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Re: ::: vuaskari.com ::: FIN623 MCQ Ans with a solid ref by 1.nation



On Sun, May 1, 2011 at 3:53 PM, fawad ahmed <muhammad.fawad.ahmed@gmail.com> wrote:

Rate charged under presumptive tax regime to non resident shipping firm 8%
on its gross receipt is quite low as compare to other business. This is an
example of which type of tax concession?
► Reduction in total taxable income
► None of the given options
► Reduction in tax liability
► Reduction in tax rate

References: Just be patient to read these references..

Sec 7. Tax on shipping and air transport income of a non-resident person.—
(1) a tax shall be imposed, at the rate specified in Division V of Part I of the First Schedule
(2) The tax shall be computed by applying the relevant rate of tax to the gross amount

Division V of Part I of the First Schedule
The rate of tax imposed under section 7 shall be – (a) in the case of shipping income, 8% of the gross amount received or receivable;

1st option cannot be selected Because:
Sec 4. Tax on taxable income.—
(5) Income shall be subject to tax as provided for section 7, shall not be included in the computation of taxable income.
 
3rd option is also incorrect Because:
Sec 8. General provisions relating to taxes imposed under section 7 shall be a final tax on the amount in respect of which the tax is imposed and
(b) no deduction shall be allowable for any expenditure incurred in deriving the amount;
(c) the amount shall not be reduced by – (i) any deductible allowance; or (ii) the set off of any loss;
(d) the tax payable by a person under 7 shall not be reduced by any tax credits allowed under this Ordinance;
4th option is also incorrect Because:
Part 2 of 2nd schedule of income tax ordinance 2011
Reduction in tax rates
[(21) In the case of any resident person engaged in the business of shipping, a presumptive income tax shall be charged.

--
Chauhdary Muhammad Fawad Ahmed
MBA 4th semester
Lahore
Virtual University of Pakistan

--
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--
We say, "Be one as Pakistani Nation and grow up for Pakistan's Future". Wish you all the best. Join www.vuaskari.com,
To post to this group, send email to vuaskari_com@googlegroups.com
Visit these groups:
This (Main) Group:http://groups.google.com/group/vuaskari_com?hl=en?hl=en
MIT/MCS Group: http://groups.google.com/group/vu_askarimit?hl=en?hl=en
HRM Group: http://groups.google.com/group/askari_hrm?hl=en?hl=en
Banking Group: http://groups.google.com/group/askari_banking?hl=en?hl=en
Management: https://groups.google.com/group/vuaskari_mgt?hl=en
Marketing: https://groups.google.com/group/vuaskari_mkt?hl=en
MIS Group: http://groups.google.com/group/askari_mis?hl=en

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