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Fin623 Current  Final Papers at One Place From March 01 to March 12, 2014

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FIN623 Final Term Paper 2014

Question: What is Value Added Tax (VAT)?
Question: For the tax year 2010, agricultural income of Mr. Adnan is declared as Rs. 180,000. His income from business for the said Tax year is Rs. 150,000. Calculate total income of Mr. Adnan for the tax year 2010.
Question: Mr. Irfan resident of Pakistan received salary from UK. He has also paid tax on his salary from UK as per the tax laws prevailing there. What will be the tax treatment of his salary as a Pakistani resident? Which section of the income tax ordinance deals this scenario?
Question: Mr. Adeel owns a property which he has rented out for Rs.10, 000 per month. The local authority has determined the rental value of the property as Rs.144, 000. He has no other income.
Required:
What will be the fair market value of the property?
How much tax will be payable by Mr.khan for the tax year 2012?
Question: What are the basic features of Sales Tax prevailing in Pakistan?

Question: Farooq and Co. Ltd. filed tax return for tax year 2012, declaring taxable income as Rs.1,050,000; during the assessment and scrutiny of record by the tax authority, it was observed that deduction of tax at source was not made by the company, while making the following payments. Compute taxable income and tax thereon for tax year 2012.
Salaries Rs. 250,000
Payments made in execution of a contract for
purchase of office appliances. Rs. 100,000 

Professional fee paid to chartered accountant. Rs. 50,000


Question: What is meant by Eligible depreciable asset? Explain with examples.
Question: List down the names of assets against which no loss is recognized on disposal?

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Question:- How the registration is made and what are the requirements under sales tax act 1990(5).
Question:- Tax treatment of non-adjustable amount f rent with e.g(3)
Question:- Depreciation under section 22 (3)
Question:- Purpose of gravity. (3)
Question:- Means of zero related supply with example. (5)
Question:- Are expenses incurred prior to incorporation of a company tax deductible. (5)

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1 Long Question about the income from business,
1 Question from sale tax theory ,
1 Question from capital value tax theory,
1 Question was about the exemption of salary theory,
1 Question was about the aid agreement theory,
Short Question
1 Question from loss of capital theory,
2 Question from the speculation theory,

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