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  • The Professionals' Academy of Commerce: Certificate in Accounting and Finance

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    Mian Ali
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    This document contains a 55 minute exam for an accounting and finance certificate. It includes 5 multiple choice questions that assess understanding of key concepts in taxation principles: 1. The first question defines a transitional tax year and requires identifying the type of tax year for 3 accounting periods. 2. The second question evaluates the source and tax treatment of various incomes earned by a technical manager working in Pakistan. 3. The third question examines the residential status in Pakistan for tax year 2021 for 4 independent cases involving travel and work abroad. 4. The fourth question defines a public company according to the income tax ordinance of 2001. 5. The fifth question defines a non-profit organization as per the same ordinance

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    basic tax test

    Original Title

    Tac ch 4(1)

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    This document contains a 55 minute exam for an accounting and finance certificate. It includes 5 multiple choice questions that assess understanding of key concepts in taxation principles: 1. The first question defines a transitional tax year and requires identifying the type of tax year for 3 accounting periods. 2. The second question evaluates the source and tax treatment of various incomes earned by a technical manager working in Pakistan. 3. The third question examines the residential status in Pakistan for tax year 2021 for 4 independent cases involving travel and work abroad. 4. The fourth question defines a public company according to the income tax ordinance of 2001. 5. The fifth question defines a non-profit organization as per the same ordinance

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    5 views1 page

    The Professionals' Academy of Commerce: Certificate in Accounting and Finance

    Uploaded by

    Mian Ali
    This document contains a 55 minute exam for an accounting and finance certificate. It includes 5 multiple choice questions that assess understanding of key concepts in taxation principles: 1. The first question defines a transitional tax year and requires identifying the type of tax year for 3 accounting periods. 2. The second question evaluates the source and tax treatment of various incomes earned by a technical manager working in Pakistan. 3. The third question examines the residential status in Pakistan for tax year 2021 for 4 independent cases involving travel and work abroad. 4. The fourth question defines a public company according to the income tax ordinance of 2001. 5. The fifth question defines a non-profit organization as per the same ordinance

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    © All Rights Reserved
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    of 1

    The Professionals’ Academy of Commerce

    CERTIFICATE IN ACCOUNTING AND FINANCE


    Date: April 12, 2021 Time: 55 min.
    Topic: chap. 4 Marks : 28

    PRINCIPLES OF TAXATION
    Q No.1. Define transitional tax year? Determine the type of tax year in respect of each accounting
    periods mentioned below and name these:
    a) 01.01.2019 to 31.12.2019
    b) 01.07.2017 to 30.06.2018
    c) 01.05.2020 to 30.04.2021 (5)

    Q No. 2. Determine the source of income (Local or Foreign) and its taxation as per income tax
    ordinance 2001.
    Mr. Xen Techinal manager came Pakistan for employment on 1st October 2020 for employment in Nishat
    Mills Limited on contract of 2 years, during tax year 2021 he earned following incomes:

    a) Salary received Rs. 5000,000 from Nishat mills but he requested to transfer half salary in China
    while rest of salary received in Pakistan for routine expenses. (2)
    b) He delivered online training through Zoom and earned 2,000,000 from Dubai which he received in
    China. (2)
    c) He also attended seminar as guest speaker in UK and received Rs. 2,500,000 in his bank account in
    China, (2)

    d) He attended seminar as guest speaker in Germany and received Rs. 1,500,000 in his bank account in
    Pakistan.

    Q No. 3. Discuss the residential status for Tax year 2021 in below each independent case:

    1. Mr. Omer left Pakistan for job in Saudi Arabia on 15th February 2021 and did not came back in
    Pakistan till June 2021. It was his first out of Pakistan travel. (2)
    th
    2. Mr. Zee came Pakistan for business of sugar on 15 January 2020 and stayed in Pakistan for rest
    tax year while Fbr allowed him special tax year of sugar companies from Oct to September. (2)
    3. Two friends saad and Hassan started new partnership firm in Pakistan on 15th May 2021 and
    aggressively work for firm but due to excessive demand in dubai shifted to dubai on 25th June
    2021 and started operations from there. ( Residential status of Firm need to be elaborated) (2)
    4. Mr. Hamza working for a chartered accountant firm since 2015 and during the year on 1st aApril
    2021 Mr. Hamza was posted in UK for three year and since his transfer to Uk he came Pakistan
    for 15 days only.

    Q No. 4. Define Public company as per income tax Ordinance 2001. (3)

    Q No. 5. Define Non Profit Organization as per income tax ordinance 2001. (3)

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