AIOU SOLVED ASSIGNMENT 2 CODE 456 SPRING 2016

SOLVED ASSIGNMENT 2 CODE 456 BUSINESS TAXATION SPRING 2016

Aiou solved assignment 2 code 456 business taxation for the semester spring 2016. This is 2nd solved assignment for your business taxation which is being offered to the B.Com students of Open University Islamabad.

QUESTION # 1 TO 3 FOR SOLVED ASSIGNMENT 2 OF CODE 456

Q 4:- The sales tax is applied on the retail price of different goods and services and is generally written on the pack of the particular product. In this regard, how would you define the following terms with reference to the Sales Tax Act 1990?

Ans. Retail price: Retail price with reference to the third schedule means the price fixed by the manufacture inclusive of all duties. Charges and taxes (other than sales tax) at which any particular brand or variety of any article should he sold to the general body of consumers or, if more than "one such price is so fixed for the same brand" or variety, the highest of such price.

Taxable Supply:

It means a supply of taxable goods made by an importer. manufacturer, wholesaler (including dealer), distributor or retailer, other than a supply of goods which is exempt under section 13, and includes a supply of goods chargeable to tax at the rate of zero percent under section 4 of the Sales Tax Act. 1990.

Zero Rated Supply:

It means a taxable supply which is charged to tax at the rate of zero percent tinder section 4.

Exempt Supply: It means a supply, which is exempt from tax under section 13.

Input tax: in a relation to a registered person, means

a) Tax levied under this Act on the supply of goods to the person;

b) Tax levied under this Act on import of goods by the person

c) In relation to goods or services acquired by the person, tax levied under the Federal Excise Act, 2005, in sales tax mode as a duty of excise on the manufacture or production of goods, or the rendering or providing of the services;

d) Provincial sales tax levied on services rendered or provided to the person; and

e) Levied under the Sales Tax Act, 1990, as adopted in the state of And Jammu and Kashmir. On the supply of goods received by the person.

Output tax: In relation to a registered person, means

a) Tax levied under this Act on supply of goods, made by the person;

b) Tax levied under the Federal Excise Act, 2005, in sates tax mode as a duty of excise on the manufacture or production of goods, or the rendering or providing of the services; by the person.

c) Provincial sales tax levied on services rendered or provided by the person.

Tax invoice:-

It means a document required to be issued under section 23 of the Saks 'fax Act. 1990. Due date: Due date in relation to the furnishing of a return under section 26 and 26AA means the 15th day of the month following the end of the tax period, or such other date as the Board may, by a notification in the Official Gazette, specify.

Tax period: It means a period of one month or such other period as the Federal Government may, by notification in the Official Gazette, specify.