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    FIN623 Assignment 1 Solutionby Tauseef

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    Sadaf Naaz
    The document discusses whether various types of income would be considered taxable or non-taxable under Pakistani tax law. It states that a company incorporated under Pakistani law would be considered a resident company. It also notes that agricultural income earned from land outside of Pakistan and income from poultry farming would both be considered taxable. Additionally, any forfeited deposit against the sale of a flat would be treated as rent income and taxable under income from property.

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    FIN623 Assignment 1 Solutionby Tauseef

    Uploaded by

    Sadaf Naaz
    8 views1 page
    The document discusses whether various types of income would be considered taxable or non-taxable under Pakistani tax law. It states that a company incorporated under Pakistani law would be considered a resident company. It also notes that agricultural income earned from land outside of Pakistan and income from poultry farming would both be considered taxable. Additionally, any forfeited deposit against the sale of a flat would be treated as rent income and taxable under income from property.

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    FIN623Assignment1SolutionbyTauseef

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    The document discusses whether various types of income would be considered taxable or non-taxable under Pakistani tax law. It states that a company incorporated under Pakistani law would be considered a resident company. It also notes that agricultural income earned from land outside of Pakistan and income from poultry farming would both be considered taxable. Additionally, any forfeited deposit against the sale of a flat would be treated as rent income and taxable under income from property.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    8 views1 page

    FIN623 Assignment 1 Solutionby Tauseef

    Uploaded by

    Sadaf Naaz
    The document discusses whether various types of income would be considered taxable or non-taxable under Pakistani tax law. It states that a company incorporated under Pakistani law would be considered a resident company. It also notes that agricultural income earned from land outside of Pakistan and income from poultry farming would both be considered taxable. Additionally, any forfeited deposit against the sale of a flat would be treated as rent income and taxable under income from property.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 1

    It is just a guideline.

    Please use your own


    words to answer the question.

    Soluion 1:

    Resident Company.
    As PSO Ltd. is incorporated under the Companies Ordinance, 1984 of Pakistan, so it will be
    considered resident company.

    Solution 2:

    Agricultural income Canada in Taxable.


    Reason:
    Any agricultural income from land, situated outside the Pakistan, is taxable.

    Poultry Farm income is Taxable.


    Reason:
    Any income derived from Poultry farming is not considered exempt from tax.

    Forfeited deposit against the contract for sale of flat is Taxable.


    Reason:
    Any forfeited deposits under the sale of land or building is considered as rent. And it is
    chargeable to tax under the head “Income from Property”.

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