FIN623Current Midterm Paper Fall 2013 Shared by M.Younus File 2

on December 25, 2013 at 7:22am

MCQ mostly from past papers... and other question ares

1. If mr.x have foreign Loss, which section address it, what is its treatment and how many years it can be carry forward
(Section 104 - define it, loss can be adjusted same time of foreign income, can carry forward till 6 years)

2. Mr.A is pilot and earn 100,000 as flying allowance, and he pays 3.5% tax, is he paid correct or wrong and justify thru calculation
(2.5% is correct value as per reduced Tax Liability)

3. Medical Allowance limit for a person if medical is not allowed in his salary terms.
(10% is allowed)

4. Identify : which one is company or idividual like Abc university, XYZ company etc.

(University is a company, any director is individual, etc)