::: vuaskari.com ::: FIN 623 Assignment

Profit received by a non-resident  person on security issued by resident person who is the associate to non-resident person.

Section 46 Any profit received by a non – resident person on a security issued by a resident person shall be exempt from tax provided

.

Mr. Hassan has been given a

scholarship by the Associate to meet the cost of his education

Section 47 Any scholarship granted to a person to meet the cost of person's education shall be exempt from tax

Mr. X has divorced his wife and

paid Rs. 1,000,000 as support payment to live apart under an agreement

Section 48 Any income received by a spouse as support payment under an agreement to live apart shall be exempt from tax under this Ordinance

Mr. Steve is a citizen of Canada.

He is working as Canadian ambassador, in Islamabad. Government of Pakistan has also appointed ambassador, in Canada. Canadian government grants exemption on salary of Pakistani ambassador.

Section 43 Salary of an employee of foreign government exempt provided: a. Employee citizen of foreign country and not a citizen of Pakistan. b. Services performed are similar to services performed by employees of the Federal Government in foreign countries and c. Foreign government also grants similar exemptions to employees of Federal Government

Government of Punjab owned a

Marble factory in Khyber Pakhtunkhwa (KPK). Income earned by Punjab government from the marble factory?

Section 49 Income of Federal Government exempt from tax

Ascertain the normal tax year or special Tax year:

Normal Tax Year starts from 1st July and ends on 30th June (a period of twelve months).

A tax payer can adopt a special Tax year after seeking approval from Commissioner of Income Tax (CIT),

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