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Taxation Management (Fin 623)....Gdb no 1 ..(Start date : 23 nov 2016......Due date : 29 nov 2016) Marks 5

TOPIC : Scope of Income/Concept.                                                       Marks: 5

Describe with reason whether the following receipts are taxable in the hand of Zee Ltd. – the recipient:

  1. R Ltd, one of the clients sent a sum of PKR 72,000 after deducting PKR 3,000 as withholding tax.
  2. Bee Ltd., a debtor of Zee Ltd., sent an amount of PKR 15,000 on its advice to one of its creditors, Dee Ltd..Zee Ltd. has duly received receipt confirmation form Dee Ltd.
  3. Airlines Ltd. settled an amount of PKR 40,000 adjusting PKR 25,000 against the travelling tickets purchased by Zee Ltd. and has sent balanced amount to Zee Ltd.
  4. Square Ltd. sent an invoice to Zee Ltd. for 250,000 against financial services to be extended during the next year.

 

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Friends share your thought and ideas for this gdb no 1 of Taxation Management (Mgt 602).

now i have submitted GDB#1, its very easy

Muhammad Abu Bakar Awan.............plz share your thought with all students ....for this gdb ...and also discuss  how to calculate and solve these questions

1,2,3 & 4

Firstly, you will gain the knowledge about what is Receipt of income?

Section 69 of the ordinance defined Receipt of income

Read Handout page 87. then apply on the given GDB scenario.

 

ok ....Alright.......thanku Muhammad Abu bakar ....for guidance  about gdb questions.

kuch smajh ni aa rhi kaise kron?

Receipt of Income Section 69:
ƒA person shall be treated as having received anamount, benefit, or perquisites if it is:
a.Actually received by the person
b.Applied on behalf of the person, at the instruction of the person or under any law; or
c.Made available to the person

please share your GDB Solution...

Plz Apni wording mey likhan isay.......

A sum of PKR 72,000 recieved by the clent R Ltd to be treated as not taxable because once tex has been charged an amount of 3,000 already on the account of R Ltd prerior.

Bee Ltd confirm its payment of 15,000 to via Dee Ltd is deemed as taxable income of Zee Ltd.

Adjusting PKR 25,000 by the Zee Ltd is to be consider his expenses and not be charged in taxable in come.

An amount 250,000which in unincured but tranfered to Zee Ltd is not taxable because this amount is transfered by its client on cross check that would be must have withholding tax

Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

Friends isss ko gdb ko discuss  karna shuru karey ...kaisey solve ho ga aur calculate hoo gay 1,2,3& 4 parts .....disscuss it  

please share to your GDB Solution and help us to understand ...

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