SOLVED AIOU ASSIGNMENT 1 CODE 456 BUSINESS TAXATION
We are uploading business taxation solved assignment 1 for
code 456 for autumn 2015 and spring 2016. We are explaining some terms of
taxation code 456 for example:-
TOTAL INCOME:
Total income of a person for a tax year shall
be the sum of the:
(a)
Person’s income under all
heads of income for the year; and
(b)
Person’s income exempt from
tax under any of the provisions of this ordinance.
RESIDENT:- Following
sections of Chapter 1 explain:-
(50) Resident
company means a resident company as defined in section 83;
(51) Resident
individual means a resident individual as defined in section 82;
(52) Resident
person means a resident person as defined in section 81;
(53) Resident taxpayer means a taxpayer who is a resident
person;
INDUSTRIAL UNDERTAKING:- Industrial undertaking means (29c)-
(a)
An undertaking which is set
up in Pakistan and which employs (i) ten or more persons in Pakistan and
involves the use of electrical energy or any other form of energy which is mechanically
transmitted and is not generated by human or animal energy; or (ii) Twenty or
more persons in Pakistan and does not involve the use of electrical energy or
any other form of energy which is mechanically transmitted and is not generated
by human or animal energy: and which is engaged in, (i) The manufactured of
goods or materials or the subjection of goods or materials to any process which
substantially changes their original condition; or (ii) ship-building; or (iii)
Generation, conversion, transmission or distribution of electrical energy or
the supply of hydraulic power; or (iv) The working of any mine, oil-well or any
other source of mineral deposits; and (b) Any other industrial undertaking
which the board may by notification in the official gazette, specify.
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