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plz solve it urgent required Q.1.Respond to the following independent scenarios, under the provisions of the Income Tax Ordinance, 2001: (a) David, a Spanish designer,
plz solve it urgent required
Q.1.Respond to the following independent scenarios, under the provisions of the Income Tax Ordinance, 2001: (a) David, a Spanish designer, often visits to Pakistan for promotion of his products. During his last visit he stayed in Pakistan from 10 July 2018 to 25 February 2019. Determine the residential status of David for tax year 2019, assuming that the Commissioner has granted him permission to use calendar year as special tax year. (b) Rafique sold two of his personal vehicles during the current year and earned profit of Rs. 790,000. Discuss the taxability of profit earned by Rafique in the context of capital gain/loss. (c) Asif Ali has acquired machinery for his new factory against a loan repayable in USD. Discuss what would be the cost of machinery for the purpose of depreciation deduction (d) Arif and Nouman jointly own a building in Quetta. The building has been rented out to a company. Discuss the tax treatment of income from such propertyStep by Step Solution
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