..::VU-Pink::.. *Think*

Thank you!

 

 

 

Regards

 

 

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Thank you!

 

 

 

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Thank you!

 

 

 

Regards

 

 

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[VUSR] 65737 [VUSR.NET]

---------- Forwarded message ----------
From: <info@vusr.net>
Date: Sat, May 26, 2012 at 3:24 PM
Subject: [VUSR.NET]
To: info@vusr.net

Aslam o Alykum Dear Fellows,

New Topic : FIN623 Midterm 2010 Paper Shared By Maqsood

 

MIDTERM EXAMINATION

Spring 2010 Paper

FIN623- Taxation Management (Session - 5)

solved by maqsood Ahmed

www.vusr.net

http://groups.google.com/group/vusr

Time: 60 min

M a r k s: 44

 

Question No: 1 ( M a r k s: 1 ) http://vusr.net

In the canons of taxation, which one of the following statements best describe the benefits principle?

► Persons deriving more income leads to enjoy less benefits from the state, should be taxed at the lower rates.

► Persons deriving more income leads to enjoy less benefits from the state, should be taxed at the higher rates.

► Persons deriving less income leads to enjoy more benefits from the state, should be taxed at the lower rates.

► All persons deriving more or less income should be taxed at the same rates.

 

 

Question No: 2 ( M a r k s: 1 ) http://vusr.net

Law making is the prime responsibility of which of the following authorities?

 

► Parliament

► Supreme Court

► High Court

► City Court

 

 

Question No: 3 ( M a r k s: 1 ) - Please choose vusr one

Which one of the following is the Internal aid and help in the interpretation of law?

 

► Punctuation marks

► CBR's circulars

► Definitions in other statutes

► Departmental manuals

www.vusr.net

Question No: 4 ( M a r k s: 1 ) http://vusr.net

Section 2(5A) of Income Tax Ordinance 2001 defined:

"assessment year" means assessment year as defined in the repealed Ordinance.

In which criteria the above definition falls?

► Exclusive definition

► Inclusive definition

► Both Exclusive and Inclusive definitions

► Statutory definition

 

Question No: 5 ( M a r k s: 1 ) http://vusr.net

Section 2(13) of Income Tax Ordinance 2001 defined:

 

"Commissioner" means a person appointed as a Commissioner of Income Tax under section 208, and includes a taxation officer vested with all or any of the powers, and functions of the Commissioner;

 

In which criteria the above definition falls?

► Exclusive definition

► Inclusive definition

► Both Exclusive and Inclusive definitions

► Statutory definition

 

Question No: 6 ( M a r k s: 1 ) http://vusr.net

A definition also includes the dictionary meanings of the word is termed as which of the following?

 

► Exclusive definition

► Inclusive definition

► Both Exclusive definition and Inclusive definitions

► Statutory definition

 

Question No: 7 ( M a r k s: 1 ) http://vusr.net

2(22) of Income Tax Ordinance 2001 defined:

"Employment" includes:

· a directorship or any other office involved in the management of a company;

· a position entitling the holder to a fixed or ascertainable remuneration; or

· the holding or acting in any public office;

In which criteria the above definition falls?

► Exclusive definition

► Inclusive definition

► Both Exclusive and Inclusive definitions

► Statutory definition

 

Question No: 8 ( M a r k s: 1 ) http://vusr.net

The _____ year is a period of twelve months arbitrarily chosen for tax purposes.

► Economic

► Fiscal

► Economy

► Monetary

www.vusr.net

Question No: 9 ( M a r k s: 1 ) http://vusr.net

Which of the following is the legal status of the Punjab University under the provisions of section 80 of the ordinance?

► Individual

► Company

► Banking Company

► Hindu Undivided Family

 

Question No: 10 ( M a r k s: 1 ) http://vusr.net

Which of the following is the example of deemed income?

► Cash Gift

► Loan through cross cheque

► Salary

► Golden hand shake

 

Question No: 11 ( M a r k s: 1 ) http://vusr.net

Which of the following is NOT an example of deemed income?

► Loan through cross cheque

 

► Gifts through proper transaction

► Golden hand shake

► All of the given options

 

Question No: 12 ( M a r k s: 1 ) http://vusr.net

Income Tax is charged on which of the following?

