Question
P
ICAP
Bank
Principles of Taxation
, Certificate in Accounting and Finance
I
Principles of Taxation
Index to Questions and Answers
Question Answer
page page
Chapter 1: System of taxation in Pakistan
1 Direct and Indirect Taxation 1 45
2 Revenue and Non-Revenue Objectives 1 46
3 Tax Structure 1 47
Major Characteristics of Effective Taxation 1
4 47
System
5 Strategies of Taxation Management 1 48
6 Tax Reliefs in Cross Border Transactions 1 48
Chapter 2: Constitutional provision on taxation
Powers of the Federation to Legislate on
7 1 48
Taxes
Chapter 3: Ethics
8 Canons of Taxation 1 49
9 Ethics for Tax Practioner 1 49
Chapter 4: Basic concepts of income tax law
10 Deductible Allowances 2 50
11 Public Company vs. Private Company 2 51
12 Definitions/Concepts 2 51
13 Residential Status 2 52
14 Types of Tax Regimes 2 53
Chapter 5: Salary income
15 Mr. A 2 55
© Emile Woolf International v The Institute of Chartered Accountants of Pakistan
,Principles of taxation
Question Answer
page page
16 Mr. Mushtaq 3 55
17 Mr. Bashir Ahmed 3 56
18 Mr. Hayat 4 57
19 Mr. Ainud Din Khan 4 58
20 Mr. Mateen 4 59
21 Mr. Aslam 5 60
22 Mr. Akram 6 61
23 Mr. Akber 6 63
Chapter 6: Income from property
24 Mr. Asad 7 64
25 Mr. Akmal 7 65
26 Farrukh 7 65
Chapter 7: Income from business – 1
27 Sun & Moon Co. 8 65
28 Ideal Associates 8 66
29 Carrot Ltd 8 66
Chapter 8: Income from business – 2
30 Intangible Assets 9 67
31 Mr. Qateel 9 68
Chapter 9: Capital gains
32 Mr. Shahbaz 10 70
33 Saleha 10 70
Chapter 10: Income from other sources
34 Multiple Individuals 11 70
35 Ms. Beena Sikandar 11 71
Chapter 11: Taxation of individuals
36 Mr. Ashraf 12 72
37 Mr. Musaddique Noor 13 73
38 Dr. A. A.Qureshi 14 74
39 Mr. Qais Mansoor 14 75
40 Mr. A. D. Chughtai 15 77
41 Mr. Hyder 16 78
42 Donation 16 78
© Emile Woolf International vi The Institute of Chartered Accountants of Pakistan
, Index to Questions and Answers
Question Answer
page page
43 Mr. Zameer Ansari 16 79
44 Ms. Saima 17 81
45 Mr. Bilal 17 82
46 Mr. Faisal 18 82
Chapter 12: Taxation of association of persons (AOP)
47 AB Associates (AOP) 18 83
48 AB & Co. 19 85
49 Ms. Hameeda 20 86
50 T & H Enterprises 21 87
51 Mr. Sohail, Mr. Khaled and Mr. Qazi 22 88
52 Taqi Ahmed 22 89
53 Mushtaq Enterprises 23 91
54 Dawood and Dewan 24 92
55 Baber – Hi Fi Limited 24 93
56 Lone Traders 25 95
57 Baqir, Asad and Rahil 26 96
58 Wajahat 27 97
Chapter 13: Foreign source income of resident person
59 Ms. Margaret 28 98
Chapter 14: Returns
60 Mr. Sami 28 99
61 Mr. Zahid 28 100
Chapter 15: Assessment and audit
62 Chandi Enterprises 29 101
63 Plasma Pakistan (Pvt.) Limited (PPL) 29 101
Chapter 16 – Appeal
64 Ms. Zubaida 30 101
Chapter 17 – Scope of sales tax
65 Ravi Limited 30 102
66 Registration 30 103
67 Sales Tax Act, 1990 31 103
68 Mr. Furqan 31 103
69 Manufacturer 31 104
© Emile Woolf International vii The Institute of Chartered Accountants of Pakistan
