College of Commerce,

Government College University, Faisalabad

Second Assignment Last Date:19-01-2019

Subject Title: Business Taxation Code: Com. 407 Instructor’s Name: Mian Niaz Shaki

Q. No. 1 What is the return of income? Write in detail the legal provisions governing the filing of
return of total income under income tax law.

Q. No. 2 What is assessment? Discuss the various types of assessment made by commissioner of
Inland Revenue.

Q. No. 3 Explain at least ten offences and their penalties that can be imposed under income tax
ordinance 2001.

Q. No. 4 Discuss the powers and functions of Chief Commissioner Inland Revenue (CCIR).

Q. No. 5 Discuss the composition and functions of Appellate Tribunal and discuss the procedure
of appeal to appellate tribunal.

Q. No. 6 Discuss in detail the various payments where the tax is deducted at source under Income
Tax Ordinance 2001.

Q. No. 7 Discuss the legal provision regarding furnishing of return of income under Income tax
ordinance 2001.

Q. No. 8 Explain the self-assessment scheme for tax year 2017

Q. No. 9 Define Agricultural Income. Discuss different types of Agricultural Income. Explain
your answer with the help of different examples.

Q. No. 10 Compute the taxable income and Tax payable of Mr. Almas who is working as
Manager in a Public Limited Company. Data regarding his salary for the year ended on 30th June
2017 is given below.

1 Basic Salary Rs. 14,00,000

2 Medical Allowance 1,60,000
3 Interest free loan provided by employer 7,00,000
4 Conveyance Facility (for personal use only), value of conveyance 16,00,000
5 Zakat paid under Zakat and Usher Ordinance 80,000
6 Donation to Bait ul Mal 50,000
7 Employee’s Contribution to APF 1,00,000
8 Employer’s contribution to APF 1,00,000
9 Interest on accumulated balance of APF @10% 1,50,000
10 Income from property (collection charges Rs.10,000, legal charges 2,50,000
Rs.5000)
11 Income from poultry farm 2,00,000
12 Gain on sale of shares of Private company (sold within 12 months) 80,000
13 Utility allowance 50,000
15 Tax deducted at source 25,000
16 Dividend received from a public company 60,000
17 Tax deducted on cash withdrawal from a bank 6,000
He is provided rent free furnished accommodation.