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TOPIC WISE TAXATION ICAP PAST PAPERS(PAK)OF C.A

TOPIC WISE TAXATION ICAP PAST PAPERS(PAK)OF C.A

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Published by Irfan Wali

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Published by: Irfan Wali on Jul 05, 2011
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09/11/2013

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PAC
TOPIC WISE ICAP’s PAST PAPERS
Income Tax-Preliminary
Q 1
Define the following with reference to the Income Tax Ordinance 2001:
a)
Assesses
b)
Capital asset
c)
Dividend
d)
Public Company
(08)Spring2002Q
 
2
a)
Please define the terms ‘Co-operative Society’ and ‘Finance Society’ with reference tothe Income Tax Ordinance, 2001 and compare the same.
(03)
b)
Under what circumstances Advance or Loan to a shareholder by a private companywould be treated as ‘dividend’ with reference to the provision of the Income TaxOrdinance, 2001.
(03) Autumn 2002Q 3
Define the following:
(a)
Person
(b)
Resident company
(c)
Tax Year 
(d)
Intangibles
(08) Spring 2003Q 4
Define the following terms in the light of Income Tax Ordinance, 2001?
(a)
Profit on Debt.
(03)
(b)
Income.
(03)
(c)
Public Company.
(03) Autumn2003Q
 
5
Define the following terms in the light of Income Tax Ordinance, 2001?
(a)
Employment
(03)
(b)
Finance society
(02)
(c)
Pre-commencement expenditure
(03)
(d)
Unit trust
(02) Spring2004
 
PAC
Q 6
Define the following with reference to the Income Tax Ordinance, 2001?
(a)
Fee for technical services
(03)
(b)
Non-profit organization
(03)
(c)
Income
(03)
(d)Taxpayer
(02) Autumn2004Q 7
Describe the circumstances under which the following shall be treated as resident for thepurposes of charge of tax?(a)
An individual.
(02)
(b)
A company.
(03)
(c)
An association of person.
(01) Autumn2004Q 8
Define the following with reference to the Income Tax Ordinance, 2001:
(a)
Small Company
(02)
(b)
Public Company
(03)
(c)
Association of Persons
(02)
(d)
Income
(02)
(e)
Taxpayer 
(02) Autumn2005Q 9
Describe the relevant provisions of the Income Tax Ordinance, 2001 to determine theresidential status of a ‘Person’.
(07) Autumn2005Q 10
Define the following with reference to the Income Tax Ordinance, 2001:
(a)
Employer, employee and employment.
(05)
(b)
Principal Officer.
(02)
(c)
Profit on debt. (04)
Spring2005
Q 11
What are the circumstances in which two or more persons shall be considered as“associates” under the Income Tax Ordinance, 2001?
(08) Spring2006Q 12
Mr. Ali, a Pakistani Citizen, returned to Pakistan in November 2004 after completing hisemployment contract in United Arab Emirates (UAE). He worked till October 2004 in UAEwhere there was no tax on salaries. Mr. Ali is in Pakistan since then and has been employedby a local company. Explain the tax implication on Mr. Ali’s income, earned in UAE andPakistan, for the tax year 2005.
(04) Spring2006
 
PAC
Q 13
Define the following with reference to the Income Tax Ordinance, 2001:
a)
Depreciable Assets
(05)
b)
Turnover for the purpose of computing minimum tax liability.
(05) Spring2006Q 14
Explain the different types of tax years as enumerated in the Income Tax Ordinance, 2001.
(06) Autumn2006Q 15
Identify the situations in which two companies shall be considered to be associates within themeaning of the Income Tax Ordinance, 2001.
(06) Autumn2007Q16
One of your clients which is a subsidiary of a foreign company wants to change itsaccounting year from June 30 to December 31 as the income year of its parent companyends on December 31. Advise the client about the requirements of the Income TaxOrdinance, 2001 regarding change in tax year from normal to special.
(03)Autumn2007Q17
Certain types of payments by a private company to their shareholders can be treated as“dividend” under the Income Tax Ordinance, 2001. State the conditions necessary for theapplication of this rule and the exceptions to it.
(05) Spring2008Q18
Explain the term “Permanent Establishment” with reference to the Income Tax Ordinance,2001.
(06) Autumn2007Q19
The residential status of a taxpayer may either be ‘resident’ or ‘non-resident’. State therelevant provisions contained in the Income Tax Ordinance, 2001, for determining theresidential status of a taxpayer.
(08) Spring2007Q 20
Explain the following terms with reference to the Income Tax Ordinance, 2001:
a)
Income
(03)
b)
Profit on debt
(06) Spring2007Q21
State the circumstances when two companies shall be considered as associates, under theIncome Tax Ordinance, 2001.
(04) Autumn 2008Q22
Explain the term “Small Company” and the privileges available to it under the Income TaxOrdinance, 2001.
(06) Autumn 2008Q23
Hijazi Limited is a multinational unquoted company. Presently, the company closes itsfinancial year on June 30. The company is now considering to change its income year fromJune 30 to March 31. Mr. Safi is the tax consultant of the Company. Write a memorandum onhis behalf, explaining the following:
(i)
Requirements of the Income Tax Ordinance, 2001 regarding change in tax year fromnormal to special.
(ii)
The tax year corresponding to the income year ended on March 31, 2009 and the duedate for filing the return of income.
(09) Spring 2009

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