Tag Archives: Exam-Corner

Business Communication (BCRW) – B.COM-II– PAST PAPERS READ ONLINE  DOWNLOAD FROM THE FOLLOWING LINKS But before Download, Please Like us  on Facebook and Share this book on your social media, so that you can be informed about new future Posts. Media-Fire Links  :  Click Here to Download User-Cloud Links:  Click Here to Download Note: IF you are unable to find any particular book or novel online, you …

Commissioner Inland Revenue – Powers and Functions Question: Define “Commissioner Inland Revenue”; explain its powers and functions in detail. Answer: Commissioner Inland Revenue A person appointed officially for a particular zone to supervise the collection of taxes, including income tax, capital gains tax and corporation tax. Commissioner Inland Revenue has a very important place in income tax department. He has both executive and judicial powers. He oversees the performance …

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 …