|
Society
Book Review
Income Tax Law with
practical problems
|
Profile |
|
|
| Column |
|
|
|
Politics &
Policy
|
|
|
|
Society
|
|
|
|
Special Report
|
|
|
|
|
Dec 04 - 10, 2000
Every country needs funds not only to run its day to
day affairs, but also for development operations and to meet Defence
expenditure. The Third World developing countries generally meet their
needs through foreign assistance and domestic resources. Foreign
assistance, it would be agreed is an unreliable source and chained with
many undesirable conditions. In Pakistan four sources of domestic
revenues contribute to Federal exchequer namely, Direct Taxes, Indirect
Taxes, Surcharges and Non-Tax Revenue. Among the Direct Taxes, Income
tax constitutes major source. The importance of developing domestic
resources is therefore apparent. So the present Government through its
recent surveys has tried to widen the tax spectrum based on reliable
documentation. The main direct tax is income tax which is operated on
the basis of Income Tax Ordinance, 1979 and annual Finance
Acts/Ordinances. The study of Income — Tax Law is therefore necessity
of almost every citizen who is directly or indirectly affected by income
tax-collection activities of the government.
In this background, the efforts of Prof. Dr. Khawaja
Amjad Saeed in producing the 33rd edition of his popular book:
"Income tax Law with Practical Problems" needs to be well
appreciated. He is a versatile writer and requires no introduction. He
has authored over two dozen books in the area of management, accounting,
taxation, auditing, case studies, corporate law, economics and related
areas. With dedicated mission and zeal, he has been serving both the
students and teaching community with sustained hard work. While starting
his career as a lecturer in 1965 and well-equipped with a host of
academic as well as professional qualifications, he rose to the coveted
position of Pro Vice-Chancellor of the university of the Punjab.
He is a fellow member of all the six professional
mstitutes of Pakistan including Institute of Chartered Accountants of
Pakistan (FCA) and the Institute of Cost & Management Accountants of
Pakistan (FCMA).
The book under review consists of the following four
parts:-
Part-1: Income Tax Law
Part-II: Wealth Tax Basic Law
Part-III: Capital Value Tax
Part-IV: Practical Problems with solutions. These relate to
assessment of individuals, firms,, companies and treatment of losses for
tax purposes.
The book contains all amendments made in the Income
Tax Ordinance 1979 through the Finance Act, 2000 and relevant circulars
issued by the Central Board of Revenue.
The Treatises is really an excellent effort. Students
of commerce, business and public administration, chartered accountancy,
cost and management accounting and other related fields will immensely
benefit from it. General readers will also enjoy its reading and enhance
their knowledge in this most important area affecting now our everyday
life. The hall mark of the book is that it is a genuine effort to create
tax awareness in the public. This is a step forward to create tax
culture in Pakistan based on documentation. The publication is right in
line with the documentation efforts of the present government.
The author deserves congratulation and full
appreciation for his noble effort to meet the need of different
categories of users viz Tax payers, present and potential, civil and
military personnel, libraries, policy planners, tax officials and
government functionaries dealing with Income tax matters besides the
student community.
This book, has been printed beautifully in bold font
with red-orange coloured attractive cover. It has over four hundred
pages. The price of this valuable treasure of knowledge is only Rs.
120/= which may bring it within reach of every person requiring reliable
knowledge of income-tax essentials and its application in real life as
these 55 solved examples covering assessment under heads e.g. Salary
Interest on Securities, Income from property, Income from Business,
Profession & vocation and income from other sources. Moreover
computation of taxable income and income-tax has been well illustrated
the case of individuals, firms and companies.
It is hoped that addition of a comprehensive index at
the end of future editions will much enhance the usefulness of the book
for all categories its users in future.
The author is Prof. Dr. Khawaja Amjad Saeed, FCA;
FCMA
Review by Mohammad Sadiq Khan, FCMA
Published by Institute of Business Management, G.P.O. Box 1164, Lahore
Edition 33rd -2000-2001
Price Rs. 120/-
|
