Tag Archives: Important-Questions

1. Question: Define Business. Discuss the Scope of the business? 2. Question: Define Business. What are the main Components of the business? 1. Question: Define Business. Discuss the Scope of the business? 2. Question: Define Business. What are the main Components of the business? Answer : BUSINESS The word “Business” includes all human activities concerned with earning money.  In other …

Why Market? Everywhere I go, professionals ask, “Why should we market now? We have more business coming in the door than we can handle. Our phone is ringing off the hook.”         Would you want to motivate your partners and staff to help grow your firm if you are already busy? What Smart Partners Say? Here’s what the top partners of …

Q. Define Business. Discuss the Advantages or Disadvantages of business. Answer: Definition: ADVANTAGES (IMPORTANCE) OF BUSINESS 1. BETTER DEALING: Business forces can affect the life of consumers. The people come to know about prices, products and law relating to business. Such knowledge is sufficient for layman to make better dealing. 2. LEARNING ABOUT NEW PRODUCTS: Business helps consumes to learn …

Question: Define income from business?  What expenses are not admissible for tax purpose under the head business OR explain Inadmissible deductions under the head income from business? Answer: Income from business-section-18             Income from business is a 3rdsource of income from which a person can derive income. Income from business is chargeable to tax under section-18 of income tax ordinance …

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 …