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PROFILE

IMAMUDDIN MANZAR

COLUMN FOR THE RECORD
POLITICS & POLICY 1- POVERTY ALLEVIATION
2-
PAK-KAZAKISTAN RELATIONSHIP
SOCIETY 1- AFGHAN REFUGEES GET EXTRA HELP FOR WINTER
2-
SAFE DRINKING WATER PHENOMENON
3-
INCOME TAX LAW

BOOK REVIEW

 

INCOME TAX LAW


Dec 15 - 21, 2003 

 

 

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: kamjadsaeed@yahoo.com, puhcbf@brain.net.pk Published: Institute of Business Management, GPO Box 1164, Lahore. Price: Rs. 140. Pages: 332

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:

1) SALES TAX: The tax of the future.

2) CUSTOM DUTIES: WTO regime will be in full swing w.e.f. January 01, 2005. Accordingly collection flow will be declining from this stream.

3) INCOME TAX: There 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 secretaries, etc.

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.