.8 (a) Imran, a resident person, is filing the return of his business income for the...

(a) Imran, a resident person, is filing the return of his business income for the first time. He has been informed by his friend that he will also be required to file a wealth statement. In this respect, he seeks your advice about the particulars which he should disclose in his wealth statement.

(b) M/s. Kotton Limited, a holding company of five companies is engaged in the business of cotton farming, ginning, spinning, weaving and trading. Approximately 60% of the output of each company is consumed by the next follower. The remaining 40% is being sold in the open market through the trading company out of which 60% is exported and 40% is sold in the local market. Mr. Zaidi, Director Finance of the group of companies is not satisfied with the assessment made by commissioner inland revenue for the current tax year.
You are working as a tax advisor for M/s. Kotton Limited Mr. Zaidi, Director Finance of the group of companies approaches you to get advise on following matters as per income tax ordinance. Explain in detail the provisions of Income Tax Ordinance 2001, in respect of appeal to Appellate Tribunal and the Composition of the Appellate Tribunal

Solutions

Expert Solution

Answer:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

In May 2019, Hernando, a resident of California, has his 2017 Federal income tax return audited by the IRS.

In May 2019, Hernando, a resident of California, has his 2017 Federal income tax return audited by the IRS. An assessment of additional tax is made because he had inadvertently omitted some rental income. In October 2019, California audits his state return for the same year. Explain the coincidence.

Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business...

Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $470,000 of profit. Business B incurred a loss of $(995,000). Required: How much of Margaret's net business loss is not currently deductible?

Donald is an Oregon resident, but commutes daily to work in California. His only income was...

Donald is an Oregon resident, but commutes daily to work in California. His only income was $45,000 in wages from his job in California. He is not sure if he needs to file a return for both states. When he prepared returns to check out his potential tax liability, he estimated he could owe $2,600 tax to California and $2,100 tax to Oregon. Which of the following is correct? 1. He will take credit on his California non-resident return for...

Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business: Filing Status:...

Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business: Filing Status: Single Taxable Income: $180,000 W-2 Wages: $20,000 Net Capital Gain: $0 Qualified Business Income: $80,000

Tala, who is married and filing joint return, received $30,000 interest and dividend income in 2019....

Tala, who is married and filing joint return, received $30,000 interest and dividend income in 2019. She also received $10,000 interest from municipal bonds. Her MAGI for 2019 is $58,000. How much of her social security benefit is taxable? Naser and Suzan, who are married and file a joint return, have AGI for the current year (2019) of $42,000. In addition, they received tax-exempt interestincome of $6,000 and Social Security benefits of $15,000. The Social Security benefits to be excluded...

Mr. & Mrs. Gere. who are filing a joint return, have adjusted gross income of $50,000....

Mr. & Mrs. Gere. who are filing a joint return, have adjusted gross income of $50,000. During the tax year, they paid the following medical expenses for themselves and for Mr.s Gere's mother, Mrs. Watson. The Gere's claim Mrs. Wastson as a dependent. Insulin for Mr. Gere $1,000 Health Insurance premiums for Mrs. Gere $3,100 The hospital bill for Mrs. Watson $5,200 Doctor bill for Mrs. Gere $4,000 Mr. & Mrs. Gere received no reimbursement for the above expenditures. Calculate...

Mikey and Sal, married taxpayers filing a joint return, paid state income tax of $12,000 and...

Mikey and Sal, married taxpayers filing a joint return, paid state income tax of $12,000 and other itemized deductions of $15,000 in 2020. Because the total of their allowable itemized deductions exceeded the standard deduction, they elected to itemize deductions on their 2020 federal income tax return rather than to claim the standard deduction. In May 2021, Mikey and Sal receive a refund of $1,000 for overpaid state income taxes paid in 2020. Under the tax benefit rule, how much...

Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income $70,000 and...

Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income $70,000 and total allowable itemized deductions of $13,000, including $3,100 for state income taxes, in 2017. They received a $900 refund of state income taxes in April 2018. How much of the state income tax refund must be included in their income and in which year do they include it?

Shane is an Australian resident for tax purposes. During the year he derived gross business income...

Shane is an Australian resident for tax purposes. During the year he derived gross business income of $152,200 and had business deductions of $87,000 (PAYG installments paid $15,100), $8600 interest from an overseas bank account, net of $3400 tax, and rent of $18,000 from a property in the UK which he owns, net of $6500 tax. He has adequate private health insurance. Required: For the year ended 30 June 2020, calculate Shane's: a) Taxable Income b) Net Tax Payable of...

Discuss how a person raise his capital by using business angel to start up his new...

Discuss how a person raise his capital by using business angel to start up his new concept laundry business Discuss how a person raise his capital by using venture capital to start up his new concept laundry business Discuss how a person raise his capital by using Initial public offering (IPO) to start up his new concept laundry business New concepts that are drive thru, pick up and delievery services (200words) Thanks

Subjects