vu mgt502 Mid Term Subjective Solved Past Paper No.2

vu mgt502 Organizational Behaviour Solved Past Papers

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Question 1: Define Income that is charged to tax under section 2(9).

Answer:

Business Defined Section 2(9)

Business includes any trade, commerce, manufacture, profession, vocation but doesn't include employment
Following incomes (except exempt income) shall be charged to tax under the head 'Income from Business'.

Profits & Gains from any business in a tax year.
Income derived from any trade, profession, sale of goods or provision of any services.
Income from hire or lease of tangible movable property.
FMV of Perquisites derived by a person by virtue of business relationships.
e) Management Fee derived by a management company.

Income from Business also includes:

Any profit on debt derived by a person. (it is only applicable to such person, whose is business is to derive such income. e.g.; a banking company)
Any amount received by schedule bank from mutual fund, as share of profit.
Profit earned on debts in course business shall be chargeable to 'income from business'.
Income on leasing by lessor, being banks, leasing companies etc.
Income derived from any trade, profession, sale of goods or provision of any services.
Income from hire or lease of tangible movable property
FMV of Perquisites derived by a person by virtue of business relationships.
Management Fee derived by a management company

Question 2: Define section 47 and section 48

Answer:

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Question 3: Define tax year and its types

Answer:

Sec. 2(68) read with Sec. 74---Tax year means a period of 12 months ending on June 30th which is also called Normal Tax Year.

Type of Taxes

Direct taxes
Indirect Taxes
Proportional Taxes
Progressive Taxes
Regressive taxes
Value Added Taxes.

Question 4: Describe Section 47 and 48.

Answer:

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Question 5: Determine tax year in the light of following information:

Mr. Kamran a rice exporter deriving income during the period from 1st January 2004 to 31st December 2004

M/S XYZ an insurance company having an accounting period from 1st January 2006 to 31st December 2006

Mr. X an individual derived income during the period from 1st July 2002 to 30th June 2003.

Answer:

Tax year is 2005

Tax year is 2007

Tax year is 2003

Question 6: Determine total income of Mr. Sharif, a non-resident individual for tax year 2009. Relevant data is given below:

i. Share of profit received in Singapore from a business controlled through a permanent establishment in Pakistan Rs 400000.
ii. Salary income of Mr. Sharif from an employment in Pakistan Rs100,000
iii. Remittance received from China Rs 100,000
iv. Profit on debt received on deposits kept with a bank in Pakistan Rs 25000

Answer:

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Question 7: Determine total income of Mr. Sharif, a non-resident individual for tax year 2009. Relevant data is given below:

Share of profit received in Singapore from a business controlled through a permanent establishment in Pakistan Rs 200,000.
Salary income of Mr. Sharif from an employment in Pakistan Rs600,000
Remittance received from China Rs400,000
Profit on debt received on deposits kept with a bank in Pakistan Rs50,000

Answer:

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Question 8: Employment and its section

Answer:

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Question 9: Enumerate the essentials of Taxation Management.

Answer:

Understanding and application of updated laws particularly tax laws, rules and procedures.
Application/use of benefits such as Tax credits, rebates, exemptions, reductions etc. available under the law.
Maintenance of Records/Books of Accounts as per requirement of law.
Disclosure of true facts (no concealment).

Question 10: If Mr. Basit resident of Pakistan suffered a foreign loss against the income received from foreign country in tax year 2008-09. What is the treatment of such loss. Which section deals this kind of loss?

Answer:

Under Sec.104 Foreign losses Deductible expenditures incurred by a person in deriving foreign source income chargeable to tax under a head of income shall be deductible only against that income. These type of losses carried forward up to six years.