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Total income The total income of a person for a tax year shall be the sum of the person’s income under each of the heads of income for the year. Following are the heads specified in the law for this purpose: (a) Salary (b) Income from property (c) Income from business (d) Capital gains (e) Income from other sources Pakistan source income Income tax ordinance, 2001, has given consideration to the geographical source of income while taxing any income. In this context the Pakistan-source income includes the income which a person earns in Pakistan, irrespective of the fact that where it is actually received.
Foreign source income This is a new concept, which has been introduced through the income tax ordinance, 2001. According to the ordinance, an amount shall be foreign source income to the extent to which it is not a Pakistan source income.
Tax Tax means any tax imposed under the income tax law. It also includes any penalty, fee or other charge or any sum or amount leviable or payable under the income tax ordinance, 2001. Taxable income The taxable income of a person for a tax year shall be the total income of the person for the year as reduced by any deductible allowances. However, the taxable income should not be below zero. Taxpayer Taxpayer means: i. A person who derives an amount chargeable to tax ii. Representative of such person
An association of persons incorporated. Any person required to furnish a return or pay tax under income tax ordinance. The federal government. 2001. a cooperative society or a finance society or any other society established under law vi. at the end of that year: or v. A small company. A company in which at least fifty percent of the shares are held by the federal government or provincial government. A trust. A modaraba iv. Public company Under income tax law a public company means: i. formed. which the central board of revenue has declared to be a company vii. iv. A unit trusts whose units’ arte widely available to the public and any other public trust. A company as defined in the Companies Ordinance 1984 ii. A company whose shares were traded on a registered stock exchange in Pakistan at any time ins the tax year and which remained listed on that exchange. A body incorporated by or under the law of a country outside Pakistan relating to incorporation of companies v. A company in which at least fifty per cent of the shares are held by a foreign government. organized or established in Pakistan or elsewhere iv. a foreign government. A body corporate formed by or under any law in force in Pakistan iii. Person Under the income tax ordinance. or public international organization. Private company . a political sub-division of a foreign government. A provincial government viii. iii. ii. An individual ii. or ix. a person includes the following: i. A person responsible to deduct or collect tax and deposit it with the government under the provisions of the income tax law. A foreign company owned by a foreign government. A local authority in Pakistan.iii. 2001. Company According to the Income tax ordinance. iv. A foreign association whether incorporated or not. 2001. A company iii. ‘company’ means i.
Speculation business A speculation business means any business in which a contract for the purchase and sale of any commodity (including stock and shares) is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity. consumable stores or raw materials held for the purpose of business. to the extent to which the company possesses accumulated profits whether capitalized or not. profession or vocation. education. but does not include employment. manufacture. Dividend Dividend includes: i. 1962 (LVII of 1962) and includes any body corporate which transacts the business of banking in Pakistan. iii. whether capitalized or not. Banking Company Banking company has the same meaning as in the banking companies ordinance.Private company means a company. clothes and household furniture. Any distribution by a company of accumulated profits to its shareholders. Any distribution by a company7. Any distribution made to the shareholders of a company on its liquidation out of accumulated profits of the company immediately before its liquidation. iv. Capital Asset Capital asset means property of any king held be a person. ii. However. Any immovable property iii. Any stock in trade (not being stocks and shares). commerce. to its shareholders of debentures. debenture sock or deposit certificate in any form whether with or without profit. the following are excluded form the definition: i. manufacture. Any distribution by a company to its shareholders on the reduction of its capital to the extent to . ii. commerce. whether capitalized or not. Business “Business” includes any trade. which is not a public company. vocation or adventure or concern in the nature of trade. Personal effects of an individual like jewelry. It is immaterial whether the property is connected with his business or not. Charitable purposes Charitable purpose includes relief of the poor. medical relief and the advancement of any other object of general public utility. profession.
