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1. Mr. Bilal is an accountant with ABC Limited.

Data for filing his income tax return for the tax year ended 30th
June 2012 is given below: 20
i) Basic Salary Rs. 5,80,000
ii) Cost of living allowance 120,000
iii) Free unfurnished accommodation provided by employer with land area of 500
sq. yards
iv) Part-time chowkidar 40,000
v) Cost of motor vehicle (motor vehicle provided by the employer for business 3,00,000
and private use. Expenditure incurred during the year Rs. 40,000)
vi) Personal medical expenses 20,000
vii) Qualification pay 35,000
viii) Donation to Bait ul Mal fund 5,000
ix) Donation to relief fund sponsored by Government 70,000
x) Tax deducted from salary 55,000
xi) Prize on Prize Bond 80,000
xii) Gain on sale of shares of public company (holding period more than one year) 25,000
Required: Statement of computation of taxable and income tax payable.
Taxable Income Rate
Rs. 7,50,000 to Rs. 9,00,000 7.5%
Rs. 9,00,000 to Rs. 10,50,000 9.0%
Rs. 10,50,000 to Rs. 12,00,000 10.0%

2. Explain the following terms with reference to Income Tax Ordinance 2001:. 20
i) Capital Assets ii) Dividend
iii) Speculation Business iv) Royalty

3- What do you know about “AGRICULTURAL INCOME”? Is it taxable in Pakistan? Give examples. 20

4- Discuss the Powers and Functions of “COMMISSIONER OF INCOME TAX” 20

5- What are the various Types of “LOSSES”? How can these “Losses be set off and carried forward”. 20

6- Explain specifically at least “TEN ALLOWABLE DEDUCTIONS” under the head of “INCOME FROM
BUSINESS OR PROFESSION” under section 20 of INCOME TAX ORDINANCE 2001? 20

7- a) What does the word “ASSESSMENT” signifies? 20


b) Write short note on following:
i) Provisional Assessment ii) Return of Income as Assessment
iii) Amendment in Assessment

8- Define and explain the following terms with reference to Sales Tax Act 1990. 20
i) Exempt Supply ii) Output Tax
ii) Whole Saler iv) Goods

9- Mr. Nabeel is a wholesaler of LCD’s. Data regarding his business for the month of August 2012 is as
follows: 20
i) 50 LCD’s purchased from a registered manufacturer @ Rs. 13,000 per LCD.
ii) 45 LCD’s were sold to registered person @ Rs. 15,000 per LCD.
iii) One kept (LCD) for personal use (free sample).
iv) One LCD donated to recognized educational institution.
v) 3 LCD’s were sold to non-registered person @ Rs. 15,000 per LCD.
Required: Compute the amount of sales tax payable.
*** B.Com. – II (13/A) v ***