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PRINCIPLES OF TAXATION

Summary of Marking Key


Certificate in Accounting and Finance – Autumn 2017

Note regarding marking scheme:


The marking scheme is given as a guide. However, markers also award marks for alternative
approaches to a question and relevant/well-reasoned comments/explanations. Moreover, the
available marks in answer may exceed the total marks of a question.

Mark(s)
A.1  Computation of income from:
− Salary 5.5
− Property 0.5
− Other Sources 1.5
− Capital Gain 1.0
 Determination of total income and taxable income under NTR 2.0
 Tax liability under NTR 1.0
 Tax liability under separate block 2.5
 Adjustment of withholding tax and tax credit 2.0

A.2 (a) (i) Discussion on the residential status of Asif (an individual) in the light of
ITO-2001 2.0

(ii) Discussion on the residential status of Sami Associates (an Association of


person) in the light of ITO-2001 2.0

(b) (i)  Explanation of the provision of law applicable on the foreign source
income of a short term resident person 3.0
 Application of the law on the short term resident 1.0

(ii) Explanation of the provision of law applicable on the foreign source


income of Pakistani citizen 1.0
Application of the law on above 1.0

(c) Determination of deductible allowance on account of education expenses 2.0

A.3 (a)  Determination of the amount of gain under employee share scheme that
should be taken to ‘Income from salary’ 2.0
 Determination of amount of gain on disposal of shares that should be
taken to ‘Income from capital gain’ 2.0

(b) Determination of taxable gain on disposal of painting 2.0

(c)  Determination of sale proceeds 1.5


 Computation of gain/loss under correct head of account 1.0

(d)  Determination of sale proceeds 1.5


 Computation of gain/loss under correct head of account 1.0

A.4 (a) 01 mark for identification of each situation under which expenditures,
deductions and allowances are apportioned 3.0

(b)  Up to 02 marks for identification of each condition under which the


original/amended assessment order can be amended by the Commissioner 5.0
 Explanation of the time period within which assessment order can be
amended 2.0
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PRINCIPLES OF TAXATION
Summary of Marking Key
Certificate in Accounting and Finance – Autumn 2017

Mark(s)
A.5 (a) Explanation of the term ‘Turnover’ 5.0

(b) 0.5 to 1.5 marks for identification of each person who is required to pay
minimum tax 3.0

(c) Discussion with regard to carry forward of minimum tax paid 2.0

A.6  Computation of:


− Input tax on fixed assets and its adjustments 1.5
− Input tax for the month 4.0
− Output tax for the month including sales return 5.5
− Further tax 0.5
 Apportionment of input tax 1.5
 Computation of admissible credit and sales tax payable 2.0
 Determination of sales tax payable 1.0
 Determination of input tax to be carried forward 0.5
 Determination of refund on zero rated supplies 0.5

A.7 (a) 01 mark for identification of each type of export which are outside the purview
of zero rating 3.0

(b) 0.5 mark for each condition required to be fulfilled for submission of application
for refund 3.0

(c) 0.5 mark for each condition required to be fulfilled for submission of revised
return 2.0

(d) In the context of ‘Apportionment of input tax’, explanation of the term:


 Provisional adjustment 1.0
 Final adjustment 1.0

(e) Explanation of the procedure for dealing with the change in rate of tax during a
period 4.0

A.8 (a) 01 mark for brief explanation of each pillar of tax administration 4.0

(b)  Explanation of the term ‘Tax Evasion’ with example 1.5


 Explanation of the term ‘Tax Avoidance’ with example 1.5

(c) 0.5 mark for identification of each issue that administrators may face while
discharging their duties 3.0

(THE END)

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