Non-profit organization Non-profit organization means any person the than an individual which is: i. or for the individual benefit. secretary. A director. It also includes any other expenditure-incurred by a business that provides: i. in either case. It should be registered under any law as a non-profit organization and the commissioner of income tax has certified it to be a non-profit organization for a specified period. Any asset of the organization should not be used for the private benefit of any other person. under the income tax ordinance.which the company possesses accumulated profit whether capitalized or not. Intangible Intangible means any patent. does not make any distinction on nationality or domicile basis. The age is to be determined at the end of a tax year. Any person connected with the management or administration of the company or association of persons upon whom the commissioner has served a notice4 of treating him as the principal officer thereof Resident and non-resident persons Income tax ordinance. educational. agent. Minor child Under the income tax ordinance. a manager. The expenditure is not incurred to acquire a depreciable asset or unimproved land. of any such shareholder to the extent to which the company or trust. Any payment by a private company or trust of any sum by way of advance or loan to a shareholder or any payment by any such company or trust on behalf. Principal officer Principal officer used with reference to a company or association of persons includes: i. and ii. Established for religious. design or model. minor child means an individual who is under the age of eighteen years. It must be noted that: . rather tax liability of person is dete4mined on the basis of the fact that whether he is a resident or nonresident person. welfare or development purposes or for the promotion of an amateur sport. and ii. ii. secret formula or process. charitable. iii. Benefit or advantage for a period of more than one year. v. possesses accumulated profits. 2001. accountant or any similar officer. 2001. invention. copyright and other properties and rights of the same kind.
A person’s status is determined with reference to the period of his stay (purpose of stay is immaterial) in Pakistan in the tax year. It is incorporated or formed by or under any law in Pakistan. Non-resident persons Under the income tax ordinance. Resident Association of persons An association of persons shall be resident for any tax year if the control and management of the affairs of the association is situated wholly or partly in Pakistan at any time in the year.i. The control and management of the company is situated wholly in Pakistan at any time in the year. or iii. in all. He is in Pakistan for a period or periods amounting. Resident persons A person shall be a resident person for a tax year if the person is: i. or ii. It is a provincial government or local authority in Pakistan. to 183 days or more. iv. Resident company A company shall be a resident company for a tax year if it fulfills any one of the following conditions: i. A resident individual. For the purpose of income tax. The federal government is treated as resident. iii. all the persons are grouped under two categories: i. The federal government. To be a resident or non-resident as used above has nothing to do with a dwelling place or nationality. Residents ii. rather it is a term purely designed for tax purposes. resident company or resident association of person for the year. ii. The status of resident or non-resident is always associated with a particular income year because it may change from year to year. He is an employee or official of the federal government or a provincial government posted abroad in the tax. Non-residents Resident individual An individual will be a resident in Pakistan in any tax year if he fulfils any one of the following two conditions: 1. Non-resident taxpayers A non-resident taxpayer means a taxpayer who is a non-resident person. a person shall be a non-resident person for a tax year if the person is not a resident person for that year. ii. 2. Reasons for distinguishing resident and non-resident person There are two basic reasons due to which it is necessary to determine whether a person is a . 2001.
The income of non-resident person is computed by taking into account only those amounts. Normal tax year It is a period of twelve months ending on 30th June and is known by the calendar year in which the ending date falls. 2. Taxation officer The following are included in the definition of taxation officer: i. Rates of tax There is a difference in rates of tax for residents and non-residents. Income tax officer v. Any other officer with any designation appointed by the Federal Board of Revenue under income tax ordinance. The tax year may be of three types: 1. which are Pakistan-source income. ii. Tax year The concept of tax year has been introduced in income tax law through income tax ordinance. Salary Salary means an amount received by an employee. Deputy commissioner of income tax iii. or otherwise acquired for manufacture. but does not include stock or shares. Special officer vi.Special tax year In case of any person or class of persons or any source of income Federal Board of Revenue may specify a period of twelve months as their tax year. Such a tax year is known as normal tax year. Tax year is a period of time for which tax is to be calculated regarding a person. manufactured. Incidence of taxation The income of a resident person is calculated by taking into account both the Pakistan-source income and the foreign-source income. purchased. sale or exchange and any materials or supplies to be consumed in the production or manufacture process. Assistant commissioner of income tax iv. .resident or non-resident during the tax year. 2001. 2001. Additional commissioner of income tax. from any employment Stock in trade Stock in trade means anything produced.
