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Definitions and Head of Income: Salary

1. Mr. Khurram will receive PKR 100,000 as income from salary on 30 April 2017. This amount would be chargeable to tax on 1 April 2017. Should this amount be taxed after receiving on 30 April 2017? Justify your answer in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
2. Ms. Shazia came to Pakistan for four months to work on a special US project. She arrived Pakistan on January 1, 2017 and left Pakistan on April 30, 2017. Determine her residential status with proper justification and in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
3. XYZ is an unlisted company incorporated under the Companies Ordinance, 1984. Fifty-nine per cent of the company’s shares are held by the Govt. of Punjab. Briefly state, with reason(s) and relevant section(s) whether XYZ will be assessed both a company and a resident for the tax year 2017?
4. M Textiles Ltd. has an accounting year of 12 months ending on 30 September each year. You are required to determine the tax year of this company for the income year starting on 1 October 2015 and ending on 30 September 2016 in the light of the relevant section of the Income Tax Ordinance 2001 modified till June 2016.
5. Mr. Malik received PKR 900,000 on encashment of Special US Dollar Bonds issued under the Special US Dollar Bonds Rules, 1998. Is this income exempt from tax for the tax year 2017? Also, mention the relevant section of the Income Tax Ordinance 2001 modified till June 2016.

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Replies to This Discussion

first taxable hai 

non residential

3rd ka confirm kr rha hn

30 sep 2016

5th bh yes me hai 

Justify your answer sir :P 

wo khud kr lain income from salary non residental status or rice tax year wale or income from exempt etc

3rd is also yes,

XYZ will be assessed both a company and a resident for the tax year 2017.

see section 83.

thk hai 

complete kr li hai gdb agr nh to mjse discuss kr lo hm apna solution compete krain 

1. Taxation of a salaried person will be deducted on a normal tax year and it will be deducted at 30 April 2017.

2. According to the definition of Resident Individual (Section 82)

A).An individual shall be resident individual for a tax year if the individual
is present in Pakistan for a period of, or periods amounting in aggregate to one hundred and eighty three days or more in the tax year or

B).Is an employee or official of the Federal Government or Provincial Government posted abroad in the tax year.
So, according to this definition MS.Shazia is not a resident person of Pakistan.

3. Resident Company (SECTION 82)

For a tax year a company shall be resident company if any of the following conditions is satisfied

A). The Company is formed under any law in force in Pakistan.

B).The control and management of the company’s affairs is situated wholly in Pakistan in the tax year

C).It is a Provincial Government

D). It is a Local Government

As in this statement the Government of Punjab holding the amount more than 50 percent so it will be a company and a resident company.

4. Special Tax Year [SECTION 74(2)]

A special tax year is a year which is not a normal tax year according to this section

A). Where a person had an income year under the Income Tax Ordinance,1979 different from the normal tax year or

B). Where the Commissioner Inland Revenue has allowed a person on the application to use a special tax year.

So, this will be a special tax year for the Textile company.

5. According to the Exemptions and concessions
Encashment of special US Dollar Bond [clause(135), Part 1 of the second schedule] Any amount received on encashment of Special US Dollar Bond issued under the Special US Dollar Bonds Rules ,1998 is exempt.

1. Taxation of a salaried person will be deducted on a normal tax year and it will be deducted at 30 April 2017.

2. According to the definition of Resident Individual (Section 82)

A).An individual shall be resident individual for a tax year if the individual
is present in Pakistan for a period of, or periods amounting in aggregate to one hundred and eighty three days or more in the tax year or

B).Is an employee or official of the Federal Government or Provincial Government posted abroad in the tax year.
So, according to this definition MS.Shazia is not a resident person of Pakistan.

3. Resident Company (SECTION 82)

For a tax year a company shall be resident company if any of the following conditions is satisfied

A). The Company is formed under any law in force in Pakistan.

B).The control and management of the company’s affairs is situated wholly in Pakistan in the tax year

C).It is a Provincial Government

D). It is a Local Government

As in this statement the Government of Punjab holding the amount more than 50 percent so it will be a company and a resident company.

4. Special Tax Year [SECTION 74(2)]

A special tax year is a year which is not a normal tax year according to this section

A). Where a person had an income year under the Income Tax Ordinance,1979 different from the normal tax year or

B). Where the Commissioner Inland Revenue has allowed a person on the application to use a special tax year.

So, this will be a special tax year for the Textile company.

5. According to the Exemptions and concessions
Encashment of special US Dollar Bond [clause(135), Part 1 of the second schedule] Any amount received on encashment of Special US Dollar Bond issued under the Special US Dollar Bonds Rules ,1998 is exempt.

Please Discuss here about this GDB.Thanks

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Dear All,

1)please refer to Section 12 Salaries of Income Tax Ordinance 2001 .

2)Please refer to Section 81 Resident & non-Resident Persons of Income Tax Ordinance 2001 

3)Again Section 81 (though i am not sure if there is a separate section for corporate tax but this is as per best of my knowledge)

4)Section 74 Tax Year of Income Tax Ordinance 2001 

5)Again section 12 Salary of Income Tax Ordinance 2001 

Mention "Income taxable or Resident status" or such words along with definitions from these Sections of Tax ordinance would be enough i guess.

Below link has definitions and clauses stated in summary form.

finosys.com/incometax/itaxord2001/sections/Sec12.htm

Hope it helps

 

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