AIMA ABIDI

BS A&F 4TH A
01-112192-002
22MAY, 2021
 Answer # 1
Modaraba
Modaraba or Mudarabah is a special kind of partnership where one partner gives
money to another for investing it in a commercial enterprise.
Modaraba is an Islamic standard which permits an arrangement between two
gatherings to acquire benefit on venture. The primary party, called the Raab-ul-Maal.
The subsequent party, called the Modarib, or the venture master, is the individual or
foundation which contributes the cash-flow to acquire benefit for both the Raab-ul-Maal
and Modarib There are two types of it
(i): restrictive (ii): unrestrictive.

For example
In Pakistan here are few companies who are under modaraba
 Allied Rental Modarba.
 Awwal Modaraba.
 B.F. Modaraba.
 B.R.R. Guardian Modaraba.
 Crescent Standard Modaraba.
 First Al-Noor Modarba

Supertax
It is a tax which is an additional tax to a normal tax or above normal tax/ as one
upon pay over a specific sum. a surtax.
Super tax was presented through Finance Act, 2015 whereby 4% of super expense
was payable by banking organizations and 3% by different organizations if the pay
of the organization was 500 million Pakistani rupees (PKR) or more. Super duty
was payable just for charge years 2015 and 2016.
As indicated by Finance Bill for the monetary year 2017-18, Super Tax is collected
at the pace of 4% on the pay of Banking Companies and at the pace of 3% for
different people.
Example:
Super tax. Super tax is presently leviable only upon banking companies @ 4% for tax year 2021.
Tax legislation
Tax Legislation implies, all in all, the Income Tax Act and all government,
common, regional, city, unfamiliar, or different resolutions forcing a Tax,
including all deals, shows, case law, translation notices, handouts and deliveries,
rules, guidelines, orders, and declarations of any locale.
Example:
Client Information Notice: Under Irish Tax Legislation (Section 891E, Section
891F and Section 891G of the Taxes Consolidation Act 1997 alludes), monetary
foundations including KBCI are obliged to gather data on client's duty courses of
action.
NFC awards
The NFC award (NATIONAL FINANCE COMMISION AWARD) is the
distribution of financial resources among the provinces of Pakistan by the federal
government on annual basis. Taxes are pooled and then distributed: certain types
of taxes are collected in each province and then redistributed according to NFC
formula.
The NFC sums up the five sorts of tax collection, including the personal expenses,
deals charge, abundance charges, capital increases assessments, and custom
obligations charges.
Example
As per the system for dispersion of assets organized by the seventh NFC grant,
common offer in government charges and straight exchanges to territories are
assessed at Rs3,254,526 million for monetary year 2019-20, mirroring an
increment of 32.2 percent over modified appraisals of 2018-19," a spending report
peruses.
Punjab will get Rs1.61tr under the NFC grant as against a lot of Rs1.20tr during
the current monetary year, mirroring an expansion of Rs410bn.
Sindh will have a portion of Rs814.91bn when contrasted with the Rs616.26bn it
got during the current monetary year etc.

Taxable income
Taxable income refers to any person's or business' pay that is utilized to decide
charge responsibility. The all out pay sum or gross pay is utilized as the premise to
compute how much the individual or association owes the public authority for the
particular duty time frame.
Example
Salary
Wages
Notes received
Dividends
Question no # 3
Part a
Tax liability on the income of PKR .2250000
=Rs.137000+17.5%(2250000-1800000)
=PKR .137000+Rs.78750
=PKR 215750
Part b
Loss of miss Anaya = 75000 on capital assets
Taxable income= 4500000-75000= 4425000
Tax liability = Rs. 597000+ 27.5%(4425000-4000000)
=Rs.597000+Rs.116875
=Rs. 713875
Answer no # 4
Tax planning is the way toward breaking down a monetary arrangement or a
circumstance from a duty point of view.
Objective:
The target of tax planning is to ensure there is charge effectiveness. With the
assistance of expense arranging, one can guarantee that all components of a
monetary arrangement can work along with most extreme duty proficiency. There
are also some other objectives like:
 Efficiency: Among the main targets of duty arranging is channelization of
available pay to different venture plans.

 Reduction of Tax Liability: We can save the greatest sum from payable duty
sum by utilizing an appropriate course of action of your venture filling in
according to the necessary laws.

 Solid Growth of Economy: The development in an economy relies to a great

extent on the development of its residents. Duty arranging gauges age of
white cash that is in free stream.

 Financial Stability: Stability is enhanced when the assessment arranging

behind a business is appropriate.

Effects of mini budget

At the point when Khan's administration showed up in 2018 to assume
responsibility for Islamabad, original plans to fix the country's rudderless economy
started a mainstream feeling of expectation for a fresh start. Despite the fact that
the emergency introduced by the marvelous current record shortfall at the time
imperiled Pakistan's prosperity, the essential arrangements introduced to the public
procured moment fame. However, only two years after the fact amidst the Covid
and a year after Pakistan left on an IMF advance program, the economy is
obviously encircled by different and quick mounting difficulties. Across the
grassroots, there are a couple of signs of mainstream idealism for what's to come.

Sailent features of budget

 The complete expense of financial plan 2020-21 is Rs 7,294.9 billion. This
size is 11% lower than the size of spending gauges 2019-2021.
  The asset accessibility during 2020-21 has been assessed at Rs
6,314.9billion against Rs 4,917.2 billion in the spending evaluations of
2019-20.

 The advancement use outside PSDP has been assessed at Rs 70.0billion in

the spending plan 2020-2021

 The net income receipts for 2020-21 have been assessed at Rs 3,699.5
billion indicating an increment of 6.7% over the spending appraisals of
2019-20.

 The net capital receipts for 2020-21 have been assessed at Rs 1,463.2
billionagainst the spending appraisals of Rs 831.7 billion of every 2019-20
reflecting anincrease of 75.93%.

Effects
 The custom duty has been excluded on import of plant and apparatus by
greenfield modern endeavors to give them an extra creative. Besides, the
public authority additionally deferred off traditions obligation and advance
annual assessment on import of firefighting hardware for setting up modern
elements in the Special Economic Zones.

 Aadvance assessment on benefit paid on Pakistan Banao Certificates,

Sarmaya-e-Pakistan Ltd and Duty Drawback Bonds has been deferred.

 Non-filers were additionally permitted to buy privately fabricated vehicles

independent of motor limit. Prior, it was suggested that simply up to 1,300cc
vehicles can be purchased by them. Asad said the choice was taken to
address worries of neighborhood makers of engine vehicles.
 Motivators have been proposed for banks on propelling credits for
horticulture, minimal expense lodging and miniature, little and medium
ventures. The available pay emerging from extra advances for the expense
years 2020-23 will be charged at the decreased pace of 20pc.

 The bill additionally proposed decrease in charge responsibility for between

corporate profits. It excludes such profit inferred by an organization in the
event that it benefits bunch alleviation as per its extent of shareholding.

 A 10pc government extract obligation was proposed for privately made

engine vehicles of motor limit of 1,800cc or more. Notwithstanding, to
address the worries of nearby makers, the limit has been modified to
1,700cc.