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This document contains a business taxation sessional exam for students at COMSATS University Islamabad, Lahore Campus. The exam contains 3 questions. Question 1 asks students to advise a company on whether it can file an appeal against a tax assessment by the DCIR, and to cite the relevant section of the Income Tax Ordinance, 2001. Question 2 asks students to describe the appellate authorities under the ordinance and the hierarchy. Question 3 contains 4 multiple choice questions testing definitions and classifications in the ordinance. The exam tests students' understanding of appeal procedures and authorities under the Income Tax Ordinance of Pakistan, as well as basic tax definitions and classifications regarding residency status, taxable events, and depreci

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54 views

S1 Paper BT

This document contains a business taxation sessional exam for students at COMSATS University Islamabad, Lahore Campus. The exam contains 3 questions. Question 1 asks students to advise a company on whether it can file an appeal against a tax assessment by the DCIR, and to cite the relevant section of the Income Tax Ordinance, 2001. Question 2 asks students to describe the appellate authorities under the ordinance and the hierarchy. Question 3 contains 4 multiple choice questions testing definitions and classifications in the ordinance. The exam tests students' understanding of appeal procedures and authorities under the Income Tax Ordinance of Pakistan, as well as basic tax definitions and classifications regarding residency status, taxable events, and depreci

Uploaded by

Khadija Shabbir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMSATS University Islamabad, Lahore Capmus

Department of Management Sciences


Business Taxation
Sessional I
SDP-SP18-BAF-6A
SDP-SP17-BBA-8A-8C Time allowed: 60 minutes
Instructor: Ms Hafiza Noshaba Nisar Total Marks: 10

Note: Answer all of the following questions.

Q-1: ABC (Pvt.) Ltd., engaged in the business of manufacturing, had a taxable income of Rs.
20,000,000 and tax payable of Rs. 7,000,000 assessed by DCIR five months ago. After that
order the company had paid Rs. 7,000,000.

The company has reviewed the matter again and found that the assessment of the DCIR was
wrong. Therefore the company wants to file an appeal before CIR (Appeals).

Being the accountant of ABC (Pvt.) Ltd. advice your company according to Income Tax
Ordinance, 2001;

a. Whether the company can file this appeal or not? and


b. Give the reason according to of the Income Tax Ordinance, 2001 that ‘WHY’ company
“can” or “cannot” file this appeal? (05)

Q-2: Whenever difference of opinion arises in a decision, the appeal is made before the Appellate
Authorities. You are required to describe the followings about those authorities: (03)

a. How many Appellate Authorities are formed under the Income Tax Ordinance, 2001;
name all of those authorities
b. Which one is the highest of the above in point (a); describe the complete structure of the
same.

Q-3: Choose the correct option for all of the following MCQs:

A. According to the Income Tax Ordinance, 2001, any tax imposed, and includes any
penalty, fee or other charges or any sum or amount leviable or payable under this
Ordinance is called: (0.5)

i. Sales Tax
ii. Excise Duty
iii. Tax
iv. Public Revenue

B. At 1st July, 2020, a child celebrated his 18 th birthday. As per Income Tax Ordinance, 2001,
he will be considered as ______________ for the Normal Tax Year 2020: (0.5)

i. Tax Payer
ii. Resident Individual
iii. Minor Child
iv. Not defined by the Income Tax Ordinance, 2001
Cont…...
C. An ambassador of Govt. of Pakistan was on duty in Iran. He stayed there for almost a
complete Tax Year and just come to Pakistan for 40 days. He would be considered a
Resident Individual: (0.5)

i. If he stayed in Pakistan for 365


ii. If he stayed in Pakistan for 183
iii. If he resigned from his job
iv. Whether come to Pakistan or not

D. When a business asset is acquired on financial lease. It is called ____________


according to the IT Ordinance, 2001 (0.5)

i. Depreciable Asset
ii. Eligible Depreciable Asset
iii. Pre-Commencement Expenditure
iv. None of the above

___The End___

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