Mr. Imran has been awarded Gold medal

Total Marks= 5 x 2 = 10Question 01:Mr. Imran has been awarded Gold medal for standing 1st positionin MBA. Willthat award be taxable or not. If yes then under what section ofIncome TaxOrdinance 2001 it is exempted?Question 02:Mr. Suleman is a senior citizen of 70 years old his taxable incomeis Rs.450,000/-. Is there any reduction or exemption available to himunder whichsection Income Tax Ordinance 2001?Question 03:Mr. Kamran is employed in HBL and posted in London Branch forlast 5 years. Ishe resident of Pakistan or not? Explain?Question no 04:ABC firm is maintaining its Books of Accounts on accrual basis. Ifit is entitle toreceive an Income of Rs. 100,000 at 29 June 2006 but finalpayment will bemade after one month. Is there any rule in Income Tax Ordinance2001 toprevent such double derivation of Income? In which tax year thisamount ofIncome will be chargeable to tax?Question no 05:Suppose if there is some skip in the clause of Second Schedule ofIncome TaxOrdinance 2001. Who is authorized to make changes in thatclause? Under whatsection such changes can be done?

 

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