Title: Income Tax Law Plus Practical Problems with
Solutions: 2003-2004 Edition. Author: Prof. Dr. Khawaja Amjad Saeed,
M.Com; L.Lb (Punjab), MBA (Beirut), Ph.D (USA), FCMA, FCA, Principal,
Hailey College of Banking & Finance University of the Punjab,
Lahore. Email: firstname.lastname@example.org, email@example.com Published:
Institute of Business Management, GPO Box 1164, Lahore. Price: Rs. 140.
The government faces several challenges at home and
abroad. Besides ensure territorial defense, it also needs financial
defence. To achieve this it needs an expanding base of domestic resource
mobilization. The Government of Pakistan's Federal Budget for 2003-2004
is Rs. 805 billion. To meet the recurring expenditure and development
needs, crying need is to have an accelerated effort to boost steps to
internal resource generation. In this respect the Government of Pakistan
has announced that wealth tax stands abolished. Earlier Estate Duty
(death duty) was abolished by Late Zial ul Haq. The sitting Federal
Finance Minister has announced steady elimination of Federal Excise Duty
and Consolidation into Sales Tax. Accordingly, at Pakistan's Federal
level the following taxes will generate revenue:
TAX: The tax of the future.
DUTIES: WTO regime will be in
full swing w.e.f. January 01, 2005. Accordingly collection flow will be
declining from this stream.
is a vast scope for expanding the base. It is generally believed that as
against 1.5 million income tax payers, the potential is in the
neighborhood of 7 to 8 million.
Prof. Dr. Khawaja Amjad Saeed, a Fellow Member of six
professional Institutes of Pakistan namely, Institute of Chartered
Accountants of Pakistan (FCA), Institute of Cost and Management
Accountants of Pakistan (FCMA), Institute of Marketing Management (FIMM),
Institute of Taxation Management (FITM) and the Institute of Chartered
Secretaries (FICS) and Chartered Managers (FICM). His field experience
of seven years in corporate sector and 39 years of teaching, research,
consulting, management development and community and national service
presents an excellent and inspiring contributions. He has authored 30
books in areas such as Commerce, Management, Auditing, Accountancy,
Economy of Pakistan, Managerial Policies, Mercantile, Corporate and
Taxation Law and various cases in the area of international marketing
and management has won him national and international acclaim.
His latest book entitled "Income Tax Law Plus
Practical Problems with Solutions" (2003-04 Edition) consists of
two parts. The first part presents lucid analysis of legal aspects
governing salient features of income tax law as contained in the Income
Tax Ordinance 2001. This consists of all changes introduced by the
Finance Act 2003 in the Income Tax Ordinance, 2001 together with
clarificatory circulars issued by the Central Board of Revenue.
The second part includes questions with model
solutions in the light of Income Tax Ordinance 2001 as amended till the
enactment of the Finance Act 2003.
Contents include: Introduction, Capital and Revenue,
Charge of Tax, Exemptions and Tax Concessions, The Finance Act, 2003,
Administration, Appeals, Head of Income: Salaries, Head of Income:
Income from Property, Income from Business, Head of Income: Income from
other Sources, Head of Income: Capital Gains, Procedure, Provisions
Governing Persons, Tax Accounting, Losses, Miscellaneous, Assessment of
Individual, AOPs, Companies, Set-off and carry forward of losses.
The author deserves congratulations for his
magnificent effort. Indeed this book will go a long way to create
awareness amongst tax payers in comprehending the application of the law
and practice of Income Tax.
A wide variety of readers can be beneficiaries. A
suggested list may include Parliamentarians, tax officials, tax
assesses, regulatory bodies such as CBR, human executives, income tax
practitioners and consultants, chief financial officers, students
pursuing courses in commerce, business and public administration,
chartered accountants, cost and management accountants, company
The author deserves congratulations for his excellent
work. It is hoped that he will continue his work with zeal and vigor and
dedication in future.