This document lists 13 important questions for the business taxation course. The questions cover topics such as defining key terms from the Income Tax Ordinance 2001, explaining the powers and functions of tax authorities, legal provisions for appeals and penalties, rules around setting off losses and capital vs. revenue expenditures, allowable business deductions, types of provident funds and assessments, and sample numerical questions related to income tax and sales tax calculations.

1. Prof. Muhammad Kazim
Important Questions oF Business Tax
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2. List of important questions
Business Taxation (B.Com Part II)
1. Devine the following under Income Tax Ordinance 2001.
Acc. Profit, App. Gravity and Superannuation Fund, dividend, company, business depreciable asset, capital asset, industrial undertaking
tax year, tax payer, residential status (complete) Agri. income, income, Pakistan source of income, royalty, principal officer.
2. Explain the powers and function of the following.
(i) FBR
(ii) Commissioner Inland Revenue (CIR)
(iii) Appellate Tribunal
3. Explain legal provisions regarding the appeals to
(i) Commissioner of Appeal
(ii) Appellate Tribunal
4. Explain legal provisions regarding penalties for the following offenses.
(i) 1 – 18
5. Set off of losses and carry forward of losses.
6. Capital and revenue expenditure and receipts with illustration.
7. Business deduction allowed and not allowed illustration.
8. Provident fund and its types.
9. Salary and perquisites and allowances.
10. Condition for allow-ability of depreciation.
11. Types of assessment.
12. Income tax numerical (compulsory).
5, 6, 11, 15, 18, 24, 25, 26
13. Sales tax numerical 12 – 18.