Scribd
Upload
22 views1 page

Tax Test-1 (24-5-2023)

The document contains a practice exam on tax practices with three questions. Question 1 defines key tax terms. Question 2 covers tax years and determining residential status. Question 3 evaluates the taxability of income from employment and property for a foreign national working in Pakistan.

Uploaded by

anurags page
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
22 views1 page

Tax Test-1 (24-5-2023)

The document contains a practice exam on tax practices with three questions. Question 1 defines key tax terms. Question 2 covers tax years and determining residential status. Question 3 evaluates the taxability of income from employment and property for a foreign national working in Pakistan.

Uploaded by

anurags page
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

The Professionals’ Academy of Commerce

Pakistan’s Leading Accountancy Institute


Certificate in Accounting and Finance Stage Examinations

Subject: TAX May 24, 2023


Referral Test Autumn-2023 Time: 1 hours

Tax Practices
Question No. 1
Define the following under section 2 of Income Tax Ordinance 2001:

1. Income (3)
2. Trust (2)
3. Non-Profit Organization (3)
4. Public Company (4)

Question No. 2
a. Give the tax year of following income years as per income Tax Ordinance 2001 1st Jan 2021 to 31st
December 2021 (01)
16th august 2021 to 15th August 2022 (01)
1st july 2021 to 30th September 2021 (01)
b. Mr. Omer came Pakistan from Bangladesh for business on 19st july 2020 and started business
while due to nature of business FBR allowed him calendar year as Tax year. Determine his
residential status for Tax Year 2021. (03)
th
c. Mr. Kamran left Pakistan on 15 February 2021 and moved to dubai for employment. While this
was his first travel out of Pakistan and did not came back till the end of 30 th June 2021. Determine
the residential status of Mr. Kamran for Tax year 2021. (02)
Question No. 3
Determine the status of taxability of income for Tax Year 2022 in following cases:
a. Mr. Cao came Pakistan from china for employment in Sapphire Fibres Limited on 21st November
2021 while his agreement with company was for 2 years. Mr. Cao earned following incomes and
made certain transactions:
 He received 3 million salary during the tax year 2022 from Sapphire fibres limited in bank
account of Dubai. (02)
 He earned property income of Rs. 2 Million from China which was directly received in
Bank account in china. He transferred Rs. 1.2 million for arrangement of accommodation
to Pakistan through normal banking Channel. (02)
 He received salary of Rs. 2 million from previous employer in china which was
transferred to Pakistan for regular expenses while due tax was deducted from Salary. (02)

(The End)

You might also like