Scribd Logo
Upload

Welcome to Scribd!

  • Whether Amount Received On Account of Credit Sales During Tax Year 2014 Is Chargeable To Tax U/s 18 of I.T. Ord. 2001

    Uploaded by

    zamurd shah
    13 views1 page
    Mr. Ali ran a business from January 7, 2012 to January 1, 2013. In 2013, he used a cash basis method of accounting for tax purposes. During the period he operated, he had Rs. 9 million in cash sales and Rs. 2 million in credit sales, while Rs. 8 million in costs and expenses were paid in 2013. The question is whether the amounts received for credit sales in 2014 would be taxable under Section 18 of the Income Tax Ordinance 2001.

    Original Description:

    v

    Original Title

    Year

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Mr. Ali ran a business from January 7, 2012 to January 1, 2013. In 2013, he used a cash basis method of accounting for tax purposes. During the period he operated, he had Rs. 9 million in cash sales and Rs. 2 million in credit sales, while Rs. 8 million in costs and expenses were paid in 2013. The question is whether the amounts received for credit sales in 2014 would be taxable under Section 18 of the Income Tax Ordinance 2001.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    13 views1 page

    Whether Amount Received On Account of Credit Sales During Tax Year 2014 Is Chargeable To Tax U/s 18 of I.T. Ord. 2001

    Uploaded by

    zamurd shah
    Mr. Ali ran a business from January 7, 2012 to January 1, 2013. In 2013, he used a cash basis method of accounting for tax purposes. During the period he operated, he had Rs. 9 million in cash sales and Rs. 2 million in credit sales, while Rs. 8 million in costs and expenses were paid in 2013. The question is whether the amounts received for credit sales in 2014 would be taxable under Section 18 of the Income Tax Ordinance 2001.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 1

    Mr.

    Ali commenced the business on1/7/2012 and


    discontinued it on 1/1/2013. He employed cash basis
    method of accounting for tax year 2013. He made the
    cash sales of Rs. 9[M] & credit sales of Rs. 2[M]
    during the said period. Cost of goods sold & other
    P/L expenses were Rs. 8[M] which were paid during
    the tax year 2013.

    Whether amount received on account of credit sales


    during tax year 2014 is chargeable to tax u/s 18 of
    I.T. Ord. 2001

    You might also like