Commerce, Paper II

Briefly discuss the difficulties faced by Pakistan Railways and discuss their remedies.

What are the causes of adverse balance of payment in Pakistan? Suggest measures to improve the balance of payment in Pakistan.

Elaborate the salient features of Income Tax Law in Pakistan.

Define Audit Report. How the role of external Auditor is more important than internal Auditor?

Give details about Members and Functions of Appellate Tribunal Inland Revenue.

Define commercial bank and discuss Islamic modes of finances introduced by public and private commercial banks.

What is difference between Manager and Leader? Discuss different theories of Leadership.

Mr. Tariq received the following emoluments during the year ended 30th June 2017 1. Basic Salary (Rs. 30,000-5,000-60,000).. p.m. Rs. 40,000 2. Free accommodation provided by employer. He was entitled to a house allowance of 60% of basic salary 3. Cost of motor vehicle (conveyance provided by employer for personal use)...... 7,00,000 4. Concessional loan obtained from employer @ 8% p.a 30,00,000 5. Free passage 4 tickets provided by an airline to its employees @ 40,000 per ticket 6. Medical allowance.. 50,000 7. Dearness allowance. 12,000 8. Income from property. 2,00,000 9. Life insurance premium paid by employee. 1,20,000 10. Income from business. 1,50,000 11. Dividend received from public company. 10,000 12. Share from Association of person... 25,000 Required: Calculate tax payable by Mr. Tariq # Taxable Income Rate of Tax 1 Where the taxable income exceeds Rs. 7,50,000 but does not exceed Rs. 14,00,000 Rs. 14,500 + 10% of the amount exceeding Rs. 7,50,000 2 Where the taxable income exceeds Rs. 14,00,000 but does not exceed Rs. 15,00,000 Rs. 79,500 + 12.5% of the amount exceeding Rs. 14,00,000 3 Where the taxable income exceeds Rs. 15,00,000 but does not exceed Rs. 18,00,000 Rs. 92,000 + 15% of the amount exceeding Rs. 15,00,000