Department of Commerce

Emerson University Multan

Final-Term Examination
Degree Program: BS Commerce 3rd Date: 09-02-2023
Course Name: Business Taxation Course Instructor: Zahid Abbas
Total Marks: 50 Time Allowed: 2hours

Q.1 Answer the following short questions 2*3 = 06

i) Define Capital gain.
ii) Define resident person.
iii) Define the term appeal.

Q.2 06 Marks
Explain in detail the capital and revenue Receipts.

Q.3 08 Marks
From the following particulars of Mr.Gohar Mahmood Calculate the tax payable by him
for the year end 30th June 2023:

Salary Income 1055,000

Dividend Income 15,000
Prize on prize bonds 35,000
Zakat deduction from bank deposits 775
Verifiable personal medical expenses 15,000

Q.4 10 Marks
Explain in detail the Setoff of losses with examples.

Q.5 10 Marks
Write down the procedure of appeal to commissioner Inland Revenue and appellate
tribunal.

Q.6 10 Marks
Mr. Noman is chief accountant in multinational company. He is a Non filer.
Calculate the tax payable by him for the year end 30th June 2023:

Basic Salary = 12,00,000 Utility Allowance = 100,000

Bonus = 300,000
House allowance = 500,000
Conveyance allowance = 200,000
Hint: Capital Gain
Zakat Paid = 180,000
Capital Gain (Holding period more than 12 months
but less than 24 month) = 70,000
Agriculture income = 400,000