vu mgt602 Mid Term Subjective Solved Past Paper No.2

vu mgt602 Entrepreneurship Solved Past Papers

Solved Past Papers

This subjective solved past paper is related to book/course code vu mgt602 Entrepreneurship which belongs to vu organization. We have 3 past papers available related to the book/course Entrepreneurship. This past paper has a total of 10 subjective questions belongs to topic Mid Term to get prepared. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to get prepared for exams by learning subjective questions online on NVAEducatio.

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Question 1: What is the difference between Interactive-mode and Batch-mode Application Software?
Answer:
Batch files are useful for running a sequence of executables automatically and are often used by system administrators to automate tedious processes while interactive mode applications attract the attention of user this kind of applications can not execuate untill User have interest to execure and complete the process.
Question 7: Under which conditions any royalty is treated as Pakistan source income if it is paid by:
  1. Resident person
  2. Non-resident person
Answer:
  1. A royalty shall be Pakistan-source income if it is:
  2. Paid by resident person, except where the royalty is payable in respect of any right, property, or information used, or services utilized for the purposes of a business carried on by the resident outside Pakistan through a permanent establishment; or
  3. Borne by a permanent establishment in Pakistan of a non-resident person
Question 8: What exemption granted under section 46 of IT Ordinance 2001?
Answer:

Section 46 Profit on Debt

Any profit received by a non - resident person on a security issued by a resident person shall be exempt from tax provided:

  1. Persons not associates
  2. Security widely issued by resident person outside Pakistan
  3. Profit on security was paid outside Pakistan
  4. Security approved by Central Board of Revenue (CBR)
Question 9: What is the difference between remittance and receipt of income? Which one is chargeable to taxable?
Answer:

Difference between remittance and receipt of income

Receipt of income is the money that you receive and you might have to return it on a laterstage. Further the receipt can be on sale of goods, or business receipts out of which theprofit shall be your income. If salaried, the salary is your income for the purpose of taxcalculations.

While a remittance is a transfer of money by a foreign worker to his or her home

country. See "Remittance Man" below for the historical use of the word, which is theopposite of the modern use.
Question 10: What is the Tax Treatment of the foreign government official posted in Pakistan under section 43 of IT Ordinance 2001?
Answer:

Section 43 Foreign Government Officials

Salary of an employee of foreign government exempt provided:

  1. Employee citizen of foreign country and not a citizen of Pakistan.
  2. Services performed are similar to services performed by employees of the Federal Government in foreign countries and
  3. Foreign government also grants similar exemptions to employees of Federal Government. Define the employment as per its respective sections.

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