AIOU SOLVED ASSIGNMENT 1 CODE 456 BUSINESS TAXATION


AIOU SOLVED ASSIGNMENT 1 TAXATION CODE 456 AUTUMN 2015

Taxation is the major source of income for any Government so aiou is also offering taxation subject code 456 to the students, so please find here solved assignment 1 for course code 456 for semester autumn 2015.
Following are the terms which required to explain under the income tax ordinance 2001:-





1) DEPRECIABLE ASSETS

Division III; DEDUCTIONS: Special provision Section 22 depreciable assets. (1) Subject to this section, a person shall be allowed a deduction for the depreciation of the person’s depreciable assets used in the person’s business in the tax year.
(2) Subject to 2{sub-section} (3), the depreciation deduction for a tax year shall be computed by applying the rate specified in Part 1 of the third Schedule against the written down value of the asset at the beginning of the year.
(3) Where a depreciable asset is used in a tax year partly in deriving income from business chargeable to tax and partly for another use, the deduction allowed under this section for that year shall be restricted to the fair proportional part of the amount that would be allowed if the asset 4[was] wholly used to 5[derive] income from business chargeable to tax.
(4) Where a depreciable asset is not used for the whole of the tax year in deriving income from business chargeable to tax, the deduction allowed under this section shall be computed according to the formula, “A x B/C where:
A= is the amount of depreciation computed under sub-section (2) or (3), as the case may be;
B= is the number of months in the tax year the asset is used in deriving income from business chargeable to tax; and
C= is the number of months in the tax year.


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