Define the following with reference to the Income Tax Ordinance, 2001:
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.
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.
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.
Explain the term “Permanent Establishment” with reference to the Income Tax Ordinance,2001.
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:
Profit on debt
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:
Requirements of the Income Tax Ordinance, 2001 regarding change in tax year fromnormal to special.
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