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Punjab University PU Lahore B.COM Part 2 Past Paper of Business Taxation year 2014

Punjab University PU Lahore B.COM Part 2 Past Paper of Business Taxation  year 2014

Business Taxation 2014

Time Allowed: 3 Hours New Course Marks: 100

Note: Attempt any five questions. All questions carry equal marks.

Question # 1

Define and explain the following terms with reference to Income Tax Ordinance 2001.

Income
Industrial undertaking
Principal Officer
Tax year
Question # 2

What is meant by Agricultural Income? Is it taxable in Pakistan? Give at least six examples of agricultural income and non-agricultural income.

Question # 3

Discuss in detail the tax treatment under the Income tax Ordinance 2001, for the following facilities provided by employer to the employee’s.

Accommodation
Conveyance
Loan to employee’s
Medical, hospitalization fees and expenses
Question # 4

(a) What do you mean by “Rent Chargeable to tax”?

(b) List down income from property exempt from tax.

(c) List down income from property not taxable under section 15.

Question # 5

Explain in detail the provisions of Income Tax Ordinance 2001, in respect of appeal to Appellate Tribunal and the Composition of the Appellate Tribunal.

Question # 6

Define and explain the following terms under the Sales Tax Act, 1990:

Arrears
Manufacture
Taxable activity
Time of supply
Question # 7

From the following data of Mr. Mubarik, a registered manufacturer of goods, calculate his liability of sales tax for August 2013:

Sales to registered persons Rs. 51,00,000
Supplies to DTRE registered person Rs. 2,00,000
Export sales Rs. 4,50,000
Sales to wholesalers Rs. 3,00,000
Sales tax debit Rs. 70,000
Supplies made for personal use (inclusive of sales tax) Rs. 1,00,000
Supplies donated to charitable institution Rs. 3,50,000
Taxable purchases from registered person Rs. 4,00,000
Imported goods Rs. 3,40,000
Purchases from non-registered persons Rs. 1,00,000

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