, including period of limitation, if any?
(10) Q.7 Mr Amir Ali is manager finance in a multinational company. Tax liability on other
remuneration is borne by himself. However, instead of paying the balance amount, he terminated the
sale agreement. During the retention period, he has received dividends and bonus shares. The detail
of his monthly emoluments is as under: Rupees Basic salary 100,000 Medical allowance 15,000
Utilities allowance 10,000 In addition to the above cash emoluments, he is entitled to the following
perquisites: (i) A car for his personal and official use, having cost of Rs. 700,000 to the employer. (ii)
Rent free accommodation having monthly rent of Rs 20,000 or cash in lieu thereof. Get stock
recommendations, portfolio guidance, and more from The Motley Fool's premium services. The most
common K-1s that ordinary investors receive is for master limited partnerships, which are typically
structured to require reporting in this manner. S is provided a fully maintained car of 1000cc which is
used both for private and business purpose. ii. G owns his conveyance and also incurs its running
and maintenance cost. You are required to list down the incomes which are excluded for the purpose
of calculating advance tax. (07) (b) One of your clients, Japan and Company, a partnership having
three partners, has sent you its financial statements for the year ended June 30, 2006. Most of these
forms must be sent to recipients by Jan. 31. However, the provisions relating to taxability of income
from property shall not apply to taxpayers who meet certain conditions. The detail of emoluments
received by him during the tax year 2007 are given below: Rupees Basic salary (per month) 70,500
Rent of furnished accommodation (per month) 30,000 Utilities allowance (per month) 12,000
Medical benefits reimbursed during the year 25,000 House rent was paid by the company directly to
the landlord. Mr. Sajid wants to claim depreciation (including initial allowance) on the full amount of
cost. (iv) Computer software was purchased on January 1, 2008 at a cost of Rs. 900,000. The
software is likely to be used for twelve years. (v) His business assets worth Rs. 500,000 were
destroyed by the earthquake in October 2005. Briefly explain whether or not Mr. Henry’s
assumptions in (i) to (iv) above are in accordance with relevant provisions of the Income Tax
Ordinance, 2001. (08) (b) Discuss the procedure required to be followed by a resident company if it
intends to make payments to a non-resident individual without deduction of tax. (08) Q.4 Mr. Sajid is
a sole proprietor involved in the distribution of fans manufactured by a Pakistani Company. We can’t
foot that bill for everyone,” Dave Ewick, the city librarian said. “The thing that really bothers me is
this legislative change hurts the people at the bottom end of the economic barrel,” Ewick said. “It’s
the person who’s running on a shoestring budget, comes in the library, maybe he’s elderly, it may be
just someone who's not tax savvy and doesn’t have the money to pay a preparer. Such tax is to be
paid by every person who is engaged in the trading business in the territory of Punjab. Describe the
consequences of the same under the Wealth Tax Act. (05) c) A non-resident person has obtained
funds from a Pakistani bank and purchased a property outside Pakistan with that funds.