P
ICAP
Bank
Principles of Taxation
, Certificate in Accounting and Finance
I
Principles of Taxation
Index to Questions and Answers
Question Answer
page page
Chapter 1: System of taxation in Pakistan
1 Direct and Indirect Taxation 1 45
2 Revenue and Non-Revenue Objectives 1 46
3 Tax Structure 1 47
Major Characteristics of Effective Taxation 1
4 47
System
5 Strategies of Taxation Management 1 48
6 Tax Reliefs in Cross Border Transactions 1 48
Chapter 2: Constitutional provision on taxation
Powers of the Federation to Legislate on
7 1 48
Taxes
Chapter 3: Ethics
8 Canons of Taxation 1 49
9 Ethics for Tax Practioner 1 49
Chapter 4: Basic concepts of income tax law
10 Deductible Allowances 2 50
11 Public Company vs. Private Company 2 51
12 Definitions/Concepts 2 51
13 Residential Status 2 52
14 Types of Tax Regimes 2 53
Chapter 5: Salary income
15 Mr. A 2 55
© Emile Woolf International v The Institute of Chartered Accountants of Pakistan
,Principles of taxation
Question Answer
page page
16 Mr. Mushtaq 3 55
17 Mr. Bashir Ahmed 3 56
18 Mr. Hayat 4 57
19 Mr. Ainud Din Khan 4 58
20 Mr. Mateen 4 59
21 Mr. Aslam 5 60
22 Mr. Akram 6 61
23 Mr. Akber 6 63
Chapter 6: Income from property
24 Mr. Asad 7 64
25 Mr. Akmal 7 65
26 Farrukh 7 65
Chapter 7: Income from business – 1
27 Sun & Moon Co. 8 65
28 Ideal Associates 8 66
29 Carrot Ltd 8 66
Chapter 8: Income from business – 2
30 Intangible Assets 9 67
31 Mr. Qateel 9 68
Chapter 9: Capital gains
32 Mr. Shahbaz 10 70
33 Saleha 10 70
Chapter 10: Income from other sources
34 Multiple Individuals 11 70
35 Ms. Beena Sikandar 11 71
Chapter 11: Taxation of individuals
36 Mr. Ashraf 12 72
37 Mr. Musaddique Noor 13 73
38 Dr. A. A.Qureshi 14 74
39 Mr. Qais Mansoor 14 75
40 Mr. A. D. Chughtai 15 77
41 Mr. Hyder 16 78
42 Donation 16 78
© Emile Woolf International vi The Institute of Chartered Accountants of Pakistan
, Index to Questions and Answers
Question Answer
page page
43 Mr. Zameer Ansari 16 79
44 Ms. Saima 17 81
45 Mr. Bilal 17 82
46 Mr. Faisal 18 82
Chapter 12: Taxation of association of persons (AOP)
47 AB Associates (AOP) 18 83
48 AB & Co. 19 85
49 Ms. Hameeda 20 86
50 T & H Enterprises 21 87
51 Mr. Sohail, Mr. Khaled and Mr. Qazi 22 88
52 Taqi Ahmed 22 89
53 Mushtaq Enterprises 23 91
54 Dawood and Dewan 24 92
55 Baber – Hi Fi Limited 24 93
56 Lone Traders 25 95
57 Baqir, Asad and Rahil 26 96
58 Wajahat 27 97
Chapter 13: Foreign source income of resident person
59 Ms. Margaret 28 98
Chapter 14: Returns
60 Mr. Sami 28 99
61 Mr. Zahid 28 100
Chapter 15: Assessment and audit
62 Chandi Enterprises 29 101
63 Plasma Pakistan (Pvt.) Limited (PPL) 29 101
Chapter 16 – Appeal
64 Ms. Zubaida 30 101
Chapter 17 – Scope of sales tax
65 Ravi Limited 30 102
66 Registration 30 103
67 Sales Tax Act, 1990 31 103
68 Mr. Furqan 31 103
69 Manufacturer 31 104
© Emile Woolf International vii The Institute of Chartered Accountants of Pakistan
