Escolar Documentos
Profissional Documentos
Cultura Documentos
ICMA.
Pakistan
Time Allowed: 02 Hours 30 Minutes
(i)
(ii)
(iii)
Maximum Marks: 80
Roll No.:
(iv)
(v)
(vi)
(vii)
Question Paper must be returned to invigilator before leaving the examination hall.
Marks
Q. 1 The first question printed separately comprises 20 MCQs of one (1) mark
10
(b) In the light of section 104 of the Income Tax Ordinance, 2001 answer the following:
04
(i)
Can a resident person set off his foreign losses? If yes, then under which head of
income?
(ii)
What would be the treatment of unadjusted foreign losses under the aforesaid
provision of law?
(iii) Where a resident person has a foreign loss carried forward for the last three years,
which years loss will be set off first?
Q. 3 (a) Section 119 of the Income Tax Ordinance, 2001 deals with the extension of time for
furnishing returns and other documents. Specify the documents and grounds in respect of
which extension can be requested.
08
(b) Enumerate the entitlement of a resident person to claim tax credit on investment in shares
and insurance and how this tax credit is computed under Section 62 of the Income Tax
Ordinance, 2001.
08
Q.4 M/s. Wilson Pharma Limited (WPL) is a private limited company. The company manufactures
and supplies medicines. WPL sells its medicines through various distributors in Karachi,
Lahore and Islamabad. The following is the profit and loss account of WPL for the year ended
on June 30, 2013:
Rs. 000
Rs. 000
Sundry expenses
2,240
Gross Profit
235,200
Office salaries
29,120
Interest on bank deposit
300
Rent, rates & taxes
8,960
Recovered bad debts
Legal charges
2,016
(allowed in the past)
448
Finance charges on leased assets
350
Dividend
672
Advertisement
5,600
Auditor's fees
6,720
Cost of issue of debentures
5,600
BT-MP
1 of 2
(Note: The number of questions and their marks may vary in the examination paper)
PTO
Marks
Loss on sales of furniture
Provident fund contribution
Bad debts
Vehicle expenses
Fire insurance premium
Preliminary expenses
Provision for taxes
Provision for bad debts
Liquidated damages
Depreciation
Net Profit
2,240
7,840
4,480
8,960
7,840
1,008
10,080
4,480
3,360
44,800
80,926
236,620
236,620
Additional Information:
The following information is available:
(i) Sundry expenses include donation of Rs. 502,000 paid to an unrecognized charitable
institution.
(ii) Office salaries include Rs.6,000,000 paid to one of the directors.
(iii) Provident Fund is recognized by the Income Tax Department.
(iv) Vehicle expenses are not vouched and verifiable to the extent of Rs.1,881,000.
(v) Actual depreciation works out to Rs.32,650,000 only.
(vi) Lease rental for the year are Rs.1,750,000.
Required:
Calculate the taxable income and tax liability of the company for the tax year 2013 from the
above data.
20
Q. 5 (a) Elaborate the procedure for applying and grant of approval for change of year from
normal tax year to special tax year under Section 74 of the Income Tax Ordinance,
2001.
08
(b) Briefly state the provisions of Section 102 of the Income Tax Ordinance, 2001 regarding
foreign source salary of resident individuals.
03
Q. 6 (a) Under the provisions of the Customs Act, 1969, the imported goods can be stored in the
bonded warehouses. Enumerate the benefit that importer seeks under the facility of
bonded warehouse.
06
(b) (i)
Rs.2,400,000
25%
Rs.4,000,000
Required:
(ii)
BT-MP
Keeping in view of the value addition sales tax regime applicable for commercial
importers under Chapter X of the Sales Tax Special Procedure Rules, 2007, work
out the sales tax liability of ABC company for the month of May-2013 (Assume that
no local purchases of taxable goods involved).
List down the persons who are required to get themselves registered under the rule4 of the Sales Tax Rules, 2006.
THE END
2 of 2
(Note: The number of questions and their marks may vary in the examination paper)
07
06