FIN623 MIDTERM PAPER 2011 ALL IN 1 THREAD spring 14 MAy 2011

[Vuhelper]

FIN623 MIDTERM PAPER 2011 ALL IN 1 THREAD

FIN 623 Midterm Paper

28 ==> MCQ
02 ==> 3 Number Questions
02 ==> 5 Number Questions

Subjective question were.…..

Question # 1: What is Individual resident status explain its different points? (3 Marks)

Question # 2: If Mr. Kamal resident of Pakistan suffered a foreign loss against the income received from foreign country in tax year. What is the treatment of such foreign loss? Which section deals this kind of loss? Such losses can be carried forward up to how many years? (3 Marks)

Question # 3: What is association of person and how profit will be distributed among partners? (5 Marks)

Question # 4: Profit on debt earned by a non-resident person is exempt from tax under clause (77) of Part I of the second schedule. Is this exemption only available to “Individuals” as reference has been made to persons being citizens of Pakistan or otherwise? Provide the details of this clause. (5 Marks)