Study Points

Income Tax

What is the difference between capital receipts and revenue receipts and discuss those test which are applied

From the income tax point of view it is necessary to know the difference between capital and reven…

Income Tax

Why the distinction between capital and revenue is considered to be vital importance or Difference between capital and revenue expenditure

IMPORTANCE OF DISTINCTION BETWEEN CAPITAL AND REVENUE :- While calculating the taxable income o…

Income Tax

Explain the term income from house property and how you will compute the rent of the house property also explain the deductions allowed in the income tax law

INCOME FROM HOUSE PROPERTY :- Under the head of income from property rent is the second importan…

Income Tax

Define provident fund and explain various kinds and their working system

Provident Fund :- This fund is maintained by a govt. and private organizations for the benefit of the e…

Income Tax

Write a note on the Medical, Hospital charges or Allowance

1. Employee Case :- a) If an employee receives free medical treatment or hospitalization from t…

Income Tax

Explain the term Salary and write the allowances and deductions which are given under this head or discuss the main features of Salary

SALARY :- It is the first source which is given in the heads of income. It is chargeable to ta…

Income Tax

Discuss the various kinds of income or Sources of income or Why the classification of income is necessary

Heads Of Income :- There are different sources of income. Income of a person may be divided unde…

Income Tax

Define the following terms in the income tax ordinance Royalties, Speculation business, Tax payer

ROYALTIES :- According the income tax ordinance it means any amount paid or payable for : a. The use of any pa…

Income Tax

Define the following terms in the income tax ordinance Permanent establishment, Principal officer, Profit on debt

PERMANENT ESTABLISHMENT :- According to income tax law ordinance it means a place of business through which the…

Income Tax

Define the following terms in the income tax ordinance Depreciable Asset, Firm, Intangible, Non profit organization

DEPRECIABLE ASSET :- Income tax ordinance has defined this in these words “ Depreciable asset implies any tangi…

Income Tax

Define the term of Dividend in the income tax ordinance

DIVIDEND :- The profit which is distributed among the shareholders or modarba certificate hold…

Income Tax

Define the following terms in the income tax ordinance Capital asset and Charitable purpose

CAPITAL ASSET :- Any property held by any tax payer   is called capital asset, it may be connect…