► Income of the current tax year

► Income of the previous year

► Income of the coming year

► Any Receipt of money

 

Question No: 13 ( M a r k s: 1 ) http://vusr.net

Which of the following is NOT an example of Lump sum receipt?

 

► Pension

► Golden shake hand

► Provident fund

► Salary

 

Question No: 14 ( M a r k s: 1 ) http://vusr.net

Which of the following methods of accounting is compulsory to adopt for Firm?

► Accrual Basis

► Cash Basis

► Both Accrual and Cash Basis

► Free to choose any kind of base

Reference: Adoption rule of accounting methods are as under:

For Companies –Accrual basis mandatory.

For Others --- optional, cash or Accrual Basis

(vusr,fuad,july2011)

 

Question No: 15 ( M a r k s: 1 ) http://vusr.net

The process of clubbing of income results in which of the following?

► Lower Bracket rate of tax is charged

► Higher Bracket rate of tax is charged

► Moderate Bracket rate of tax is charged

► No change occur due to clubbing

 

As a result of clubbing,  higher tax bracket will be charged to "the person, to whom this income is clubbed" . In this mcq, it is not clear whose tax bracket will be affected. 

There is counter effect on tax bracket.  Let say,

If wife clubbed her income with her husband 's income then her husband's income will be increased and he will definitely fall into higher tax bracket and wife will do it for saving herself from higher tax bracket. 

Thus , her tax bracket will be decreased or will not be increased due to that transferred income

Question No: 16 ( M a r k s: 1 ) http://vusr.net

Any salary received by an employee of a foreign government for services rendered to such government shall be exempt from tax under which section of IT Ordinance 2001?

► Section 40

► Section 43

► Section 47

► Section 53

 

Question No: 17 ( M a r k s: 1 ) http://vusr.net

Rate charged under presumptive tax regime to non resident shipping firm 8% on its gross receipt is quite low as compare to other business. This is an example of which type of tax concession?

► Reduction in total taxable income

► None of the given options

► Reduction in tax liability

► Reduction in tax rate

 

Question No: 18 ( M a r k s: 1 ) http://vusr.net

What is the tax treatment of any profit on the US Dollar Bonds purchased by the resident person after December 1999 under Second Schedule?

► Wholly exempt

► Wholly taxable

► Tax @10% of profit paid

► Not mention in second schedule

www.vusr.net

Question No: 19 ( M a r k s: 1 ) http://vusr.net

Which of the following section deals with the residential status of Company?

► Section 81

► Section 82

► Section 83

► Section 84

 

Question No: 20 ( M a r k s: 1 ) - Please choose vusr one

Which part of income is charged to tax of non-resident person under the income tax ordinance 2001?

► Pakistani source of income

► Foreign source of income

► Both Pakistan and foreign source of income

► None of the given option

 

Question No: 21 ( M a r k s: 1 ) http://vusr.net

Sale of goods through permanent establishment in Pakistan by a non-resident belongs to which of the following?

 

► Pakistani source of Income

► Foreign source of income

► Both Pakistan and foreign source of income

► None of the given option

 

Question No: 22 ( M a r k s: 1 ) http://vusr.net            vusr

Rental income shall be Pakistan-source income if it is derived from:

► The lease of immovable Property in Pakistan

► The lease of immovable Property outside Pakistan

► The lease of immovable Property both in and out of Pakistan

► None of the given options

 

Question No: 23 ( M a r k s: 1 ) http://vusr.net

Which of the following does Not come under the ambit of permanent establishment (PE)?

► Branch office

► Factory or workshop

► Premises for soliciting orders

► Liaison or relationship office

 

Question No: 24 ( M a r k s: 1 ) http://vusr.net

Mr. Ali resident of Pakistan received salary form UK? What will be the tax treatment of his salary in Pakistan?

 

► Wholly taxable

► Partly Taxable

► Wholly exempt

► Wholly exempt only if resident paid foreign tax on his salary

 

Question No: 25 ( M a r k s: 1 ) http://vusr.net

What is the relation between the Non-resident and permanent establishment as per section 105?

► Both have same legal entity

► Both are separate legal entity

► Both are dependent on each other

► None of the given options

 

Question No: 26 ( M a r k s: 1 ) http://vusr.net

What is the tax treatment of losses from the foreign source under section 104 of the ordinance?

