FIN623 Assignment # 1 Solution

Semester “Spring 2010”
“Taxation Management (FIN623)”
Assignment No. 01 Marks: 20
“LEGAL STATUS”
Question:
Identify the legal status of the following persons according to the Income Tax
Ordinance 2001;
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
Virtual University of Pakistan
Bank Al-Falah Ltd.
WAPDA Town Employees Housing Society
Mr. Akhter Ali Sheikh serving as a Manager in Chenab Textile Mills.
Mrs. Batool serving as a Director in ABC Private Ltd. Company
Haji Murad Trust Eye Hospital.
Ali Ibrahim’s an unregistered firm of Mr. Ali Ahmad and Mr. Ibrahim
Butt.
Mr. Vikaas Bhalla (a Hindu), his sons and Mr. Veer and Mr. Raj
Ansaar Barni Welfare Trust
Askari Islamic Bank Ltd.
(20 Marks)
Solution:
Sr. No.
Question
Answer
1
2
3
4
5
6
7
8
9
10
Virtual University of Pakistan
Bank Al-Falah Ltd.
WAPDA Town Employees Housing Society
Mr. Akhter Ali Sheikh serving as a Manager in Chenab
Textile Mills
Mrs. Batool serving as a Director in ABC Private Ltd.
Company
Haji Murad Trust Eye Hospital
Ali Ibrahim’s an unregistered firm of Mr. Ali Ahmad
and Mr. Ibrahim Butt
Mr. Vikaas Bhalla (a Hindu), his sons and Mr. Veer and
Mr. Raj
Ansaar Barni Welfare Trust
Askari Islamic Bank Ltd.
Company
Banking Company
Company
Individual
Individual
Company
Firm
A Hindu undivided family
Company
Banking Company