FIN623 Current Final Term Papers Spring 17 jULY 2011 VIRTUAL UNIVERSITY

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64 questions in total

56 MCQ's, mostly from the past papers, Guys memorize the i.t rates for salaried persons pertaining to tax year 2011.

08 subjective questions. These were

i) what are the contents of i.t ordinance 2001 (03marks)

ii) what would be the treatment of depreciable asset if the company is operating on three shifts as compared to the single shift operation (03marks)

iii) Treatment of pension received by the dependents and families of "Shaheeds" (03marks)

iv) Difference b/w Tax and Fee

v) What are the feature of Sales Tax ordinance

vi) Initial allowance and pre commencement expenditure

vii) Calculate the taxable income of MR.A for the year ended on 30.06.2010. (05marks)

Remuneration received @ Rs.36000 p.m

conveyance provided by the employer for official as well as personal use. Cost of vehicle is Rs.1200000

Rent free accomodation provided

Rs.35000 paid by the employer for medical facilities .