Title: Income Tax Law Plus PracticaI Problems with
Solutions: 2004-2005 Edition
Author: Prof. Dr. Khawaja Amjad Saeed M.Com; L.L.B
(Punjab), MBA (Lebanon), Ph.D (USA), FCMA, FCA Principal, Hailey College
of Banking & Finance University of the Punjab, Lahore. Emails:
firstname.lastname@example.org. pk, email@example.com
Publisher: M. Azeem Academy 22-Urdu Bazar, Lahore.
Tel: 042-7231448, Email: firstname.lastname@example.org
Price: Rs. 140/-
Pakistan is in search of a fiscal policy which can
ensure an accelerated tempo of domestic resource mobilization to not
only meet the current expenditure at federal level but also contribute
substantially toward financing annual development plans. The federal
budget for 2004-2005 forecasted a revenue deficit of Rs. 144 billion and
the federal ADP 2004-2004 of Rs. 202 billion was dependent on 77% on
external assistance. In this backdrop, there is an urgent need to have a
fresh look at the fiscal policy of Pakistan and help develop innovative
measures to reverse the above trends and give Pakistan a financially
The Federal Government has major sources of domestic
revenues namely indirect tax (Rs. 398 billion-50%), direct taxes-mainly
income tax (Rs. 182 billion-23%), non-tax revenue (Rs. 141 billion -
18%) and surcharges (Rs. 75 billion-9%).
The book under review relates to income tax. Based on
available statistics there are around one million income tax payers in a
population of 150 million of people in Pakistan. This situation requires
immediate attention as the untapped number of income tax payers is said
to be around five million. The Central Board of Revenue is ever keen to
expand the base. Strong logistics are needed to achieve the above goal.
The earlier this is done the better.
In this background, Prof. Dr. Khawaja Amjad Saeed an
eminent professional accountant turned excellent academician has written
book entitled "Income Tax Law plus Practical Problems with
Solutions" — (Edition 2004-2005). This magnificent treatises has
the following redeeming features:
1) It consists
of two parts. The first part contains lucid and easy to understand
commentary on topics such as: Introduction, Capital and Revenue, Charge
of Tax, Exemptions and Tax Concessions, The Finance Act, 2004,
Administration, Appeals, Head of Income: Salaries, Head of Income:
Income from Property, Head of Income: Income from Business, Head of
Income: Income from other Sources, Head of Income: Capital Gains,
Procedure, Provisions Governing Persons, Tax Accounting, Losses,
2) In the
second part, the book contains fifty five (55) questions with model
solutions covering assessment of individuals, AOPs, Companies and
set-off and carry-forward of losses.
introduced through the Finance Act 2004 into the Income Tax Ordinance
2001 have been duly incorporated into the book.
4) Easy to
comprehend notes on the Finance Act 2004 issued by the Central Board of
Revenue have also been included in the book.
Prof. Dr. Khawaja Amjad Saeed is a well acknowledged
scholar in Pakistan and abroad. His service to the nation is well spread
over forty seven (47) years — seven (7) years in the field and forty
(40) years in teaching, training, management development, research,
consulting and HRM/HRD. He has authored over thirty books which have
served diversified reading community at home and abroad.
The above book will be beneficial to students of
business and public administration (MBA/MPA), Commerce (B.Com/M.Com),
Banking & Finance (B.S. & M.S.), MBE, BBIT, MBIT, bankers,
insurance men and business executives. Indeed this is an excellent
effort to explain the legal provisions of the Income Tax Ordinance 2001.
It is hoped that stakeholders will greatly benefit from it. Laypersons
can easily comprehend the working of Income Tax Law in Pakistan.
The book is a logistical support to expanding income
tax payers base in Pakistan and the author deserves special appreciation
in this respect.
We congratulate the author and earnestly hope that he
will continue his noble efforts to serve the reading community with his
writings and thus develop managerial revolution in Pakistan.