Dear Student,The solution has been updated.--On Mon, Jun 13, 2011 at 2:47 PM, mc090400185 Sheikh Javaid Ijaz <mc090400185@vu.edu.pk> wrote:
Dear Sir,
Reference to Assignment No.02 with due date of Jun 09, 2011, please guide me one point that when
1. Assignment question is saying in its first paragraph following:-
Quote
contract was prematurely terminated six months earlier i.e. on December 31, 2010
Unquote
2. Secondly Assignment is asking for the Tax Year 2010 which is as per law 1st July 2009 to June 2010. Following is quoted from handout page 9-10 hereunder:-
Tax Year:
Sec. 2(68) read with Sec. 74---Tax year means a period of 12 months ending on June 30th which is also called Normal Tax Year.
3. From above I understand that December 31, 2010 is Tax Year 2011 not Tax year 2010 while assignment is asking for Tax year 2010 for which person have received 12 month salary which was start from 1st July 2009 to 30th June 2010. While salary from 1st July 2010 to 31 December 2010 ( for Six Month) will be treated in Tax year 2011 for which is not asked in assignment.
Waiting for your guidance please
Regards
Sh. Javaid Ijaz
Regards
Instructor FIN623
Virtual University of Pakistan
Dear FellowsI have email to instructor two days ago for guidance which as below for which still no answer is received. What you suggest that if no answer received till yesterday evening I have to sent reminder or again email him with cc to other concerned departments which you suggest ?Is question have any worth ? because I have done my assignment with same assumptions.Regards.Sh. Javaid---------- Forwarded message ----------
From: mc090400185 Sheikh Javaid Ijaz <mc090400185@vu.edu.pk>
Date: Mon, Jun 13, 2011 at 2:47 PM
Subject: GUIDANCE NEEDED
To: FIN623 Taxation Management <fin623@vu.edu.pk>Dear Sir,
Reference to Assignment No.02 with due date of Jun 09, 2011, please guide me one point that when
1. Assignment question is saying in its first paragraph following:-
Quote
contract was prematurely terminated six months earlier i.e. on December 31, 2010
Unquote
2. Secondly Assignment is asking for the Tax Year 2010 which is as per law 1st July 2009 to June 2010. Following is quoted from handout page 9-10 hereunder:-
Tax Year:
Sec. 2(68) read with Sec. 74---Tax year means a period of 12 months ending on June 30th which is also called Normal Tax Year.
3. From above I understand that December 31, 2010 is Tax Year 2011 not Tax year 2010 while assignment is asking for Tax year 2010 for which person have received 12 month salary which was start from 1st July 2009 to 30th June 2010. While salary from 1st July 2010 to 31 December 2010 ( for Six Month) will be treated in Tax year 2011 for which is not asked in assignment.
Waiting for your guidance please
Regards
Sh. Javaid Ijaz
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