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Book Review
Income Tax Law with practical problems



Politics & Policy 


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/-