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DETERMINATION OF LEGAL STATUS OF A PERSON |
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Taxation
Management FIN 623
VU
MODULE
3
LESSON
3.7
DETERMINATION
OF LEGAL STATUS OF A
PERSON
Exercise:
Determine
legal status of the following
persons under the provisions of section 80 of
the
ordinance.
i.
ABC University, Karachi
ii.
XYZ Bank Limited
iii. A
joint family of Mr. H (a
Hindu), Comprising Mr. H, his
sons Mr. C & Mr.
D
iv.
XYZ Modaraba
v. XYZ
Mills Ltd.
vi.
Federal Government
vii.
Government of Sind
viii.
Government of Punjab
ix.
ABC Trust
x.
KDs' an unregistered firm of K
and D
xi.
Mr. A Serving as a Manager in a Textiles
Company
xii.
Mr. Z, a Director in Private
Company
xiii.
Mr. y, Running his Business
as Sole Proprietor
xiv.
ABC Welfare Trust
xv.
Mr. A & B Joint Owners in
Immovable Property
xvi.
XYZ Cooperative Housing Society
Answer to
exercise on legal
status:
A
(i)
Company
A (ii)
Banking Company
A
(iii) Hindu Undivided
Family
A (iv)
Company
A (v)
Public Company
A (vi)
person
A
(vii) Company
A
(viii) Company
A (ix)
Company
A (x)
Firm
A (xi)
Individual
A
(xii) Individual
A
(xiii) Individual
A
(xiv) Company
A (xv)
Association of persons
A
(xvi) Company
Tax
on Income
· Income
Tax is a tax on a person in respect of
his income during a tax
year
· Income
of a tax year as computed under the provisions of this ordinance is
Taxable Income, it is
total
income
reduced by total of any deductible
allowances. It is charged to tax in a tax
year according to
applicable
rules.
'Income
Sec. 2 (29)
Income
has been defined in section
2 (29) of the ordinance as under:
(29)
"income" includes
any amount chargeable to tax under this Ordinance,
any amount subject to
collection
or deduction of tax
and any loss of income
but does not include, in
case of a shareholder of a
company,
the amount
representing the face value of
any bonus share or the amount of
any bonus declared,
issued
or paid by the
company to the shareholders with a
view to increasing its paid up
share capital;
· Any
amount chargeable to tax under this
ordinance
· Any
amount subject to deduction and
collection under various sections of this
ordinance.
· Any
loss of Income.
12
Table of Contents:
- AN OVERVIEW OF TAXATION
- What is Fiscal Policy, Canons of Taxation
- Type of Taxes, Taxation Management
- BASIC FEATURES OF INCOME TAX
- STATUTORY DEFINITIONS
- IMPORTANT DEFINITIONS
- DETERMINATION OF LEGAL STATUS OF A PERSON
- HEADS OF INCOME
- Rules to Prevent Double Derivation of Income and Double Deductions
- Agricultural Income
- Computation of Income, partly Agricultural,
- Foreign Government Officials
- Exemptions and Tax Concessions
- RESIDENTIAL STATUS & TAXATION 1
- RESIDENTIAL STATUS & TAXATION 2
- Important Points Regarding Income
- Geographical Source of Income
- Taxation of Foreign-Source Income of Residents
- Exercises on Determination of Income 1
- Exercises on Determination of Income 2
- SALARY AND ITS COMPUTATION
- Definition of Salary
- Significant points regarding Salary
- Tax credits on Charitable Donations
- Investment in Shares
- SALARY AND ITS COMPUTATION EXERCISES 1
- SALARY AND ITS COMPUTATION EXERCISES 2
- SALARY AND ITS COMPUTATION EXERCISES 3
- Tax treatment of Gratuity
- Gratuity Exercise
- PROVIDENT FUND
- Exemptions on Business income, Treatment of Speculation Business
- Deductions Allowed & Not Allowed
- Deductions: Special Provisions, Depreciation
- Methods of Accounting
- Taxation of Resident Company
- Taxation of Companies: Exercises
- Computation of Capital Gain
- Disposals Not Chargeable To Tax
- TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
- Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
- ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
- What is Value Added Tax (VAT)?
- SALES TAX
- SALES TAX RETURNS