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An Overview of Taxation System
Learning Objectives: This activity aims to enable the students to understand different approaches, types of taxation and determination of tax year.
Taxes are the major source of revenue for any government and it is a major instrument of fiscal policy as well. There are different types of taxes which are levied by the government in order to enhance revenues i.e., direct taxes and indirect taxes. Some approaches of collecting taxes are Progressive Tax, Regressive Tax and Proportional Tax (Flat Tax). For tax collection, determination of tax year for the tax payer is very important. Keeping in mind the above points, answer the following:
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Frinds join us discussion
Please join the discussion .. where is everyone? no student of
ap kis time yahan aati han??? Zayada students shayd ni hongy. Misbah Iqbal ap please mery sath grouping karain q k aagy quizes, assignments or GDBs aany han. My skype id is imran32186. Reply me fast.
G zaroor .. but yeh group bhi study k liye hai... we can discuss here ... aap k grp main kitnay members hain?
i wonder k yahan really main koi students nahi hain.. strange
koi hai jo gdb related baat karay?????
Definition & Explanation of TAX YEAR [ Sec. 2(68) & 74].
1. It is a period of twelve months ending on the 30th of June of the calendar year in which the date falls. In certain situations, a tax year can be a period of less than 12 months e.g. on account of discontinuance of business etc. (Sec 117(2).
2. Under this Ordinance, “Tax Year” is the point of reference for computing the income, for application of law, calculation of limitations and all other actions to be taken.
Its a copied content but at least we can get a little idea from this,
(a) Normal Tax Year
It is a period of twelve months ending on the 30th of June of the calendar year in which the date falls. This is also called as “Normal Tax Year”. For example, the tax year 2006 which commenced on 1st of July, 2005 will end on 30th of June, 2006. It is also referred to as “Financial Year” for the purposes of Sec 74.
(b) Special Tax Year.
Also of a period of twelve months. It is different from the “Normal Tax Year” or “Financial year” and is denoted by the calendar year relevant to the Normal Tax Year in which the closing date of Special Tax Year falls.
Kiya 4th Q main hum nay sirf define kerna hai in dono terms ko? ya explain kerna hai?
11-May is the last day to solve this