SOLVED ASSIGNMENT # 01 COURSE CODE 456 SPRING 2015
Solved number one assignment of subject code 456 for the semester spring 2015, the code 456 is business taxation which is especially introduced to the students of B.com, because a commerce bachelor students must have knowledge of taxation. We have tried to provide you complete and full solved assignment of this course. You down load all the pages and make it zoom and write your assignment.
We little bit introduce you about income tax laws. Following are the sources and components of income tax law. The legislative law, i.e the income tax ordinance 2001, the procedural law, i.e the income tax rules 2002. The notifications, circulars, etc issued by FBR, the case law, finance acts or ordinances.
Income tax ordinance is the basic component of income tax law in Pakistan. All the income tax law revolves around the income tax ordinance, 2001. All matters of taxation regarding computation of taxable income computation of tax liability, payment of tax, recovery of tax, appeals, refund, penalties and prosecution etc. have been discussed in the ordinance. The income tax ordinance, 2001 has 240 sections which have been discussed in 13 chapters. Each chapter deals with a particular subject and has been divided into parts. Many parts have been further subdivided into divisions. There are also seven schedules of the income tax ordinance 2001. Each schedule deals with a particular subject and has been divided into parts. Schedules are also treated as part of the ordinance.