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FIN623 - Taxation Management GDB No. 1 Solution and Discussion Spring 2018 Due Date: May 23, 2018

FIN623 - Taxation Management GDB No. 1 Solution and Discussion Spring 2018 Due Date: May 23, 2018

 Total Marks 5 Starting Date Thursday, May 17, 2018 Closing Date Wednesday, May 23, 2018 Status Open Question Title Definitions and Scope of Income Question Description Alfa - a debtor of Beta sent a check of Rs. 15,000 on Beta’s advice to one of its creditors - Gamma. Later, Beta duly received receipt confirmation form Gamma. Briefly describe the tax treatment of this amount in the hands of Beta? M Ltd. has an accounting year of 12 months that ends on 30th November of each year. Determine the tax year of this company for the income year starting on 1st December, 2016 and ending on 30th November, 2017. Mr. Zia has been residing in a European country since 2010. He returned to Pakistan on 1st April, 2018. In the year 2017-18, his Pakistan-source income was Rs. 800,000 and foreign source income was Rs. 6,000,000. He did not bring his foreign-source income to Pakistan. Determine his taxable income for the Tax Year 2018. A & B are working in Zee Limited at an annual gross income of Rs. 1 million each. For the FY2017, their employer deducted advanced income tax at the rate of 10% of their income. During the FY2018, their salaries got an annual increment of 20% and the company deducted 20% tax on this income this time. Carefully read the case and identify the tax structure followed in this regard.

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1. Alfa- a debtor of Beta sent a check of Rs. 15,000 on Beta’s advice to one of its creditors - Gamma. Later, Beta duly received receipt confirmation form Gamma. Briefly describe the tax treatment of this amount in the hands of Beta?

1. M Ltd. has an accounting year of 12 months that ends on 30thNovember of each year. Determine the tax year of this company for the income year starting on 1st December, 2016 and ending on 30th November, 2017.

Ans:    Special Tax year 2018    (page-13)

1. Zia has been residing in a European country since 2010. He returned to Pakistan on 1st April, 2018. In the year 2017-18, his Pakistan-source income was Rs. 800,000 and foreign source income was Rs. 6,000,000. He did not bring his foreign-source income to Pakistan. Determine his taxable income for the Tax Year 2018.

Ans: Taxable Income 800,000 (page-13)

1. A & B are working in ZeeLimited at an annual gross income of Rs. 1 million each. For the FY2017, their employer deducted advanced income tax at the rate of 10% of their income. During the FY2018, their salaries got an annual increment of 20% and the company deducted 20% tax on this income this time. Carefully read the case and identify the tax structure followed in this regard.

Ans: Progressive Tax:

This is based on the “capacity to pay” principle of taxation.
In this type, the rate of tax increase as the income increase. (page-3)

guys please discuss , so then we submit the solution.!!!

tehseen i guess first part is related to receipt of income that may be received in cash basis as well as in kind of. please tell me is it right or not??

what about 2nd, 3rd or 4th. is it right?
tell me the exact solution of first question.!!!

Gdb Fin623

1. Taxable: because any amount is chargeable to tax on the basis that it is received the amount shall not be chargeable to tax again on the basis that it is receivable. as per section 73
2. Special Tax year 2017.
3. Taxable income for the year 2017-2018 800,000
4. Progressive Taxes (Not confirmed )

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