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A3. Assignment (10-Dec-24)

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21 views3 pages

A3. Assignment (10-Dec-24)

Uploaded by

fa23-baf-063
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Assignment No.

3 – Tax Law:

Income Tax:

1. Explain the requirement of filing of Income Tax Return & Wealth Statement.
2. What is the major role of Withholding agent? What are their obligations under the law?
3. Differentiate among the following:
 Normal Tax;
 Minimum Tax;
 Final Tax.
4. Solve the Qs. in next page (may be done in excel and converted into pdf).

Instructions:
 To be prepared handwritten & submit on CU Online by 20-Dec-24;
 Clearly mention Roll No., Section and Name;
 Copying with anyone will be marked negatively; and
 Any reference taken from web must be referred properly i.e. site link, quote the case in
which that particular topic was discussed etc.
Qs. No. 4(a)
Jawa Food has provided the following data for the year ended 30 June 2025 (a registered AOP).
Purchases 6,000,000
Sales 9,000,000
Administrative expenses 1,200,000 (included 100,000 machine depreciation)
Deferred expenditure 250,000
Distribution 3,50,000
Financial expenses 300,000
WHT 5,000

Saba and Fahad, partners of Jawa Foods, have also shared following information:
Detail Saba Fahad
Salary 50,000 80,000
Utilities Allowance 20,000 20,000
Property Income 200,000 50,000
Donation 50,000 -
Capital Gain on Sale of Pvt Co. - 80,000
Zakat Paid 20,000 20,000

Calculate the Taxable Income and tax payable by AOP& Partners.


Qs. No. 4(b)
Belgium Compounds (Private) Limited deals in chemicals of various types. Its profit and loss
account for the tax year ended on 30th June 2025 depicted the following position:
Rs. Rs.
Salaries 525,000 Gross profit 958,600
Office rent 230,000 Interest on deposits 170,000
Dividend Paid 175.000 Brokerage and Commission 166,000
Postage, telegrams and telephone 61,000 Income from property (net) 200,000
Travelling and conveyance 80,000 Liabilities of interest
Packing and forwarding 35,100 waived by the creditor 250,000
Liquidated damages 60000 Gain on sale of constructed
Sundry expenses 90.000 Property 180,000
Printing and stationery 55,000 (Holding period less than 2 years)
Entertainment 100,000 Dividend from Sukuk 75,000
Depreciation 42,000
Income tax 50,000

Auditor's fee 43,500


Reserve for doubtful debts 55,000
Provisionfor taxation. 38,000
Net profits 680,000
2,319,600 2,319,600
Details:
a) Sales and purchases being verifiable, the declared gross profit is liable to be accepted.
b) Due to delay in consignment from abroad, the goods were not received in time and the
same could not be supplied to the customer within the stipulated period. The time for the
supply of goods was extended by the customer on payment of liquidated damages.
c) Sundry expenses are on account of donations to the unapproved charitable institutions.
d) WHT held on Property is Rs. 37,500.
e) Entertainment expenses includes non-business expenses of Rs. 50,000.
f) Statutory depreciation is Rs. 40,000.
g) Recovered bad debts were Rs. 35,000 earlier written off.

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