Business Taxation

Attempt all question each question carry equal marks. Question no 1: What is provident Fund? Explain its types & different treatments. Question no 2: What are the functions performed by income tax authority CCIR. Question no 3: Briefly explain the legal provisions governing the filing of returns of total income under the income tax law. Question no 4: Mr. Mohsin is a registered manufacturer. Data regarding his business For the month of august 2010 is as follows: Taxable turnover to registered person Taxable turnover to non registered person Sales to retailer Exempted sales Supplies to DTRE registered person Supplies made for personel use (including the amount of sales tax) Zero rated supplies Taxable purchases from registered person Taxable purchases from non registered person Exempted purchases Imported goods Acquisition of fixed assets from registered person Purchases raw material (used taxable and exmept supplies) Sales tax debit Sales tax paid on telephones bills Sales tax paid on gas bills 35, 00,000 2, 50,000 20,00,000 6,00,000 4,00,000 5,00,000 2,00,000 2,50,000 1,00,000 5,00,000 3,00,000 1,00,000 3,00,000 5,000 20,000 30,000

Marks: 100

20 20 20

20

Carry forward Required :Calculate sales tax payable . (sales tax registration number is printed on bills) Question no 5: Mr .yasoob a senior citizen (61 years) .Following are the data avaliable on his record for the tax year ended june 30,2010. Salary Bonus Commision Over time payments Capital loss Interst free loan received by employer zakat Income from property Forfieted money Unadjustable advance Pay in lieu of leave Medical allowance Dividend income Capital gain on shares (dispose off after 12 months) Share from AOP Golden hand shake during the tax year Worker welfare fund Interst on security(net) Royality Incomefrom business 2,500 25,000 (48000 per month) (1000 per month)

2,000

20

2,000 10,000 2,000 1,00,000 20,000 3,00,000 5,000 1,00,000 5,000 80,000 20,000 80,000 25,000 10,000 5,000 6,300

Employer deductd tax (section 149) Approved peension fund Note : 20,000

2,000

1)Mr .yasoob has provided rent free accomadation which was not provided him. 2)He was also provided a car for his personal use Rs 1000000. 3)Donation to approved 4)Qualification pay Requried: Calculate his income tax payable. 30,000 2,000