Get documents about "456-Business Taxation_VUsolutions.com
Description
AIOU Past Current Assignments of SCC HSSC BEd Classes Autumn 2011 Semester DOWNLOAD,
Document Sample
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
BUSINESS TAXATION (456)
CHECK LIST
SEMESTER: AUTUMN, 2011
This packet comprises following material:-
1. Textbook (One)
2. Assignment No. 1,2,3 & 4
3. Assignment Forms (Two Sets)
4. Schedule for submitting the assignments and tutorial meetings
If you find anything missing in this packet, please contact at the address
given below;
Incharge
Mailing Section
Allama Iqbal Open University,
H-8, Islamabad.
051-9057611-12
Muhammad Munir
Course Coordinator
1
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
Course: Business Taxation (456) Semester: Autumn 2011
Level: B.A/B.Com. Total Marks: 100
[
WARNING
1. PLAGIARISM OR HIRING OF GHOST WRITER(S) FOR
SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT
FROM AWARD OF DEGREE/CERTIFICATE, IF FOUND AT ANY
STAGE.
2. SUBMITTING ASSIGNMENTS BORROWED OR STOLEN FROM
OTHER(S) AS ONE’S OWN WILL BE PENALIZED AS DEFINED
IN “AIOU PLAGIARISM POLICY”.
Assignment No. 1
(Units 1-4)
Q. No. 1 Explain the following from income tax viewpoint: Marks 20
(i) Public Company
(ii) Tax Year
(iii) Agricultural Income
(iv) Total Income
Q. No. 2 Explain any five items which are fully exempted from income tax under
Income Tax Ordinance, 2001. Marks 20
Q. No. 3 (i) Briefly explain the income from property exempted from tax. Marks 10
(ii) Briefly explain the income from property not taxable. Marks 10
Q. No. 4 (i) Discuss the necessity of differentiation between capital and revenue
items. Marks 10
(ii) State with reasons whether the following expenses are capital or
revenue: Marks 10
a. Legal expenses incurred in raising a loan.
b. Cost of affixing a signboard at the business place.
c. Royalty paid for acquiring a copyright.
d. Cost of white-washing the business building.
e. Cost of issuing debentures.
2
Q. No. 5 From the following data, calculate income tax payable by Mr. Ali as an
individual for the year ending on 30th June 2008.
Details Rs.
Basic Salary per annum 600,000
Medical Allowance (Actual Expenses Rs. 3000) 8,000
Bonus 12,000
Cost of living allowance 55,000
Entertainment Allowance 3,000
Tax Deducted at Source 3,400
Share from Association of Persons 5,000
Capital Gain on Sale of Shares of a Private Company
(Disposed of after 12 months) 30,000
Prize on Prize Bonds 5,000
*****
Assignment No. 2
(Units 5-9)
Q. No. 1 Discuss the expenditures allowed for deduction under the head “income from
business”. Marks 20
Q. No. 2 Explain the various kinds of depreciation allowance. Marks 20
Q. No. 3 Discuss different manners through which the commissioner of Income Tax
may recover the amount if a person fails to pay income tax. Marks 20
Q. No. 4 Describe the powers and functions of the Commissioner of income tax. Marks 20
Q No. 5 Explain the following from sales tax viewpoint:
(i) Exempt Supply
(ii) Registered Person
(iii) Tax Fraud
(iv) Wholesaler
[=====]
3