2. in case of all companies manufacturing cotton textiles central board of revenue has specified that their tax year will commence on 1st October and will end on 30th September following This period of 12 months is tax year for all companies engaged in cotton textiles manufacturing. Royalties Royalties mean any amount paid or payable as consideration for: (a) The use of any patent. Members of an association of persons. 2. experience or skill. It consists of the period between the end of last year before change and the start of the changed tax year. it results in the emergence of a changing period which is known as “transitional tax year” and is treated to be a separate tax year. Such a tax year is called special tax year and is known by the calendar year relevant to normal tax year in which the ending date falls. An individual and his close relative. a trust and any person who benefits from the trust. right to dividend or right to capital. any visual images or sounds or both transmitted by satellite cable. invention. any industrial. or right to use. (c) The receipt of. or right to receive. 3. (e) The use of. 1. e. (b) The use of or right to use any copyrights of a literary. trademark or any other property or right of this type. commercial or scientific knowledge.g.Transitional tax year When tax year of any class of persons or a single person is changed as a result of an order by the Federal Board of Revenue or commissioner of income tax. Associates This term has been introduced by finance ordinance. 2004. 3. (f) The supply of any assistance that is subsidiary to any property or right mentioned above. secret formula or process. radio or internet broadcasting. optic fiber or similar technology in connection with television. Organization is set up in Pakistan.For example. consideration for the sale of cinema autograph films will not be treated as royalty. Industrial undertaking This definition has been added through finance Act. However. 2001. a company and its shareholder who controls 50% or more voting power. industrial. or It does not use electrical or any other form of energy but: . An organization fulfilling the following conditions will be known as industrial “undertaking”: 1. Two persons will be associates where the relationship between the two is such that one may reasonably be expected to act in accordance with the instructions of other or both persons may reasonably be expected to act in accordance with the instructions of a third person. artistic or scientific work including films or videotapes for use in connection with television or tapes in connection with radio broadcasting. design or model. commercial or scientific equipment. (d) The supply of any technical. 4. It uses electrical energy or any other form of mechanical energy and employs ten or more persons.
Income from growing tea. or the supply of hydraulic power. Income derived from any building required for agricultural purposes. Income derived from such land by the performance of a process ordinarily employed by a cultivator or receiver of rent in kind to render the produce fit for market 4. 9. the central board of revenue can declare any other organization which does not fall in the orbit of above two types as ‘ INDUSTRIAL UNDERTAKING” Agricultural income The agricultural income means income: i. Income derived from such land by agriculture. 5. Types of Agricultural Income Agricultural income has been classified into five categories: 1. Income received by lessee of agricultural land by cultivation. Derived from land. The last category. will be treated as agricultural income only. oil well or any other source of mineral deposits. (d) Engaged in generation. which is grown on a Pakistani land. is agricultural income. i. any income derived as rent. rubber. 2. or from sale of any produce. ii. Income from cultivation of tobacco. conversion. If a produce is grown wild or spontaneously on land without any human efforts or labour. Fee paid by tenant for renewal of lease. Thus. Rent or revenue derived from agricultural land. revenue. 3. it will not be treated as agricultural income under this definition. 5. wheat. income from agricultural building. Income from building used for agricultural purposes. which means that some human lab our and efforts are necessary to be employed. Income from any land used for carrying on any process necessary to make the agricultural produce fit for the market. (e) Engaged in the working of any mine. Moreover. Land is uses for agricultural purposes. transmission or distribution of electrical energy. Land revenue assigned to jagirdar. Rent received by lessor of agricultural land. (c) The cultivator or recipient by reasons of his connection with the land requires it as a dwelling house. sugarcane. etc. 3. Income from sale of honey or its products. 6. However. Land is situated in Pakistan. 7.(a) Employs twenty or more persons.e. . it is necessary to understand that the land must be used for agricultural purpo9ses. 4. Examples of agricultural income Some examples of agricultural income are as follows: 1. (b) Building is occupied by the cultivator or the recipient of agricultural income. (c) Engaged in ship building. (b) Is engaged in a manufacturing process. storeroom or the out-building. 2.. 8. if: (a) Building is in the immediate vicinity of agricultural land. Income derived from such land by the sale of produce by a cultivator or receiver of rent in kind. and iii.
