Question

In: Accounting

(a) List the persons who are required to file a tax return under the provisions of...

(a) List the persons who are required to file a tax return under the provisions of the Income Tax Ordinance, 2001. (04)
(b) In the light of the provisions of the Income Tax Ordinance, 2001:
(i) Identify the circumstances under which the Commissioner of Income Tax may require a person to furnish a return of income for a period of less than twelve months. (03)
(ii) State the consequences if a person fails to furnish the return as required in (i) above. (03)

(kindly answer in the context of pakistan)

Solutions

Expert Solution


Related Solutions

For the following taxpayers, determine if they are required to file a tax return in 2020....
For the following taxpayers, determine if they are required to file a tax return in 2020. Ricko, single taxpayer, with gross income of $15,000. 2. Fantasia, head of household, with gross income of $17,500. 3. Ken and Barbie, married taxpayers with no dependents, with gross income of $20,000. 4. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $25,500. 5. Janyce, single taxpayer, age 73, with gross income of $13,500.
Bill and Maria are a married couple who file a joint income tax return. They have...
Bill and Maria are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $27,750. Their total income from wages is $200,800. Assume the following tax table is applicable: ​ Married Couples Filing Joint Returns ​ ​ If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on...
            Which of the following persons is subject to tax return preparer penalties for the return(s)...
            Which of the following persons is subject to tax return preparer penalties for the return(s) mentioned? a.         Meredith is the director of Federal taxes for a C corporation, and prepares her mother’s return for $50. b.         Sammy is a volunteer who prepares returns at the retirement home under the IRS Tax Counseling for the Elderly program. c.         Abbie prepares her mother’s tax returns for free. A CPA, Abbie would charge a client $750 for completing a similar return. d.        ...
26.       Which of the following persons is subject to tax return preparer penalties for the return(s)...
26.       Which of the following persons is subject to tax return preparer penalties for the return(s) mentioned? a.         Meredith is the director of Federal taxes for a C corporation, and prepares her mother’s return for $50. b.         Sammy is a volunteer who prepares returns at the retirement home under the IRS Tax Counseling for the Elderly program. c.         Abbie prepares her mother’s tax returns for free. A CPA, Abbie would charge a client $750 for completing a similar return. d.        ...
Susan and Stan Britton are a married couple who file a joint income tax return, where...
Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $330,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest cent. $   What is their marginal tax rate? Round your answer to two decimal places.     % What is their average tax rate? Round your answer to two...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Juan (28) has...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Juan (28) has gross income of $15,400. He is a qualifying widower with one dependent. Elaine (68) has gross income of $12,150. She is single and has no dependents. Randy (32) has gross income of $4,000. His filing status is married filing separately. Robert (65) and Maria (61) have gross income of $21,500. They wish to file a joint return.
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Willenda (32) has...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Willenda (32) has gross income of $13,350. She will file as head of household with one dependent. Jamison (68) has gross income of $11,900. He is single and has no dependents. Marvin (37) and Joyce (35) have gross income of $20,780. They wish to file a joint return. Matt (67) and Trina (63) have gross income of $22,100. They wish to file a joint return.
Under the U.S. government’s method of counting persons, a person who is a student and does...
Under the U.S. government’s method of counting persons, a person who is a student and does not work is considered out of the labor force. Conceptually, persons who are out of the labor force are supposed to be unwilling to work regardless of the wage offered to them. i.) Based on the observation above (that graduate/professional school enrollments increase during recessions), do you think that graduate students are really unwilling to work regardless of the wages that might be offered...
the penalty for failure to file an income tax return on time is: a 10% of...
the penalty for failure to file an income tax return on time is: a 10% of the balance due B. waived for balances less than $205 c. only applied when caused by willful neglect d. only applied when there is a balance due
Which of ollow indi tax return? Should any of these individuals file a return even if...
Which of ollow indi tax return? Should any of these individuals file a return even if filing is no t required? Why or why not? a. Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amot1nted to $4,900. b. Mike is single and is 67 years old. His gross income from wages was $10,800. c. Ronald is a dependent child under age 19 who received $6,800 in wages from a...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT