What is the difference between a public company and a private company within the meaning of the Income Tax Ordinance, 2001? (05) Autumn 2010 State the provisions of the Income Tax Ordinance, 2001 regarding the residential status of companies and association of persons. What do you understand by the term “Taxpayer” as described in the Income Tax Ordinance, 2001? (03) Spring 2010 Explain the tax implication on the company as well as the shareholder if the Company: a) Is registered under the Companies Ordinance, 1984 as a private limited company. (09) Spring 2009Ī company engaged in manufacturing activities has decided to provide loan to one of its shareholders. (ii) The tax year corresponding to the income year ended on Maand the due date for filing the return of income. Write a memorandum on his behalf, explaining the following: (i) Requirements of the Income Tax Ordinance, 2001 regarding change in tax year from normal to special. Safi is the tax consultant of the Company. The company is now considering to change its income year from June 30 to March 31. Presently, the company closes its financial year on June 30. Hijazi Limited is a multinational unquoted company. (04) Autumn 2008Įxplain the term “Small Company” and the privileges available to it under the Income Tax Ordinance, 2001.
State the circumstances when two companies shall be considered as associates, under the Income Tax Ordinance, 2001. (08) Spring2007Įxplain the following terms with reference to the Income Tax Ordinance, 2001: a) State the relevant provisions contained in the Income Tax Ordinance, 2001, for determining the residential status of a taxpayer.
The residential status of a taxpayer may either be ‘resident’ or ‘non-resident’. (05) Spring2008Įxplain the term “Permanent Establishment” with reference to the Income Tax Ordinance, 2001.(06) Autumn2007 State the conditions necessary for the application of this rule and the exceptions to it. (03) Autumn2007Ĭertain types of payments by a private company to their shareholders can be treated as “dividend” under the Income Tax Ordinance, 2001. Advise the client about the requirements of the Income Tax Ordinance, 2001 regarding change in tax year from normal to special. One of your clients which is a subsidiary of a foreign company wants to change its accounting year from June 30 to December 31 as the income year of its parent company ends on December 31. (06) Autumn2006 Q 15 Identify the situations in which two companies shall be considered to be associates within the meaning of the Income Tax Ordinance, 2001. Q 14 Explain the different types of tax years as enumerated in the Income Tax Ordinance, 2001. Turnover for the purpose of computing minimum tax liability. (04) Spring2006ĭefine the following with reference to the Income Tax Ordinance, 2001: a) Ali’s income, earned in UAE and Pakistan, for the tax year 2005. Ali is in Pakistan since then and has been employed by a local company. He worked till October 2004 in UAE where there was no tax on salaries. Ali, a Pakistani Citizen, returned to Pakistan in November 2004 after completing his employment contract in United Arab Emirates (UAE). Q 11 What are the circumstances in which two or more persons shall be considered as “associates” under the Income Tax Ordinance, 2001? (08) Spring2006 Q 12 Mr. (03) Autumn 2002ĭefine the following terms in the light of Income Tax Ordinance, 2001? (a)ĭefine the following with reference to the Income Tax Ordinance, 2001? (a)ĭescribe the circumstances under which the following shall be treated as resident for the purposes of charge of tax? (a)ĭefine the following with reference to the Income Tax Ordinance, 2001: (a)ĭescribe the relevant provisions of the Income Tax Ordinance, 2001 to determine the residential status of a ‘Person’. Under what circumstances Advance or Loan to a shareholder by a private company would be treated as ‘dividend’ with reference to the provision of the Income Tax Ordinance, 2001. Please define the terms ‘Co-operative Society’ and ‘Finance Society’ with reference to the Income Tax Ordinance, 2001 and compare the same. TOPIC WISE ICAP’s PAST PAPERS Income Tax-Preliminary Q1ĭefine the following with reference to the Income Tax Ordinance 2001: a)
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