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FIN623 Taxation Management FAQs

FIN623 faqs vu, FIN623 question answers

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What are the major motives behind levying taxes? Explain with an example.
SAMSUNG has a branch office in Pakistan. MR. KIM, who is the employee of head office, is dedicated to perform services for the Pakistan branch office......
Prepare the computation of income and tax liability of Hamid, who is an employee of a limited company, for the tax year ended on June 30, 2009. He has income form following sources. Salary and allowances (per annum) Basic salary 120,000 House rent allowance 57,000 Utilities allowance 15,000 Car maintenance provided by the employer 18,000 Rental income: Rent (per month) 10,000
Mr. Nasir, after retirement from a multinational company as a senior executive, was rehired on contract for a period of three years........
Mr Waqas, a resident of Pakistan, derived the amounts as under in the tax year 2010: 1. Rs. 1,000,000 from crops grown on his agricultural land situated in Canada. 2. Rs. 1,500,000 gross, received from the poultry farm he established in June 2010 in Rawalpindi.
Is a resident or a non-resident company?
Assignments and GDBs
“Mr. Shadab Khan is 67 years old and his taxable salary for the tax year 2009 is Rs. 300,000. Discuss that whether he is entitled for the tax credit of 50% being a senior citizen and justify your answer according to the law. "
“It is said that the tax burden in our country is mostly borne by people having lower income. What measures can be taken (any three) to increase direct taxes from rich people and also suggest a single measure (other than the rebate or refund) that can be taken by the government to shorten the tax burden borne by the low income people?”
“A salaried individual is entitled to a house rent allowance of Rs. 12,000 per month. The house he has rented, costs him Rs. 15,000 per month. Is the individual entitled to any tax benefit or tax relief for the excess amount of expenditure incurred?”

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