Business
Definition
 “business”
 includes
 any trade,
 commerce,
 manufacture,
 profession,
 vocation or
 adventure or concern in the nature of
 trade,
 commerce,
 manufacture,
 profession or
 vocation,
 but does not inc...
Quiz
 What do you understand by “Speculation Business”
?
 Please see Q4 (b) March 2007
 “speculation business”
 means
 any business
 in which a contract
 for the purchase
 and sale
 of any commodity
 (...
 [stocks] and
 shares)
 is periodically or
 ultimately settled
 otherwise than by the
 actual delivery
 or transfer...
 but does not include
 a business in which
 (a)
 a contract
 in respect of
 raw materials or
 merchandise is
 entered into by
 a person
 in the course of
 a...
 mercantile business
 to guard against loss
 through future price fluctuations
 for the purpose of
 fulfilling the pe...
 (b)
 a contract
 in respect of
 stocks and shares
 is entered into by a
 dealer or
 investor
 therein to guard ag...
 (c)
 a contract
 is entered
 into by a member of
 a forward market or
 stock exchange
 in the course of
 any tran...
 arise
 in the ordinary course
 of the person’s business
 as such member.
Question
 Please answer Q4 (a) (iii) March 2008
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Learn Pakistani Income Tax in 3 days (13)

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Session 1/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972

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Learn Pakistani Income Tax in 3 days (13)

  1. 1. Business Definition
  2. 2.  “business”  includes  any trade,  commerce,  manufacture,  profession,  vocation or
  3. 3.  adventure or concern in the nature of  trade,  commerce,  manufacture,  profession or  vocation,  but does not include employment;
  4. 4. Quiz  What do you understand by “Speculation Business” ?  Please see Q4 (b) March 2007
  5. 5.  “speculation business”  means  any business  in which a contract  for the purchase  and sale  of any commodity  (including
  6. 6.  [stocks] and  shares)  is periodically or  ultimately settled  otherwise than by the  actual delivery  or transfer  of the commodity,
  7. 7.  but does not include  a business in which
  8. 8.  (a)  a contract  in respect of  raw materials or  merchandise is  entered into by  a person  in the course of  a manufacturing or
  9. 9.  mercantile business  to guard against loss  through future price fluctuations  for the purpose of  fulfilling the person’s  Other contracts  for the actual delivery  of the goods  to be manufactured or  merchandise to be sold;
  10. 10.  (b)  a contract  in respect of  stocks and shares  is entered into by a  dealer or  investor  therein to guard against loss in  the person’s  holding of stocks and shares  through price fluctuations; or
  11. 11.  (c)  a contract  is entered  into by a member of  a forward market or  stock exchange  in the course of  any transaction  in the nature of jobbing  [arbitrage]  to guard against any loss which may
  12. 12.  arise  in the ordinary course  of the person’s business  as such member.
  13. 13. Question  Please answer Q4 (a) (iii) March 2008

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