FIN623 GDB No. 1 Solution Spring 2022

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Note: Last Date of GDB Submission is June 02, 2022.

Question 1:

Which one of the following scenarios is an example of tax evasion and why?

• Mr. Nawaz during the year earned Rs. 1,000,000 as taxable income. He did not declare the income received worth Rs. 1,500,000 during the year from the sale proceeds in his tax return.
• M/S Shams Ltd. closes its accounting year on Oct. 31 each year. Determine its tax year for the income year starting on November 1, 2020 and ending on October 31, 2021.

Answer:

Mr. Nawaz is involved in tax evasion. Because he not declares his correct earning.

Question 2:
M/S Shams Ltd. Closes its accounting year on Oct. 31 each year. Determine its tax year for the income year starting on November 1, 2020 and ending on October 31, 2021.
Answer: 

Here M/S Shams Ltd has a special tax year 2022.
Question 3:
Junaid and Zafar both are working in a local company; each earning a monthly basic salary of Rs. 100,000. For the FY2021, their employer deducted income tax @ 6% of their income. During the FY2022, their salaries got an annual increment of 8% and 11% respectively. This time, the company will deduct tax at 7% and 8% respectively. Identify the tax structure followed by the company. (Calculations are not required)
Answer: 

Tax structure is Progressive Tax System followed by company.
Question 4:
Briefly state with relevant section(s) of the ITO 2001 whether Punjab Co-Operative Housing Society will be assessed a company for the tax year 2022?
Answer:
Because it includes in company definition that are given in ITO 2001 Section 80.

Instructor Solution:

The solution of GDB is:

1. Mr. Nawaz’s scenario; tax evasion is a criminal act or offence; one cannot buy any asset or settle liabilities unless such income is declared.
2. Tax year 2022
3. Progressive tax
4. Punjab Co-Operative Housing Society is a company per section 80(2)(b)(v).

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