loading...

FIN623 GDB 1 Solution Spring 2017

1. Mr. Khurram will receive PKR 100,000 as income from salary on 30 April 2017. This amount would be chargeable to tax on 1 April 2017. Should this amount be taxed after receiving on 30 April 2017? Justify your answer in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
2. Ms. Shazia came to Pakistan for four months to work on a special US project. She arrived Pakistan on January 1, 2017 and left Pakistan on April 30, 2017. Determine her residential status with proper justification and in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
3. XYZ is an unlisted company incorporated under the Companies Ordinance, 1984. Fifty-nine per cent of the company’s shares are held by the Govt. of Punjab. Briefly state, with reason(s) and relevant section(s) whether XYZ will be assessed both a company and a resident for the tax year 2017?
4. M Textiles Ltd. has an accounting year of 12 months ending on 30 September each year. You are required to determine the tax year of this company for the income year starting on 1 October 2015 and ending on 30 September 2016 in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
5. Mr. Malik received PKR 900,000 on encashment of Special US Dollar Bonds issued under the Special US Dollar Bonds Rules, 1998. Is this income exempt from tax for the tax year 2017? Also, mention the relevant section of the Income Tax Ordinance 2001 modified till June 2016.

Solution :

Income is taxable.

He is a non residential

3rd income is taxable

30 sep 2016

5th income is taxable

DOWNLOAD SOLUTION HERE
loading...