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There were 32 question in paper total no = 44
2 Questions of 3 numbers and
2 Questions of 5 numbers and
28 MCQS…mostly frm past paperz

.
Subjective:
first question was define section 48 and 47?
second question was abt residential status…abt some guy came to attend wedding ceremony from beijing and stayed for a month and after a month on same date he left?
third question was abt the same..
fourth one was abt why tax is not chargeable on shares?

Tags: 2012, FIN623, MAY, Management-MIDTERM, PAPER, SPRING, Taxation

Views: 55

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Subjective Questions are:
.
Determine total income of Mr. khalid, a resident individual for tax year 2009. Relevant data is given below:
He get salary Rs.400,000.
He get profit on shares from UK Rs. 100,000.
He get remittance from India Rs.360,000. and
he get profit on debt Rs. 650,000. What is his gross total income. (marks : 5)
.
What is mean by the short-term resident. Identify the tax treatment? (marks : 5)
.
how differently tax treatment on resident  and non resident person? (marks : 3)
.
Define employment & also mention section? (marks : 3)


Q: What you meant by Returning Expatriate? Explain Tax treatment under section 51?
.

Q: Treatment of Foreign loss of a resident person Mr Basit?section?
.

Q: Resident Individual and AOP?
.

Q: Bench Mark Rate?

Under which conditions any royalty is treated as Pakistan source income if it is paid by: (03 marks)

i. Resident person

ii. Non-resident person



Explain the concept of permanent establishment (03 marks)



What is the meant by short term resident? How the income of short term resident is taxed as per section 50 of income tax ordinance 2001. (05 marks)



Define employee share scheme under section 14 and also tell under what condition right to acquire shares are chargeable to tax under section 14 of IT ordinance 2001. (05 marks)

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