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As far as withholding tax is concerned, WHT under section 236K will be adjustable against the final tax liability of the individual therefore carries no value in computing the cost of asset as well as the value of expenses.
A person purchase property in July 2019 and paid down payments of Rs. 500,000. Further he has to pay installments of Rs. 100,000 per month (25 installments) starting from August 2019.
The standards are principles on which practice of internal auditing is based. They are part of IPPF and applicable to every environment and organization. Whether services are in-sourced or outsourced, these standards must be understood and appropriately applied by the internal audit professionals.
Benchmark rate is the rate of interest levied under income tax ordinance 2001 for the treatment of loan. The said loan has been taken to the employee by the employer and will be chargeable in various circumstances under the head “income from salary”.
An internal audit is examining the inventory of trim store in F & M Company by doing certain tests and samplings. They extracted some points for the analysis which are:
Working capital is typically defined as current assets less current liabilities. In banking, working capital is normally defined more narrowly as current assets (excluding cash) less current liabilities (excluding interest-bearing debt).
Farzan Enterprises is an FMCG company. Their board consists of 4 members whereas they also have quite a few experienced senior management staff. The company finally agreed to hire A. S. Sharif & Co. (an internal audit firm). Who will decide the nature of work related to assurance and consulting services?
Internal auditor job is to express an opinion on the already designed and functioned internal controls system of the organization. They cannot design or implement systems by themselves. It will impair their objectivity. System’s implementation is management’s responsibility.
Medical allowance is a facility or benefit given by the employer to his employee for the expense incurred on any medical treatments or hospitalization. It can be in the form of
Mr. A worked for an organization in Pakistan for the first 08 months of the tax year and remaining 04 months outside Pakistan i.e. in Saudi Arabia (KSA). His monthly salary in Pakistan and KSA is PKR 100,000/ per month and SR 6,000 respectively. Mr. A’s family stayed in KSA throughout that year.