FIN623 GDB Solution By Raheel Raaj

1.       Determine u/s 82 of the Income Tax ordinance 2001, residential status of Shabeer who stayed in Pakistan from January 5, 2017 to May 30, 2017 for his special assignment on a project located in Lahore but funded and operated through his UK based employer.
Answer: Resident Person
2.       Mr. Shoaib – a major shareholder and an influential director of Zee Limited acquired loan from the company and later got it adjusted against dividends. The loan, after meeting all legal provisions, was sanctioned to him from the company’s accumulated profits. Briefly state u/s 2(19) of the Income Tax ordinance 2001 whether the adjustment of loan as dividend was correct or not?
Answer: Yes Its Correct Because any payment by a private company or trust of any sum (whether as representing a part of the assets of the company or trust, or otherwise) by way of advance or loan to a shareholder or any payment by any such company or trust on behalf, or for the individual benefit, of any such shareholder, to the extent to which the company or trust, in either case, possesses accumulated profits; (Page# 09)
3.       The accounting year of Tri-Star Ltd. ends on 30th June each year. Determine the type of tax year of this company u/s 74 of Income Tax Ordinance 2001.
Answer: Normal Tax Year
4.       Saba – a Pakistani resident person and a shareholder of 3D Ltd. earns Rs. 1.92 million and Rs. 1.05 million as salary and business income respectively during the tax year 2018. During this period, she also sold a part of her holding to a non-resident company for a consideration of Rs. 0.85 million earning a profit of Rs. 0.15 million. Determine, u/s 50 of the Income Tax ordinance 2001 whether the profit of Rs. 0.15 million be considered as Pakistan or foreign source of income?
Answer: Pakistan Source of Income

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