5. All profits of the company up to the date . Appellate Tribunal In case of any dispute between the taxpayers and tax department an appeal can be made to appellate Tribunal. The second component of these incomes is a manufacturing process and thus chargeable to tax under the head “Income from business and profession”. Income from mining and mining royalties. Income from fisheries and ferries. 2. Income received from a cotton-ginning factory. sugarcane and tobacco respectively) is an agricultural process fulfilling all the conditions of agricultural income. Receipt of an amount for compromise of a dispute regarding agricultural land. which grows sugarcane and manufactures sugar. The members are appointed by the Federal Government. It consists of judicial as well as accountant members. in case of point of law the matter may be referred to high court. . growing of crops (tea plants. However. Income from stone quarries. 6. Income from markets.10.agricultural income Some examples of non-agricultural income are as follows: 1. Income of a cigarette company growing tobacco on its own land and manufacturing cigarettes. 10. Income from sale of earth for brick making. will be treated as accumulated profits until their distribution to shareholders. whethe4r capitalized or not. 3. Income from land used as a market. 3. shall be deducted and no further deduction in respect of any expenditure incurred by the person as a cultivator or receiver of rent in kind will be allowed. Examples of partly agricultural and partly non-agricultural income 1. In determining that part6 which is chargeable to tax. the market value of any agricultural produce which has been raised by the person or received by him as rent in kind and which has been utilized as raw material in such business. Any reserves maintained by a business out of its profits. 9. Accumulated Profits The accumulated profits mean: 1. Income of a person who grown tea leaves on his own farms in Pakistan and then manufactures it into tea. This is the highest judicial authority in the matters of tax. Income from land used for storing timber. Income of a sugar mill. Examples of non. Income from a flourmill. 2. 7. In all the above cases. 8. 2. 3. These profits kept in whatever shape. Profits from a contract of cutting and selling trees. The decision of the tribunal on point of facts is final. 4.
resulting in a decrease in the tax payable. Approved Superannuation Fund Superannuation funds are also maintained by the organizations to provide benefit to their employees after retirement. a public sector pension scheme. Assessment Assessment includes re-assessment and amended assessment and the cognate expressions shall be construed accordingly. Examples of such schemes include an approved superannuation fund. The present government has adopted a reasonable and liberal policy for the pension of widows and orphans of the deceased employees. etc. The employer gets a lot of benefits if the gratuity fund is approved by the income tax authorities under the income tax ordinance. and artificial judicial person and any body of persons formed under a foreign law. Approved Employment Pension or Annuity Scheme Any employment related retirement scheme which makes pension or annuity payments to its beneficiaries and is approved under income tax ordinance. In case of death of an employee during service. Assessment Year Assessment year means the period of 12 months beginning on the first day of July next following the income year and includes any such period that is deemed under the provision of this ordinance. 2001. However it does not include a company. 2001. to be the assessment year in respect of tax year. the commissioner of income tax approves such funds in which case the amount contributed by an employer is treated as business expenditure. or to their families in case of death. a Hindu undivided family. under the income tax ordinance. The amounts in these funds continue to accumulate from year to year and normally are paid to employees at the time of retirement. are known as approved employment pension or annuity scheme. Association of Persons Association of persons includes a firm. These amounts are paid to the employees as annuities or pensions after their retirement or if they become invalid before retirement. the amount is paid to his family. This amount is also paid out of the superanmnuation funds. the Commissioner of income tax grants such an approval. employees old age benefit scheme. The amount in this fund is continuously contributed by the employer.Approved Gratuity Fund The government and private organizations maintain gratuity funds for the benefit of their employees. 2001. about 9 months ago # Muhammad Income Exempt from Tax .
b) Pension received from United Nation and its specialized agencies like WHO. Salary of employees of Foreign Government Salary of employees of foreign government is totally exempt subject to the following conditions: a) The person concerned should be a national of that country and not a citizen of Pakistan. the scholarship should not be paid directly or indirectly by the associates. Agricultural Income Agricultural Income in completely exempt from tax Scholarships Any scholarship given to a person to meet the cost of person’s education is exempt from tax. However. c) Pension received by dependants of Shaheed is totally exempt. Encashment of Leave Preparatory To Retirement Any sum representing encashment of leave preparatory to retirement received by an employee of . Pension a) Pension received by employees of Federal Government. c) Such exemption is also available to Pakistanis working in their country. f) If a person is receiving pension from two different sources then the higher pension is exempt and lower pension is taxable. UNESCO etc is totally exempt.Question: What the legal provisions governing the exemption in respect of the following: Two or three incomes are given and you are required to provide details. b) His nature of duties should be similar to those of Pakistanis working in his country. e) Pension is taxable if the person is re-employed by the same employer in any capacity under any remuneration. Provincial Government and personnel f Armed Forces of Pakistan is totally exempt from income tax. Salary from British Council Salary received by a person by virtue of his employment with the British Council is exempt from tax provided that the recipient is not a citizen of Pakistan. d) Pension received by a citizen of Pakistan is totally exempt.
Daily Allowance. Accumulated Balance of Provident Fund An accumulated amount received by employee participating in a provident fund is exempt from tax provided that is a Recognized Provident Fund or Government Provident Fund. c) Corps Commanders d) Ministers of Federal Government Income of Local Authorities . For the employees up to grade 16. Compensatory Allowance Abroad Facility of Conveyance and Entertainment Allowance The facility of conveyance and entertainment allowance provided by the Government of Pakistan to the following person is exempt from tax. Federal Government or Provincial Government is exempt. .Armed Forces of Pakistan. 1999. Income of Religious or Charitable Institutions Income of religious or charitable institutions is exempt from tax provided a) Such income is wholly spent or set apart to be spent on religious or charitable purposes. the excess amount is not liable to tax. Example of such allowances are Traveling Allowance. Navy and Air Force Corpse Commanders Federal Government Ministers Judges of Supreme and High Courts Special Allowance If an employee receives a special allowance provided that it is not conveyance or entertainment allowance) granted to meet the expenses which are incurred in the performance of official duties. such allowance will be exempt from tax. Even if the expenses actually incurred are less than the amount of allowance. Facility of Accommodation The facility of rent-free accommodation provided to the following persons is not taxable: President of Pakistan Provincial Governors Chief of Staff of Pakistan Army. This amount is totally exempt. Uniform Allowance. the allowance is paid as 25% of Minimum Pay Scale whereas for employees of higher ranks the rate is 20%. Special Additional Allowance Government of Pakistan has allowed special additional allowance to its employees with effect from July 1. b) Such amount is to be spent within Pakistan. a) Provincial Governors b) Chief of Staff of Armed Forces.
