fin623 taxation management Midterm Current Papers VU Fall 2011 (www.vusolutions.com)
total questions 32
28 mcq’s x 1 mark= 28
2 qs x 3 marks=6
2 qs x 5 marks=10
almost 10 new questions according to 2012 tax rates. And rest from past papers
subjective questions:
3 marks questions:
Q1 = what is reduction in tax liability? Give an example
q2 = define employment with respect to its section?
5 marks questions:
Q1=mr. Hassan is the member of aop how his share of income will be calculated and how will his salary received from aop be treated?
Q2 = (don’t remember fully) mr. Umer runs a wheat mil. In tax year 2012 he got 50,000 kg of wheat. If he sells that in market he’ll get rs 500 per 40 kg. Declared operations if the business are,
sales = 2500,000
salaries & wages = 600,000
rent = 150,000
utilities = 100,000
