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TAX MarkingPlan

This document provides a summary of the marking scheme for the Certificate in Accounting and Finance exam on Principles of Taxation given in Spring 2018. It outlines the key points and calculations examiners will look for in responses and the number of marks allocated to each. For example, up to 6.5 marks can be earned for adjustments to taxable income from inadmissible expenses or admissible income. Identification of correct income heads and computations of taxable income or loss are worth up to 5 marks.

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Muhammad Yahya
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32 views2 pages

TAX MarkingPlan

This document provides a summary of the marking scheme for the Certificate in Accounting and Finance exam on Principles of Taxation given in Spring 2018. It outlines the key points and calculations examiners will look for in responses and the number of marks allocated to each. For example, up to 6.5 marks can be earned for adjustments to taxable income from inadmissible expenses or admissible income. Identification of correct income heads and computations of taxable income or loss are worth up to 5 marks.

Uploaded by

Muhammad Yahya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PRINCIPLES OF TAXATION

Summary of Marking Key


Certificate in Accounting and Finance – Spring 2018

Note regarding marking scheme:


The marking scheme is given as a guide. Markers also award marks for alternative approaches to
a question and relevant/well-reasoned comments/explanations. Moreover, the available marks in
answer may exceed the total marks of a question.

Mark(s)
A.1  Computation of taxable income:
− 0.5 mark for each adjustment relating to inadmissible expenses / admissible
income 6.5
− up to 1.5 marks for each adjustment relating to admissible expenses /
exempt (or FTR) income 5.0
− determination of total income and taxable income 2.5
 Determination of total tax liability 2.5
 Determination of income tax refundable 1.5

A.2 (a)  Identification of correct head of income 1.0


 Computation of taxable income or loss 1.0

(b)  Identification of correct heads of income 1.0


 Computation of taxable income or loss under the head ‘income from
business’ 2.5
 Computation of taxable income or loss under the head ‘capital gain’ 1.5

(c)  Identification of correct head of income 1.0


 Computation of taxable income or loss 3.0

A.3 (a) (i) Explanation of the term ‘Concealed assets’ 2.0

(ii) Explanation of the powers of the Commissioner relating to the concealed


assets of any person when these are impounded by the Federal
Government 3.0

(b) (i)  Discussion on provisions relating to powers of Commissioner to make


first amendment of the assessment 1.0
 Conclusion 1.0

(ii)  Discussion on provision of the law relating to the powers of the


Commissioner to make further amendment after the first assessment 1.0
 Conclusion 1.0

(c)  Calculation of number of days present in Pakistan 2.5


 Conclusion 0.5

(d) Identification of record to be kept in respect of income from:


(i) salary 1.0
(ii) property 1.5
(iii) capital gain 1.5

Page 1 of 2
PRINCIPLES OF TAXATION
Summary of Marking Key
Certificate in Accounting and Finance – Spring 2018

Mark(s)
A.4 (a) Computation of the taxable income under:
 income from business 3.0
 agricultural income – exempt income 1.0

(b) 0.5 to 01 mark as mentioned in the question paper for identification of due date
of filing of tax return under each of the five cases 4.0

(c) Provisions relating to set off and carry forward of losses under the heads:
 income from business 5.0
 income from speculation business 4.0

A.5 (a) 01 mark for identification of each non-revenue objective which the Government
achieves by imposing taxation 3.0

(b) 01 mark for listing each tax which may be imposed by the Federal Government 5.0

A.6 (a) (i) 0.5 mark for identification of each exception 3.0

(ii) 01 mark for identification of each exception 3.0

(b)  Explanation of the term ‘Temporary registration’ 1.0


 Discussion on the rights, obligations and responsibilities of a person who
has obtained temporary registration 5.0

A.7  Computation of:


− input tax for the month 5.5
− output tax for the month 6.5
− further tax 1.0
 Apportionment of input tax 2.0
 Computation of admissible credit and sales tax payable 1.0
 Determination of sales tax refundable 1.0
 Determination of sales tax to be carried forward 1.0

(THE END)

Page 2 of 2

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