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Taxation Managment

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Taxation Management ­ FIN 623
VU
MODULE 5
LESSON 5.14
RESIDENTIAL STATUS & TAXATION
Residential Status
 Determination of residential status of a person is an important concept.
 Significance of residential status in computing total income and tax liability
 Residential status has always nexus to a tax year.
Resident Person (Section 81)
a.  Resident Individual, Resident Company, or Resident Association of Persons for the year or
b. The Federal Government
Non­Resident Person (Section 81) (2)
 A person shall be non-resident person for a tax year if the person is not a resident person for a tax
year.
Resident Individual (Section 82)
 An individual shall be a 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
 is an employee or official of the Federal Government or a Provincial Government posted abroad in
the tax year.
Resident Association of Persons Sec. 84
An association of persons shall be a resident association of persons for a tax year if the control and
management of the affairs of the association is situated wholly or partly in Pakistan at any time in the year.
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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