Exam-Corner

Question: Discuss the composition of “APPELLATE TRIBUNAL INLAND REVENUE”, what are the functions performed by it? Answer:  APPELLATE TRIBUNAL INLAND REVENUE: APPELLATE TRIBUNAL INLAND REVENUE is the second court of appeal. The Federal Government is the appointing authority of the APPELLATE TRIBUNAL. The taxpayer or the Commissioner Inland Revenue, if not satisfied with the decision of the Commissioner Inland Revenue …

Income From Business     (section .18) Fully Taxable Income 1.        Income from fish forming business/ XXX 2.       Fish catching business  XXX 3.       Royalties on professional books XXX 4.       Income from sale of timber  XXX 5.       Income from poultry farm XXX 6.       Taxable income from foreign country XXX 7.       Rent of furniture & fitting XXX 8.       Income from fruit processing unit setup in …

INCOME FROM PROPERTY (SECTION. 15) From the tax year 2014, Income from property will be taxable under normal tax structure even if the rental income is less than Rs.15000. 1st Calculate Rent Chargeable To Tax (RCT) 1.      Rental income from property xxxx 2.      Income from property xxxx 3.      Taxable income from gift property *  xxxx 4.      For feted amount …

 List of All Amounts Completely Exempted under INCOME FROM SALARY Amounts that are completely EXEMPTED under the head income from salary 1.      Training course fee paid by employer 2.      Hotel bills for official duties 3.      Fee for refresher course paid by employer 4.      Expenditure on entertainment facility during official duty 5.      Pick & drop Facility provided by employer 6.      Entertainment …

Question. : Define and differentiate between Continuous, Final and Interim Audit. Answer: Continuous Audit: It is desired that the auditor should examine the accounts more frequently, the shareholders may appoint the auditor to conduct continuous audit, and where the auditor examines the accounting records at frequent intervals throughout the accounting year, such audit is called as continuous audit. According to Sir …

Q. : What is Business. Discuss the Characteristics / Features / Properties of business. ANS: CONCEPT OF BUSINESS: Literally, the word “business” means the state of being busy.  Generally, the term business includes all human activities concerned with earning money. In other words, business is an activity in which various persons regularly produce or exchange goods and services for mutual …

Definition of auditing: According to Montgomery, a prominent American accountant: “Auditing is a systematic examination of books and records of a businesses and other organization, in order to ascertain or verify, and to report upon the facts regarding its financial operation and the result thereof.“                 Scope of audit We can see scope of auditing by following headings: Legal Requirements: The …

Q. No.1: Define Commercial banks. Ans. : Professor G Crowther has defined commercial banks in his book  “An outline of money” in the following words: “A bank is a firm which collects money from those who have it spare. It lends to those who require it.” Q. No. 2: Define Customer of a bank. Ans. : A customer of a …

Marketing Mix | 4 P’s of Marketing Marketers use different tools in order to get the desired response from the customers or best satisfy their needs. These tools are known as The Marketing Mix. Marketing Mix is probably the most famous term in marketing. The marketing mix consists of everything the firm can do to influence the demand for its products. Marketing …

Q. How a Co-operative Society formed in Pakistan. Ans.    The co-operative Societies, whose main object is the promotion of economic interests of its members, are established in Pakistan under the Co-operative Societies Act, 1925. Application for Registration: Following are the main requirements for the Application for Registration: 1.      A society is registered if there are at least 10 members …