BUSINESS TAXATION AIOU SOLVED ASSIGNMENT 1 CODE 456 SPRING 2017

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BUSINESS TAXATION AIOU SOLVED ASSIGNMENT 1 CODE 456 SPRING 2017

Q.2 The Income Tax Ordinance 2001 divides income into five major head: salary, property, business, capital gains and other sources. Explain the components of salary income & their taxation treatment as per the provisions of the Income Tax Ordinance 2001. Answer: Salary.— (1) Any salary received by an employee in a tax year, other than salary that is exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head —Salary . (2 Salary means any amount received by an employee from any employment, whether of a revenue or capital nature, including —
(a) Any pay. wages or other remuneration provided to an employee, including leave pay, payment in lieu of leave, overtime payment, bonus, commission, fees, gratuity or work condition supplements (such as for unpleasant or dangerous working conditions)
1 [:1 2 (Provided that ary bonus paid or payable to corporate employees receiving salary income of one million rupees or more (excluding bonus) in tax year 2010, shall be chargeable to tax at the rate provided in paragraph
(2) of Division I of Part I of the First Schedule;[ (b) any perquisite, whether convertible to money or not; (c) the amount of any allowance provided by an employer to an employee including a cost of living, subsistence, rent, utilities, education, entertainment or travel allowance, but shall not include any allowance solely expended in the performance of the employee’s duties of employment; (d) the amount of any expenditure incurred by an employee that is paid or reimbursed by the employer, other than expenditure incurred on behalf of the employer in the performance of the employee’s duties of employment; (e) the amount of any profits in lieu of, or in addition to, salary or wages, including any amount received — (i) as consideration for a person’s agreement to enter into an employment relationship; (ii) as consideration for an employee’s agreement to any conditions of employment or any changes to the employee’s conditions of employment; on termination of employment, whether paid voluntarily or under an agreement, including any compensation for redundancy or loss of employment and golden handshake payments; (iv) from a provident or other fund, to the extent to which the amount is not a repayment of contributions made by the employee to the fund in respect of which the employee was not entitled to a deduction; and (v) as consideration for an employee’s agreement to a restrictive covenant in respect of any past, present or prospective employment; (f) any pension or annuity, or any supplement to a pension or annuity; and (g) any amount chargeable to tax as —Salary under section 14.

BUSINESS TAXATION AIOU SOLVED ASSIGNMENT 1 CODE 456 SPRING 2017 FOR B.COM

(3) Where an employer agrees to pay the tax chargeable on an employee’s salary, the amount of the employee’s income chargeable under the head —Salary shall be grossed up by the amount of tax payable by the employer.
(4) No deduction shall be allowed for any expenditure incurred by an employee in deriving amounts chargeable to tax under the head —Salary.

BUSINESS TAXATION AIOU SOLVED ASSIGNMENT 1 CODE 456 SPRING 2017 COMMERCE GRADUATES

(5) For the purposes of this Ordinance, an amount or perquisite shall be treated as received by an employee from any employment regardless of whether the amount or perquisite .s paid or provided — (a) by the employee’s employer, an associate of the employer, or by a third party under an arrangement with the employer or an associate of the employer; (b) by a past employer or a prospective employer; or (c) to the employee or to an associate of the employee 1 [or to a third party under an agreement with the employee or an associate of the employee.)

FIND HERE ALSO:- BUSINESS TAXATION AIOU SOLVED ASSIGNMENT 2 CODE 456 SPRING 2017

(6) An employee who has received an amount referred to in sub-clause (iii) of clause (e) of sub-section

AIOU SOLVED ASSIGNMENT 1 CODE 456 SPRING 2017 TAXATION

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