FIN723 GDB No. 1 Solution and Discussion Fall 2017 Due Date: November 3, 2017
FIN723 - Taxation Management GDB No. 1 Solution and Discussion Fall 2017 Due Date: November 3, 2017
This is to inform that Graded Discussion Board (GDB) 01 will be opened on October 31, 2017 for discussion and last date for posting your discussion will be November 3, 2017.
Topics/Areas for Discussion
“TAX STRATEGIES FOR REDUCING TAX BURDEN”
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Total Marks 5
Starting Date Wednesday, November 01, 2017
Closing Date Saturday, November 04, 2017
Question Title Tax Strategies for Reducing Tax Burden
Tax Avoidance and Tax Evasion are the techniques or strategies adopted by the taxpayers for reducing tax burden.
In each of the following cases, which type of strategy is being adopted by the taxpayers and what are its legal implications?
Case 1 Mr. Babar in tax year 2018 earned Rs. 1M as income from salary and had cash in bank account amounting to Rs. 700,000. He was maintaining a locker in the same bank in which he kept the prize bonds worth Rs. 900,000 and other legal documents. He donated Rs. 50,000 to the charitable institution and paid Rs. 80,000 as Zakat under the Zakat and Ushr Ordinance, 1980 from the earned income in the same year.
Case 2 Mr. Raza inherited an asset worth Rs. 7,000,000 during tax year 2018. Mr. Raza owed Rs 600,000 to Mr. Kashif in 2014. Mr. Kashif returned this loan money in full to Mr. Raza in the tax year 2018 in the form of prize bonds. Mr. Raza kept these prize bonds in the locker maintained with the bank. Mr. Raza in the tax year 2018 declared only the amount that is verifiable from the banking transactions i.e. Rs. 7,000,000 and hide the other receipts in the locker of the bank from the Tax authorities.