(b) The income of provincial government or a local authority will also be exempt from tax provided that the income is not derived from a business carried on outside its jurisdictional area. (d) The income is not derived by a business established by the person in Pakistan.or 50% of the amount received whichever is lower. . Income of Governments (a) The income of federal government is fully exempt from tax. local authority. statutory body or corporation then whole of the amount is exempt. (c) His total stay in Pakistan does not exceed three years. or provincial Government or local authority shall not be liable to any collection or deduction of advance tax. (c) does not apply then Rs. the exemption is provided according to the following rules: b) If the amount is received from government. • Amount received outside Pakistan • Amount received by a director of a company from his company. Amount of Gratuity or Commutation of Pension a) If any amount is received as gratuity or commutation of pension by an employee on his retirement or by his heirs on his death. (b) and.000/e) If the amount is received from an organization where (a). 200. (c) Any payment received by the federal government. d) If the amount is given by an organization which give the facility of gratuity to all its employees then the gratuity is exempt up to Rs. • Amount of gratuity received by an employee who has already received gratuity from the same or any other employer. but not being income from business carried on by it outside its jurisdictional area. the amount received will be fully taxable. c) If the amount is received from gratuity fund approved by Commissioner of Income Tax then whole of the amount is exempt. f) In the following cases. Foreign Source Income of Certain Resident Individuals The foreign source income of a resident individual will be exempt provided that: (a) He is not a citizen of Pakistan. (b) He has become a resident only due to his employment. if the director is not a regular employee of the company. 75000/. is exempt.Any income of a local authority is exempt from tax.
Capital Gains Capital gains received by the person from the sale of modarba certificates. listed on any stock exchange in Pakistan. any instrument of redeemable capital as defined in the companies ordinance. Income of Textbook Boards Income earned by the textbook boards of all the provinces is wholly exempt from tax. shares of public company or insurance company or the Pakistan Telecommunication Corporation Vouchers issued by the Government are non-taxable up to tax year 2010. Compensatory Allowance Abroad The amount paid as compensatory allowance to the locally recruited employees in Pakistan missions abroad is not taxable subject to fulfillment of following conditions: (a) The employee is a citizen of Pakistan. when a citizen of Pakistan leaves the country during a tax year and starts an employment abroad. Moreover. Income of Foreign Employees of Agha Khan Development Network Salary received by a person working as an expert. Foreign Source Income of Returning Expatriates The foreign source income earned by a citizen of Pakistan who was not resident in any of the preceding four years shall be exempt from tax. the salary which he will earn during the year will be exempt from tax provided that he remains abroad during the tax year. advisor or senior management staff in Agha Khan Development Network is not taxable provided that he is not a citizen of Pakistan. 1984 (XLVII of 1984). Export of Computer Software Income from export of computer software or IT services or IT enabled services up to the period ending on 30th day of June 2016 is exempt from tax. This income will exempt in the tax year in which he became the resident and in the following tax year.(e) The foreign source income brought into or received in Pakistan by the person will be taxable. (b) Allowance up to 75% of gross salary of such an employee will be exempt. consultant. Explanation For the purpose of this clause: .
remote monitoring. web development. graphics design. The question would be like this Define the following terms i) Dividend ii) Tax Payer iii) Accumulated Balance of Provident Fund iv) Principal Officer Income Exempt from Tax In this chapter those incomes are discussed which are either totally exempt from tax or partially exempt from tax or exempt from tax subject to some conditions. One thing we must remember that we are discussing Business Taxation keeping in view the requirements of B. web hosting and network design. The course includes Income Tax Law and Sales Tax. web design. telemedicine centers. What are these practical problems? They are application of theory. HR services. about 9 months ago # Muhammad Department of Commerce F. Islamabad Business Taxation Guidelines I will introduce the subject first. The practical problem from sales tax is very simple and I am sure you would love to do it though it is not compulsory. and (b) “IT enabled services” include inbound or outbound call centers. Income Tax Law Definitions/Terminologies There are 74 terms in this chapter. data entry operations. software maintenance. system integration. one will be from Income Tax Law and other will be from Sales Tax. College of Commerce H-8/4. The practical problem of Income Tax Law is compulsory which means you have to attempt this question and four other questions as well. locally produced television programmes and insurance claims processing. There will be two practical problems in your annual examination. Normally three or four terms are required by the examiner to be explained and there will certainly one question from this topic. The course can be divided into theory and practical problems. medical transcription. G.(a) “IT enabled services” include software development. When you know how to do something and you do it accordingly you are applying the knowledge you have in a practical situation.Com-11 examination and are focusing on Tax Year 2009. Normally there is one question from this topic and you are required to explain principles . The income tax law is 60% of the course whereas Sales tax is 40% of the course. Approximately 60% of the course is on theory and 40% of the course is on practical problems. It is Business Taxation. accounting services.