► Wholly taxable

► Partly Taxable

► Deductible expenditure

► None of the given options

www.vusr.net

Question No: 27 ( M a r k s: 1 ) http://vusr.net

Which of the following section of Income Tax Ordinance 2001 deals with Income from Salary and its treatment?

 

► Section 11

► Section 12

► Section 13

► Section 14

 

Question No: 28 ( M a r k s: 1 ) http://vusr.net

Mr. A non-resident of Pakistan received interest on Canadian Bonds Rs. 150,000 (entire amount received in Pakistan). What is the treatment of this amount for calculating his gross total income?

 

► Rs. 150,000 added in his total income

► Rs. 150,000 subtracted from his total income

► Rs. 75,000 added in his total income

► Exempt from tax

 

Question No: 29 ( M a r k s: 3 )

What is meant by reduction in tax liability? Give an example from Income Tax ordinance 2001?

 

Question No: 30 ( M a r k s: 3 )

Define the employment as per its respective sections.

 

Question No: 31 ( M a r k s: 5 )

Define the following under the Income Tax Ordinance 2001 with their respective sections:

a. Resident Individual

b. Resident Associations of Persons

 

Question No: 32 ( M a r k s: 5 )

Mr. Bajwa resident of Pakistan received salary from UK. He claimed that he has also paid foreign tax in respect of his salary in UK. How his claimed will be verified and what is the tax treatment of his salary under which section of the income tax ordinance deals this scenario?

 

 

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[discussion_vu] Travel And Tour World : Weekly Newsletter

