FIN 623 Today current mid term paper 13_5_2011

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28 MCQ

And 4 Subjective

2 for 3 Num

And 2 for 5 Num



And the Subjective question was these…..



1)

What is Individual resident status explain its different points?



2)

If Mr. Kamal resident of Pakistan suffered a foreign loss against the income

received from foreign country in tax year. What is the treatment of such

foreign loss? Which section deals this kind of loss? Such losses can be

carried forward up to how many years?

3)

What is association of person and how profit will be distributed among partners?

4)

Profit on debt earned by a non-resident person is exempt from tax under clause (77) of Part I of the second schedule. Is this exemption only available to “Individuals” as reference has been made to persons being citizens of Pakistan or otherwise? Provide the details of this clause.