بِسْمِ اللَّهِ الرَّحْمَنِ الرَّحِيم

بِسْمِ اللَّهِ الرَّحْمَنِ الرَّحِيم. السلام عليكم ورحمة الله وبركاته.

Taxation Management (FIN623). GDB-01.

Option 1. Question : Which one of the following scenarios is an example of tax evasion and why? 1. Mr. Ahmer during the year earned taxable income of Rs . 800,000 and got Rs . 65,000 exempted in accordance to the taxation laws. Mr . Nawaz during the year earned Rs . 1,000,000 as taxable income. He did not declare the income received worth Rs . 1,500,000 during the year from the sale proceeds in his tax return . Answer: Mr.Nawaz is involved in tax evasion.Because he not declare his correct actual earning is Rs . 1,500,000..

Option 2. Question: M/S Shams Ltd. closes its accounting year on Oct. 31 each year. Determine its tax year for the income year starting on November 1, 2020 and ending on October 31, 2021 Answer: Here M/S Shams Ltd has a Special Tax Year. Tax Year 2022.

Option 3. Question Junaid and Zafar both are working in a local company; each earning a monthly basic salary of Rs . 100,000. For the FY2021, their employer deducted income-tax @ 6% of their income. During the FY2022, their salaries got an annual increment of 8% and 11% respectively. This time, the company will deduct tax at 7% and 8% respectively. Identify the tax structure followed by the company. (Calculations are not required ) Answer: Tax structure IS Federal Tax (income Tax ) and progressive tax system.

Option 4. Question Briefly state with relevant section(s) of the ITO 2001 whether Punjab Co-Operative Housing Society will be assessed a company for the tax year 2022 ? Answer Punjab Co-Operative Housing Society will assessed company because its include in company definition that are given in ITO 2001 Section 80.

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