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Monday 23 May 2011

Re: ::: vuaskari.com ::: FIN623 TODAY'S PAPER

2.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

 

3.Which of the following methods of accounting is compulsory to adopt for company?

Accrual Basis

Cash Basis

Both Accrual and Cash Basis

► Free to choose any kind of base


4.Which of the following methods of accounting is compulsory to adopt for aop?

Accrual Basis

Cash Basis

Both Accrual and Cash Basis

► Free to choose any kind of base




==============================================================
Imran Ali,
MBA 4th (Finance),
"The Hardest Part About Losing Love;  IS FINDING YOUR WAY BACK".
===============================



On Mon, May 23, 2011 at 11:45 AM, Rameen Rameen <preetydoll.rameen6@gmail.com> wrote:

2.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

 

3.Which of the following methods of accounting is compulsory to adopt for company?

Accrual Basis

Cash Basis

Both Accrual and Cash Basis

► Free to choose any kind of base

4.Which of the following methods of accounting is compulsory to adopt for aop?

Accrual Basis

Cash Basis

Both Accrual and Cash Basis

► Free to choose any kind of base

 



On Mon, May 23, 2011 at 11:44 AM, Rameen Rameen <preetydoll.rameen6@gmail.com> wrote:

1.Mr.______recieved in agriculture income from dubai, his income shall be treated as……….

Taxable

Exempt

not remember

None

tell me right


On Mon, May 23, 2011 at 10:49 AM, Wahid Pasha <mc090402676@vu.edu.pk> wrote:
GOOD LUCK

On Mon, May 23, 2011 at 10:34 AM, LAIBA BUTT <laiba.butt98@gmail.com> wrote:

 

Under which conditions any profit on debt is treated as Pakistan source income if it is paid by: 3

Resident Person

Non-resident Person

Solution:-

Any profit on Debt will be considered Pakistani source of Income if

Resident Person:-

It is paid by a resident person and except it is not paid in respect of any other outstanding debt used by him for the purpose of business outside of Pakistan through a permanent establishment.

Non-Resident Person:-

It is paid by a non-resident person through permanent establishment in Pakistan.

 

Explain the concept of 'Permanent Establishment. 3

Permanent establishment means a fixed place through which the business is fully or partly commenced and includes; A permanent place for management, warehouse, sales outlet, factory or workshop, branch office etc.

 

Define the following under the Income Tax Ordinance 2001 with their respective sections: 5

Resident Individual

Resident Associations of Persons

Solution:

Resident Individual: It pertains to Section 82 of Income Tax Ordinance 2001.

An individual will be resident individual for a tax year if

·         The individual is present in Pakistan for a period amounting to 183(One Hundred Eighty Three) days or more in a tax year OR

·         Any individual is posted abroad being the employee of the Federal or Provincial Govt; in tax year.

Resident Association of Persons: It pertains to Section 84 of Income Tax Ordinance 2001.

An association of persons will be Resident Association of persons for a particular tax year if its control and management of affairs are situated totally or partly in Pakistan at any time in a tax year.

 

Determine total income of Mr. Sharif, a non-resident individual for tax year 2009.  Relevant data is given below:

·         Share of profit received in Singapore from a business controlled through a permanent establishment in Pakistan Rs 200,000.

·         Salary income of Mr. Sharif from an employment in Pakistan Rs600,000

·         Remittance received from China Rs 400,000

·         Profit on debt received on deposits kept with a bank in Pakistan Rs 50,000

 

Particulars

Gross Income for Non-Resident

Share of Profit Received through PE in Pakistan

200,000/-

Salary

600,000/-

Remittance Received

NIL

Profit on Debt

50,000/-

TOTAL

850,000/-

 


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preety doll
angel4u




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preety doll
angel4u

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