Sunday, 26 May 2013

Fin623 current vu mid term papers May 2013

Total 27 questions
22 Mcqs , 3 questions of 3 marks and 2 question of 5 marks
About 90% paper was from past papers.
1- describe Section 47 and 48.3 Marks
2- Related to residential status of a person.3 Marks
3- Basic salary was 36350 in tax year 2012 and amount of exampted medical allowonce was required to calculate under IT ordinance 2001. 3 Marks
4- Determine total income of Mr. Sharif, a non-resident individual for tax year 2009. Relevant data is given below:
i. Share of profit received in Singapore from a business controlled through a permanent establishment in Pakistan Rs 400000.
ii. Salary income of Mr. Sharif from an employment in Pakistan Rs100,000
iii. Remittance received from China Rs 100,000
iv. Profit on debt received on deposits kept with a bank in Pakistan Rs 25000 -------- 5 Marks
5-Question was about Residential Company section 83. 5 Marks

Q. What is Permanent Establishment ? 3 marks
Q. computation of income which is partially agricultural and partly business.3 maks
Q. Tax treatment of Non resident income according to Pakistan source income ? why it is like this ? 5 marks
Q. computation of total income of non resident person according to 2012.
(is swal k liye ch 19 aur 20 ki nexamples solve kr lein)