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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
BUSINESS TAXATION (456)
CHECK LIST
SEMESTER: AUTUMN, 2010
This packet comprises following material:-
1. Text book (One)
2. Assignment No. 1 & 2
3. Assignment forms (Two sets)
4. Schedule for submitting the assignments and tutorial meetings
If you find anything missing in this packet, please contact at the address given below:
Director
Admission & Mailing
Allama Iqbal Open University
H-8, Islamabad
051-9057611-12
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
1. PLAGIARISM OR HIRING OF GHOST WRITER(S) FOR SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT FROM AWARD OF DEGREE/CERTIFICATE, IF FOUND AT ANY STAGE.
2. SUBMITTING ASSIGNMENTS BORROWED OR STOLEN FROM OTHER(S) AS ONE’S OWN WILL BE PENALIZED AS DEFINED IN “AIOU PLAGIARISM POLICY”.
Course: Business Taxation (456) Semester: Autumn, 2010
Level: B.A/B.Com Total Marks: 100
ASSIGNMENT No. 1
(Units 1–4)
Q.1 Explain the scope of income tax laws of Pakistan. What are the main objectives of Income Tax Ordinance, 2001? (20)
Q.2 Define the following terms with reference to the income tax law. (20)
1. Appellate Tribunal
2. Taxpayer
3. Agriculture income
4. Dividends
5. Permanent establishment
Q.3 According to the Income Tax ordinance, 2001, income is classified into five heads, briefly explain each head. (20)
Q.4 Why capital and revenue receipt are required to differentiate? What are the different basis to differentiate capital from the revenue items? (20)
Q.5 Define the term ‘depreciation’. Under what conditions depreciation is considered admissible for the calculation of tax? (20)
ASSIGNMENT No. 2
(Units 5–9)
Q.1 Explain the different stages of assessment cycle. Explain in detail the legal provisions for furnishing of returns of income. (20)
Q.2 What do you know about the self assessment scheme? How self assessment scheme can be made effective? Give your recommendations. (20)
Q.3 If any person without a reasonable excuse fails to comply with the legal requirements to furnish the financial documents, what kind of penalties tax authorities may impose and to what extent? (20)
Q.4 Explain the following terms with reference to the Sales Tax. (20)
1. Appellate Tribunal
2. Arrears
3. Goods
4. Taxable activity
5. Provisional Sales Tax
Q.5 a) What are the Book keeping and invoicing requirements for registered person under the Sales Tax Act, 1990? (10)
b) Describe your understanding about Value Added Tax (VAT). How it differs from General Sales Tax (GST). (10)