Fin623 VU Midterm Current Paper (May 2011)

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28 MCQ

And 4 Subjective

2 for 3 Num

And 2 for 5 Num

And the Subjective question was these…..

1): What is Individual resident status explain its different points?

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): What is association of person and how profit will be distributed among partners?

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.
Another Paper:
Fin 623 my paper
There were 23 total questions
mcq`s were from all past papers

Five were subjective
Q1: Section 45 pride of performance president award? Marks 3

Q2: 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? 5marks

Q3: Tax treatment of utilites paid by a abc company to an employee in tax year 2009?
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