Tag Archives: B.COM-Study-Hub

Federal Board of Revenue (FBR) Powers and Functions Question: Define “Federal Board of Revenue”; explain its powers and functions in detail. Answer: Federal Board of revenue (FBR) Introduction The old name of federal board of revenue (FBR) is central board of revenue (CBR). Income tax ordinance, 2001 uses the word ‘Board’ for FBR and CBR. Board is the highest tax authority …

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 …