ALLAMA IQBAL
OPEN UNIVERSITY, ISLAMABAD
(Department of
Commerce)
BUSINESS
TAXATION (456)
CHECKLIST
SEMESTER:
SPRING, 2012
This
packet comprises the following material: -
- Text book (One)
- Assignment No. 1, & 2
- Assignment forms (Two sets )
- Schedule for submitting
assignments and tutorial meetings
If you find anything missing in
this packet, please contact at the address given below:
The
Mailing Officer,
Allama Iqbal Open
University
H-8, Islamabad
051-9057611- 12
Muhammad
Munir
Course Coordinator
ALLAMA IQBAL
OPEN UNIVERSITY ,
ISLAMABAD
(Department
of Commerce)
[
1.
PLAGIARISM OR HIRING OF GHOST
WRITER(S) FOR SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT FROM AWARD OF
DEGREE/CERTIFICATE, IF FOUND AT ANY STAGE.
2.
SUBMITTING ASSIGNMENT(S) BORROWED
OR STOLEN FROM OTHER(S) AS ONE’S OWN WILL BE PENALIZED AS DEFINED IN “AIOU
PLAGIARISM POLICY”.
Course: Business
Taxation (456) Semester:
Spring, 2012
Level: BA/B.Com Total
Marks: 100
Units: 1–9 Pass
Marks: 40
Assignment No. 1
(Units:
1–4)
Note: You are required to attempt all questions if you are unable to
understand any question of assignment, do seek help from your concerned tutor. But
keep in mind that tutors are not supposed to solve the assignment questions for
you.
Q. 1 Explain the following from income tax viewpoint: (20)
i) Accumulated Profits ii) Capital Asset
iii) Agricultural Income iv) Dividend
Q. 2 Define provident fund. Explain
the types of provident fund and their treatment for the calculation of tax. (20)
Q. 3 i) Explain the “Foreign Tax Credit” with the
help of an example. (10)
ii) Briefly explain the income from property
not taxable. (10)
Q. 4 i) Discuss the
necessity of differentiation between capital and revenue items. (10)
ii) State
with reasons whether the following expenses are capital or revenue: (10)
a)
Paid Rs. 5,000 as freight on goods purchased.
b)
Received Rs. 10,000 from the sale of old machinery.
c)
Paid Rs. 2,500 for acquiring a copyright.
d)
Rs. 5,000 were paid for white-washing the business
building.
e)
Cost of issuing shares Rs. 1,200.
Q. 5 From the following information, calculate taxable
income, tax payable of Mr. Hassan as an individual for the year ending on 30th
June 2011. (20)
Details Amount (Rs.)
Basic
salary per annum............................................................ 540,000
Bonus....................................................................................... 50,000
Dearness
allowance.................................................................. 30,500
Fixed
education allowance for children................................... 10,000
Incentive
award........................................................................ 25,000
Professional
books purchased.................................................. 6,000
Insurance
money received on maturity of policy..................... 100,000
Pay in
lieu of leave.................................................................. 26,000
Entertainment
allowance.......................................................... 15,000
Donation
to Pakistan Baitul Mal............................................... 12,000
Share from
AOP....................................................................... 18,000
Amounts
claimed for rebate: ...................................................
Contribution
to approved pension fund................................... 10,000
Legal
expenses......................................................................... 5,000
Notes:
i)
Employer has provided him a
chauffer driven 2000 cc car, partly for private use, costing Rs. 1 million.
ii)
He is provided with rend free
unfurnished accommodation.
iii)
Payment to workers welfare fund
is Rs. 12,000 and income tax Rs. 10,000 has already been deducted from his
salary.
iv)
The salary of watchman, gardener
and sweeper paid by the employer is Rs. 25,000.
Assignment
No. 2
(Units: 5–9)
Q. 1 Why is the distinction between capital and revenue
items important from income tax viewpoint? What are the various tests used for
differentiation between them? (20)
Q. 2 From the
following information, calculate tax payable of Mr. Ghulfam for the year ending
on 30th June 2011. (20)
Details Amount
(Rs.)
Salary
income.......................................................................... 160,000
Income
from business.............................................................. 202,000
Agricultural income (agricultural tax has been paid
to the Government of
Punjab)..................................................................................... 220,000
Zakat paid
during the year under zakat ordinance.................... 12,000
Approved
pension scheme....................................................... 35,000
Expenses
on children education............................................... 45,000
Q. 3 What penalties can be imposed in the following cases? (20)
a) Concealment of Income
b) Non-Payment of tax
c) Failure to Furnish Statements
d) Failure to Maintain Records
Q. 4 Describe
the powers and functions of the Commissioner of income tax. (20)
Q. 5 Define the following terms with reference to Sales Tax (Amendment)
Act 1990:
i) Exempt Supply ii) Return
iii) Input Tax iv) Wholesaler (20)
Show your LOVE Please Like us on facebook
Click Thumbs Up
Comments
Post a Comment