Re: [discussion_vu] Today fin623 paper 11/02/2011

Last day i also went for the tax's paper and i was really disaapointed by the approach of the examiner ...I think examiner is not a fully grown up man ..Can you believe what are the question he asked in the exam

Almost 30 % questions are asked about name the section or ask for the tax rate ...

I was totally stunned to see this i don't know what he is trying to check by this 

Cramming ability of the student or 

Knowledge of the student 

From the paper it seems he try to check how well a student crammer a student is ...

No professional approach

He was just trying to know how well student memorize the notes ...

Name of section and tax rate are lay man approach ...a child of 3rd or 4th grade can easily tell you name of section and rate of tax ...

In my opinion he must go for the knowledge of student how well a student can handle the situation if any case is given how he calculate different income ??? is student has sufficient knowledge of  different deduction ,exemptions ,tax credits , knowledge of different clauses ,sections and how well he utilizes these knowledge to handle any case of tax .

In future student is not asked to tell the name of section which is applied to my case instead of this client ask about the solution of their case and some suggestion about this whic has no connection with the tax rate and section numbers ..

i must mail to the rector about this childish approach of the examiner ..this is not the professionalism.. we are graduate not the student of 3rd of 4th grade ..

 

  

On Fri, Feb 11, 2011 at 9:05 PM, afaaq <afaaqtariq233@gmail.com> wrote:

---------- Forwarded message ----------
From: Manager <manager.pakyouth@gmail.com>

62 MCQs mostly new 

bad luck for me that from 35 to 55  i got all calculated questions 

and my  mostly answers were wrong! 

for example 

xyz gross salary is 00000 and they got xyz 00000 find the taxable income ....so please must prepare the chapter related to the taxable income! 

7 subjective questions ...

i got just one old question rest all were new n lengthy because they all are theoretical !  

 

69: 5 cases where deduction not allowed  5 marks 

Deductions not Allowed – Sec. 21

1) Any cess, rate or tax paid or payable by a person in Pakistan or a foreign country under PTR/Final Tax Regime.

2). Any amount of tax deducted at source.

3) If payer/employer does not deduct tax from payments/disbursement of salary, then payments made, salaries paid by such payer/employer shall not be allowed for deduction of these expenses.

4) Any entertainment expenditure in excess of such limits [or in violation of such conditions] as may be prescribed;

5)  Any contribution made by the person to a fund that is not a recognized provident fund* [approved pension fund] approved superannuation fund, or approved gratuity fund;

68:

Under what conditions a commissioner of Income Tax may ask for the filing of returns by notice?

67: define Royalty Sec. 2 (54)

Royalty Defined Sec. 2 (54)

Royalty means any amount paid or payable however described or computed, whether periodical or lump sum, as a consideration for:

a) The use of, or right to use any patent, invention, design or model, secret formula or process, trade mark or other like property or right;

b) The use of, or right to use any copy right of a literary, artistic or scientific work, including films or video tapes for use in connection with television or tapes in connection with radio broadcasting, but shall not include consideration for the sale, distribution or exhibition of cinematography films.

66: Pension Granted to Injured or Disabled: (shaeed)

Pension granted to a public servant or personnel of Armed Forces on injuries or body disability and to families and dependents of 'Shaheeds' belonging to civil or Pakistan Armed Forces; or public servant or member of Armed Forces, who dies during service is exempt as provided in part I of Second Schedule. Any payment in the nature of commutation of pension [Clause (12), Part I, 2nd Schedule] is Exempt from

tax: Any payment in the nature of commutation of pension received from the government or under any pension scheme approved by the Central Board of Revenue under clause (12), Part I, Second Schedule is exempt from tax.

65: xyz purchase 100,000 shares at 150 share price and sold at 250 share price calculate the capital gain on shares?

64: Levy of tax on Capital Value of certain assets

􀂃Individual

􀂃Association of persons, firm or

􀂃A company which acquires by:

•Purchase

•Gift

•Exchange

•Power of attorney

•Surrender of rights

•Relinquishment of rights by the owner

63: Agricultural Income (Section 41)

2)In this section, "agricultural income" means,

(a) Any rent or revenue derived by a person from land which is situated in Pakistan and is used for agricultural purposes;

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