ZeePedia buy college essays online


Taxation Managment

<<< Previous DETERMINATION OF LEGAL STATUS OF A PERSON Next >>>
 
img
Taxation Management ­ FIN 623
VU
MODULE 3
LESSON 3.7
DETERMINATION OF LEGAL STATUS OF A PERSON
Exercise: Determine legal status of the following persons under the provisions of section 80 of the
ordinance.
i.  ABC University, Karachi
ii. XYZ Bank Limited
iii. A joint family of Mr. H (a Hindu), Comprising Mr. H, his sons Mr. C & Mr. D
iv. XYZ Modaraba
v. XYZ Mills Ltd.
vi. Federal Government
vii. Government of Sind
viii. Government of Punjab
ix. ABC Trust
x. KDs' an unregistered firm of K and D
xi. Mr. A Serving as a Manager in a Textiles Company
xii. Mr. Z, a Director in Private Company
xiii. Mr. y, Running his Business as Sole Proprietor
xiv. ABC Welfare Trust
xv. Mr. A & B Joint Owners in Immovable Property
xvi. XYZ Cooperative Housing Society
Answer to exercise on legal status:
A (i)
Company
A (ii)  Banking Company
A (iii)  Hindu Undivided Family
A (iv)  Company
A (v)  Public Company
A (vi)  person
A (vii) Company
A (viii) Company
A (ix)  Company
A (x)  Firm
A (xi)  Individual
A (xii) Individual
A (xiii) Individual
A (xiv) Company
A (xv) Association of persons
A (xvi) Company
Tax on Income
Income Tax is a tax on a person in respect of his income during a tax year
Income of a tax year as computed under the provisions of this ordinance is Taxable Income, it is total
income reduced by total of any deductible allowances. It is charged to tax in a tax year according to
applicable rules.
'Income­ Sec. 2 (29)
Income has been defined in section 2 (29) of the ordinance as under:
(29) "income" includes any amount chargeable to tax under this Ordinance, any amount subject to collection
or deduction of tax and any loss of income but does not include, in case of a shareholder of a company,
the amount representing the face value of any bonus share or the amount of any bonus declared, issued
or paid by the company to the shareholders with a view to increasing its paid up share capital;
Any amount chargeable to tax under this ordinance
Any amount subject to deduction and collection under various sections of this ordinance.
Any loss of Income.
12
Table of Contents:
  1. AN OVERVIEW OF TAXATION
  2. What is Fiscal Policy, Canons of Taxation
  3. Type of Taxes, Taxation Management
  4. BASIC FEATURES OF INCOME TAX
  5. STATUTORY DEFINITIONS
  6. IMPORTANT DEFINITIONS
  7. DETERMINATION OF LEGAL STATUS OF A PERSON
  8. HEADS OF INCOME
  9. Rules to Prevent Double Derivation of Income and Double Deductions
  10. Agricultural Income
  11. Computation of Income, partly Agricultural,
  12. Foreign Government Officials
  13. Exemptions and Tax Concessions
  14. RESIDENTIAL STATUS & TAXATION 1
  15. RESIDENTIAL STATUS & TAXATION 2
  16. Important Points Regarding Income
  17. Geographical Source of Income
  18. Taxation of Foreign-Source Income of Residents
  19. Exercises on Determination of Income 1
  20. Exercises on Determination of Income 2
  21. SALARY AND ITS COMPUTATION
  22. Definition of Salary
  23. Significant points regarding Salary
  24. Tax credits on Charitable Donations
  25. Investment in Shares
  26. SALARY AND ITS COMPUTATION EXERCISES 1
  27. SALARY AND ITS COMPUTATION EXERCISES 2
  28. SALARY AND ITS COMPUTATION EXERCISES 3
  29. Tax treatment of Gratuity
  30. Gratuity Exercise
  31. PROVIDENT FUND
  32. Exemptions on Business income, Treatment of Speculation Business
  33. Deductions Allowed & Not Allowed
  34. Deductions: Special Provisions, Depreciation
  35. Methods of Accounting
  36. Taxation of Resident Company
  37. Taxation of Companies: Exercises
  38. Computation of Capital Gain
  39. Disposals Not Chargeable To Tax
  40. TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
  41. Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
  42. ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
  43. What is Value Added Tax (VAT)?
  44. SALES TAX
  45. SALES TAX RETURNS