Virtual University Forum

on December 25, 2013 at 7:22am MCQ mostly from past papers... and other question ares 1. If mr.x have foreign Loss, which section address it, what is its treatment and how many years it can be carry forward (Section 104 - define it, loss can be adjusted same time of foreign income, can carry forward till 6 years) 2. Mr.A is pilot and earn 100,000 as flying allowance, and he pays 3.5% tax, is he paid correct or wrong and justify thru calculation (2.5% is correct value as per reduced Tax Liability) 3. Medical Allowance limit for a person if medical is not allowed in his salary terms. (10% is allowed) 4. Identify : which one is company or idividual like Abc university, XYZ company etc. (University is a company, any director is individual, etc)

on December 26, 2013 at 11:42am my paper was easy; qno1 what type of person are define in ...   1) trust    2) abc bank  3 )asd university qno2 define section 102 qno3 total gross taxable income find karni thi qno4 total gross taxable income find karni thi per ye wala agriculture say tha? qno4 prid award given by government is taxable or not?also mention the section?

on December 21, 2013 at 12:29pm my today's paper it was very easy paper too much easy paper 95% FROM PAST PAPER  SUBJECTIVE PORTION WAS VERY EASY MCQS RELATED RESIDENT,NON-RESIDENT,PERMANENT ESTABLISHMENT AGRICULTURE NON-AGRICULTURE MEANS PAPER WAS CONCEPTUAL BASED. timing:10:30 am to 11:30 am   21-December-2013  total question:27 total marks:41 marks 22 mcqs 3 questions 3 marks each 3*3=9 2 questions 5 marks each 2*5=10 Q23:WHAT IS THE TAX TREATMENT OF AGRICULTURAL PRODUCE WHERE IT IS USED AS RAW MATERIAL IN THE BUSINESS OF CULTIVATOR?3 MARKS ANSWER: SEE ACCORDING TO RULE 11 LESSON-11 Q24: YAD NAHI EXACT QUESTION BUT AGRICULTURE INCOME SAI AYA THA.3 MARKS  Q25: EXPLAIN THE CONCEPT OF "PERMANENT ESTABLISHMENT". 3 MARKS Q26: DEFINE THE FOLLOWING UNDER THE INCOME TAX ORDINANCE 2001 WITH RESPECTIVE SECTIONS:5 MARKS 1.RESIDENT INDIVIDUAL 2.RESIDENT AOP ANSWER: SEE LESSON 14 Q27: LIST DOWN SOME IMPORTANT "CHARACTERISTICS OF SALARY" 5MARKS

on December 20, 2013 at 8:41pm My today paper My today paper was quit easy 22 MCQs and 5 short questions, 3 of 3 marks and 2 of 5 each Mostly mcqs from past papers Define demmed income? (3) Define employment also mention section? (3) Define section 47 and section 48? (3) A case given that non resident person earn salary from UK and pay tax in UK. describe tax treatment of this salary earned in Pakistan? (5) Define conditions under which the business income earned by non resident is treated as Pakistan source income? (5)

on December 20, 2013 at 7:47pm Mine Today's Paper: Pattern was quite same i.e. 22 MCQs and 5 short questions, 3 of 3 marks and 2 of 5 each. 1- Treatment of foreign losses, section deals with it, and to how many years it can be carried forward. 2- Taxpayer, according to ITO 2001 3- Returning expatriates 4- Residential status of Punjab government's employee post abroad. (5 marks) 5- Foreign loses again, and this time of 5 marks. Wish you all, the best wishes....