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ACCA | F6 - Taxation Solved Past Papers

ACCA | F6 - Taxation Solved Past Papers

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Published by ulitmate420
this document contains all the past papers of ACCA F6 paper
For more ACCA resources visit http:kaka-pakistani.blogspot.com
this document contains all the past papers of ACCA F6 paper
For more ACCA resources visit http:kaka-pakistani.blogspot.com

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Published by: ulitmate420 on May 08, 2009
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02/10/2014

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Business Taxation
(Pakistan)
PART2WEDNESDAY 8 DECEMBER 2004QUESTION PAPER
Time allowed
3 hoursThis paper is divided into two sectionsSection A
BOTH questions are compulsory and MUST beanswered
Section B
THREE questions ONLY to be answered
Tax rates and allowances are on pages 2–3Do not open this paper until instructed by the supervisorThis question paper must not be removed from the examinationhallThe Association of Chartered Certified Accountants
   P  a  p  e  r   2 .   3   (   P   K   N   )
FOR FREE ACCA RESOURCES VISIT: http://kaka-pakistani.blogspot.com
 
The following tax rates and information are to be used in answering the questions:
A. Tax rates for individuals and associations of personsTaxable incomeRate of tax
Up to Rs. 80,0000%Rs.180,001 Rs. 150,0007·5% of the amount exceeding Rs. 80,000Rs. 150,001 Rs. 300,000Rs. 5,250 plus 12·5% of the amount exceeding Rs. 150,000.Rs. 300,001 Rs. 400,000Rs. 24,000 plus 20% of the amount exceeding Rs. 300,000.Rs. 400,001 Rs. 700,000Rs. 44,000 plus 25% of the amount exceeding Rs. 400,000.Rs. 700,001 and aboveRs. 119,000 plus 35% of the amount exceeding Rs. 700,000.
B. Reduction in tax liability of salaried individuals where salary income exceeds 50% of taxable incomeIncome slabReduction in tax liability
Up to Rs. 60,00010%Rs.60,001 Rs. 80,00070%Rs.
80,001 Rs. 100,00060%Rs. 100,001 Rs. 150,00050%Rs. 150,001 Rs. 200,00040%Rs. 200,001 Rs. 300,00030%Rs. 300,001 Rs. 500,00020%Rs. 500,001 Rs. 1,000,00010%Rs. 1,000,001 and above15%
C. Tax rates for companiesTax YearBankingPublic company otherPrivate company othercompanythan a banking companythan a banking company
200347%35%43%200444%35%41%200541%35%39%200638%35%37%200735%35%35%
D. Tax rates on dividends received from companies
Received by a public company or an insurance company5% of the gross dividendIn any other case10% of the gross dividend
E. Tax rates on certain payments to non-residents
Fees for technical services (FTS)15% of the gross amountOther than for royalty or FTS30% of the gross amount
F. Rates of advance collection or deduction of tax at source
Profit on bank deposits10% of the profit paidYield on certificates under the National Savings Schemeor Post Office Saving Account10% of the yield paidSale of goods3·5% of the gross amount payablePrizes and winnings10% of the gross amount paidContracts up to the value of Rs.30 million5% of the amount of the payment2
FOR FREE ACCA RESOURCES VISIT: http://kaka-pakistani.blogspot.com
 
G. Capital allowancesDepreciation
Factory buildings10%Residential quarters for labour10%Other buildings5% of the tax written down valuePlant and machinery (not otherwise specified)10%Motor vehicles (all types)20%
Initial allowance
50% of cost
H. Value of free unfurnished accommodation where salary is Rs. 600,000 or moreLand areaValue for areas within municipal limits
Up to 250 sq. yardsRs. 40,000251 to 500 sq. yardsRs. 106,000501 to 1000 sq. yardsRs. 199,0001001 to 2000 sq. yardsRs. 370,0002001 sq. yards and overRs. 462,0003[P.T.O.
 
FOR FREE ACCA RESOURCES VISIT: http://kaka-pakistani.blogspot.com

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