Aspire College Wazirabad

Business Taxation
B.Com. Part-II Mid-Term 2022
Time Allowed: 3 hrs. Max Marks: 100

Note: Attempt any FIVE Questions, All the Questions carry equal marks

1. What is meant by agricultural income? Is it taxable in Pakistan? Give at least five examples of
agricultural income and five examples of Non-agriculture income.

2. Discuss in detail, “tax year" as related to a person under the Income tax Ordinance, 2001.

3. What are the legal provisions governing the residential status of individual, AOP and company
in Pakistan?

4. What is provident fund? Discuss the treatment of various types of provident Fund for inclusion
in total income and exemption from income tax.

5. Discuss the various types of relief and allowances which can be claimed as tax Credits by an
individual.

6. How would you differentiate between capital and revenue expenditures?

7. Discuss at least ten allowable deductions under the head 'income from business or profession
under section 20 of the Income Tax Ordinance, 2001.

8. What are the various types of losses? How can these losses be set-off and carried forward.