question archive 8) (a) Imran, a resident person, is filing the return of his business income for the first time
8) (a) Imran, a resident person, is filing the return of his business income for the first time
Subject:AccountingPrice:2.84 Bought5
8) (a) Imran, a resident person, is filing the return of his business income for the first time. He has been informed by his friend that he will also be required to file a wealth statement. In this respect, he seeks your advice about the particulars which he should disclose in his wealth statement.
(b) M/s. Kotton Limited, a holding company of five companies is engaged in the business of cotton farming, ginning, spinning, weaving and trading. Approximately 60% of the output of each company is consumed by the next follower. The remaining 40% is being sold in the open market through the trading company out of which 60% is exported and 40% is sold in the local market. Mr. Zaidi, Director Finance of the group of companies is not satisfied with the assessment made by commissioner inland revenue for the current tax year.
You are working as a tax advisor for M/s. Kotton Limited Mr. Zaidi, Director Finance of the group of companies approaches you to get advise on following matters as per income tax ordinance. Explain in detail the provisions of Income Tax Ordinance 2001, in respect of appeal to Appellate Tribunal and the Composition of the Appellate Tribunal.
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Step-by-step explanation
1.the following particulars shall be included in the wealth statement
(b) the total assets and liabilities of the person's spouse, minor children, and other dependents as on the date or dates specified in such notice;
(c) any assets transferred by the person to any other person during the period or periods specified in such notice and the consideration for the transfer;
(d) the total expenditures incurred by the person, and the person's spouse, minor children, and other dependents during the period or periods specified in the notice and the details of such expenditures; and
(e) the reconciliation statement of wealth
2.the appeal to the appellate tribunal can be made when the taxpayer and commissioner objects to the order passed by the commissioner(appeals) it shall be in prescribed form verified in prescribed manner shall be submitted within the time prescribed by the law it shall be filled within 60 days of the date of service of order of commissioner(appeals)
The Appellate Tribunal shall consist of a Chairperson and not more than two members to be appointed, by notification, by the Central Government. (2) The selection of Chairperson and Members of the Appellate Tribunal shall be made by the Central Government