Travel and Tour World - Global News global travel and tourism news on your desktop Date: 26.05.2012   Travel news of the week: IMEX celebrated a 'bumper' week of business, education and networking WTM Vision Conference: The travel and tourism industry's longer term prospects are good Airline News: Qatar Airways Becomes Member Of Key Global Industry Body Covering MICE Sector Gulf Air increases services to Sana'a to offer passengers greater travel options CEB slashes China, Hong Kong fares by up to 80% Boeing Delivers UK Royal Air Force's 8th C-17 Globemaster III American Airlines Celebrates 25 Years of Service Between Dallas/Fort Worth and Japan Qatar Airways Launches Flights To Iraq American Airlines Announces Initial Boeing 777-300ER Schedule JetPrivilege inks partnership with India Today magazine and Fairmont Hotels & Resorts Travel Association News: ASTA Praises President's Call to Action on Job Creation AH&LA Secures Extension for Existing Pool and Spa Lift ADA Compliance Date McCormick Named Co-Chair of Risk Based Security Working Group for TSA's Aviation Security Advisory Committee U.S. - Israel Sign Agreement on Global Entry Program U.S. Travel Applauds Senate Appropriations Bill on DHS Visa and Entry Initiatives GBTA Canada President will participate in Cross-Border Business Travel Consultations Hotel News: Burj Al Arab unveils the Gold Standard of Romance with its Gold Package offering Jones Lang LaSalle Hotels appointed to sell iconic hotel in the heart of London DoubleTree by Hilton Opens First Tucson Airport Hotel Accor purchase of Mirvac hotels to reshape Australian/New Zealand hotel industry The Luxury Collection Hotels & Resorts Reaches 80 Hotels Worldwide with the Debut of Keraton at The Plaza Great Hotels of the World expanding to the Americas Destination News: Florida Visitation and Spending Growth Continues in 2012 Cayman Airways Launches Non-stop Service Between Dallas and the Cayman Islands England Champions Accessibilty ahead of London 2012 Paralympic Games Berlin: Networking with international convention cities Experience Jamaica 2012 Campaign Launched Kiwi Link India 2012 set to deliver results Tourism News: Tourism Ireland bags Digital Media Award TAT Collaborates with Nokia Thailand to Launch Mobile Application on Windows Phone Six new organisations with the Green Key label in Brussels Korea Tourism Organization Launches Yeosu Expo Travel Deal Caribbean Tourism Organisation's Second Rum Rumble Draws Impressive Crowd Golden year for London as it scoops the World's Ultimate Sports City Award Railway News: Large attendance and unveiling of major news made Rail Europe's 'RIDE 2012' a great success Illinois High-Speed Rail Corridor Work Continues CN presents Safe Handling Award to shippers Travel Advisory: Union Pacific Railroad Reminds Drivers to Use Caution at Railroad Crossings SPA News: A Thai Experience In The Heart of Lisbon at Four Seasons Hotel Ritz Introducing a New Direction for the Spa at Four Seasons Resort Bali at Sayan Introducing a Transformed Concept at the Spa at Four Seasons Resort Bali at Jimbaran Bay 4th SPA-CE welcomes spa and wellness providers Travel Technology News: EIBTM Technology Watch - Opens for Submissions Amadeus and OAG launch market-leading daily airline schedule updates for travel agencies FCm focuses on next generation of business travel India's Biggest Travel Site - Make My Trip - Partners with SiteMinder NCR Corporation launched NCR Express Key Vantage Hospitality's Hotel Brands Launch Value on the Road Website and Promotion Travel Events News: CULTOURFAIR to take place in Grenada, Spain SECC Showcases Project Ability At IMEX 2012 IMEX Frankfurt: How to penetrate Chinese market Star Alliance showcasing its conventions and meetings travel products at IMEX The US Green Building Council and KPMG named winners of the IMEX 2012 Green Meeting Award Five IMEX Academy Awards plus JMIC Unity Award, Site Master Motivator and new PCMA Global Executive Award make for a sparkling 2012 line-up Cruise News: Princess Cruises Memorial Day Sale Offers Cruise Deals Port Of Los Angeles Releases Draft Environmental Impact Report for City Dock No. 1 Project Celebrate in Style with P&O Cruises InnerSea Discoveries/American Safari Cruises Christens Two Vessels For Inaugural Season Express Ferry Service Between Jeju and Yeosu Expo Launches MICE News: Vienna tops the world-wide rankings as a destination for international congresses Conference Care awarded City & Guilds contract Plenty of 'Incentive' for American Visitors Qatar National Convention Centre Records Robust Growth Going Into 2nd Quarter Oman Convention & Exhibition Centre is scheduled for completion in 2016 MyCEB establishes global presence UK Oracle User Group confirms it will be returning to the ICC Birmingham for 2012 conference   Beijing International Tourism Expo (BITE): Asia's leading annual travel and tourism event - Beijing International Tourism Expo (BITE) is all set to come back this year once again with various travel prospects. Scheduled to be held at China National Convention Centre (CNCC) from 15 - 17 June, the three-day mega tourism event will unveil its international showcase of destinations, tourism attractions, travel packages, products and services.   Collect your free copy of Travel and Tour World Magazine from the following upcoming fairs: ASIA RESORT EXPO (Singapore) ITE & MICE (Hong Kong) BITE (Beijing) HOSFAIR (Guangzhou) TOURISM & EVENTS EXCELLENCE CONFERENCE (Melbourne) Date: 01-03 June Date: 14-17 June Date: 15-17 June Date: 28-30 June Date: 16-17 July Submit a story or media release | Post your sponsor link | Advertise with us Home | About Us | News | Events | Contact Us | Download Free

Download and Read Free Travel And Tour May 2012 Issue   Travel And Tour World Xclusive (Pilgrimage Tours) Country Focus (Thailand) MICE (Illinois)   Special Feature - (Heli Tourism) Interview Zone (Craig Moyes) Cityscape (Orlando, London, Birmingham, Goa) Travel And Tour Europe Xclusive (Pilgrimage Tours) Country Focus (Germany) MICE (Montenegro, Luxembourg)   Special Feature - (Heli Tourism) Interview Zone (Craig Moyes) Cityscape (Stockholm, Birmingham) Travel And Tour Americas Xclusive (Pilgrimage Tours) Country Focus (Peru) MICE (Illinois, Cancun)   Special Feature - (Heli Tourism) Interview Zone (Craig Moyes) Cityscape (Buenos Aires, Orlando) Travel And Tour Asia Xclusive (Space Tourism) Country Focus (Egypt) MICE (Phnom Penh, Seoul)   Special Feature - (Heli Tourism) Interview Zone (Craig Moyes) Cityscape (Durban, Shanghai) MICE Travel Advisor Face to Face (Ray Bloom), Cancun, Phnom Penh, Interview Zone (Craig Moyes), Montenegro, Illinois, Center of Attraction, Seoul, Luxembourg, Show Highlight, Show Review, Calendar of Travel Events

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