Income from property. The question would be like this What are the legal provisions governing the exemption in respect of the following i) Income of employees of foreign government ii) Gratuity or Commutation of Pension iii) Income of Religious or Charitable Institutions Heads of Income There are five heads of income. If this section is quite clear to you only then you can solve the compulsory income tax practical problem. vi) What are various types of depreciation and what are the conditions for allowability of depreciation? Income Tax Authorities /Appeals and Revisions There will one questions from this section. Set off and Carry Forward of Losses /Fines and Penalties /Tax Accounting Write short note on the following i) Set off of losses ii) Carry Forward of losses What penalties are imposed in respect of the following . v) Explain non admissible expenditures in detail. Explain assessment procedure in detail. iv) What are allowable business expenditures. This section has added importance. These questions are very simple and you will understand these question if you simply attend the class and read these questions afterward. Explain in detail. Business Income and Income from Other Sources. What are various types of Assessment What are the salient features of Self Assessment Scheme. i) Define the powers and functions of Federal Board of Revenue ii) Define the role and functions of Commissioner of Income Tax iii) Define the role and functions of Deputy Commissioner of Income Tax iv) What is the procedure of filing an appeal before Commissioner of Income Tax (Appeals) v) What is the procedure of filing an appeal before Appellate Tribunal? Assessment Procedure /Self Assessment Scheme Normally there is one question from this topic. i) What are legal provisions governing the taxation of perquisites? ii) What is Income from Property and what are the allowable deductions under the head “Income from Property” iii) What are capital gains and how they are taxed. Capital Gains. Salary.governing the exemption in respect of two or three incomes. Explain the legal provisions governing the filing of Return of Total Income. From this section there will be one question in your annual examination.
5:What are agreements. Q. Q.Bill of lading and charter party. Q.9:What is contract of sales?Also makes a difference between Sale and Agreement of sale.14:What is carriage?Give rights and duties of common carrier.10:Define cheque and bill of cxchange?Draw specimen. Q.3:What is Considration?Discuss its important rules and elements and also explain it exception.13:The railway is not a common carrier so gar as its liabilites are concerned. So do all the definitions The question from this topic would be like this. Define and explain the following terms with reference to sales tax Act i) Arrears ii) Manufacturer iii) Supply iv) Tax Invoice Sales Tax Practical Problem There will be one practical problem from this section.Discuss the statement.Ahmed Bilal Ch.12:What is common carrier?Discuss its importants elements rights and duties. Q. Q. Q.Sir i have sent to some importent question of businees law which is prepared by Prof. Q.11:Make a difference between cheque. Q8:All contract are agreement but all agreement is not contract?Discuss this statement.i) Concealment of Income ii) Failure to give notice for discontinuation of business iii) Obstructing an Income Tax Authority Practical Problem A compulsory practical problem from Income Tax Law.which have been expressly declared by law tobe void. Q. Q.from hiellay kolege of commerce.bill of exchange and promissary notes.4:What is bailment?Explain the various right and duties of Bailer and Bailee. Q.2:What is free concent?Discuss the element and position of contract when the consent is not free. Q7:WHAT do you understand by capacity of contract?What are the effects if agreements made by person not competent to contract. Q. Q. This problem is very simple and I am sure it is designed keeping in view the capability of the students of B. Q. Sales Tax Definitions Normally one question from this chapter is set in the examination.6.Diffrence between these two.15:Make a diffrence between Common and private carrier. Hello sir i m muhammad adil from B.Com part 2 section A.Com Any how you would love to do it.16:What are the power and function of national industrial relation commission? .1:Define Contract?Discuss essential of Valid contract.What is contract?Give kinds of contracts.
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