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

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

--
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

Comments

Updating our Google Account inactivity policy

Every day Google works hard to keep you and your private information safe and secure by preventing unauthorized access to your Google Account with our built-in security protections. And keeping you safe means having strong privacy practices across our products that minimize how long we store your personal files and any data associated with them. We want to protect your private information and prevent any unauthorized access to your account even if you're no longer using our services. Therefore, we are updating the inactivity period for a Google Account to two years across all our products and services. This change starts rolling out today and will apply to any Google Account that's been inactive, meaning it has not been signed into or used within a two-year period. An inactive account and any content in it will be eligible for deletion from December 1, 2023. What this means for you: These changes do not impact you unless you h...

Re: ::: vuaskari.com ::: CS408 - FINAL TERM SUBJECTIVE WITH REFERENCE SOLVED BY UMAIR SAULAT

GREAT WORK On Wed, Feb 20, 2013 at 11:30 PM, Umair Saulat < saulat.umair@gmail.com > wrote: CS408- Human Computer Interaction Solved Subjective Fall Semester 2012 QNo.1 it has been observed that most computer users use menu option for input instead of keyboard accelerator. What is the reason behind it? (2 Marks) Answer:- 1. Menu options are easier to find. 2. You don't have to memories the keys for menu option but for key board accelerators you have to memories them REF:: Handouts Page No. 127 QNo.2 Define active intervention. (2 Marks) Answer:- Active intervention with the participant and actively probes the participant understands of whatever is being tested. REF:: Handouts Page No. 276 QNo.3 what is Ubiquitous Computing? (2 Marks) Answer:- The most profound technologies are those that disappear. They weave themselves into the fabric of everyday life until they are indi...

Re: ::: vuaskari.com ::: : CS604 final term sovled subjective part (eagle_eye)

tnkx bhana :) On Thu, Jul 21, 2011 at 8:02 PM, █▓Binish_Awais█▓ < greyferry@gmail.com > wrote: thanks and wonderfull work done by Tabishh ---------- Forwarded message ---------- From: eagle_eye < fantasy.fear@gmail.com > Date: Thu, Jul 21, 2011 at 12:50 AM Subject: CS604 final term sovled subjective part (eagle_eye) To: "Binish(ferry ID}MBA" < Greyferry@gmail.com > -- eagle_eye Live to EXPRESS not to IMPRESS. .!! ( eagle_eye ) GMAIL: fantasy.fear@gmail.com skype ID: fantasy.fear Facebook: tereass_pass2917@yahoo.com -- ●●Gяєу_Fєяяy ●● -- ●●Gяєу_Fєяяy ●● -- 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...

VU Study

Search This Blog