at.pdf - THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN EXAMINERS COMMENTS SUBJECT Advanced Taxation SESSION Final Examination Winter 2012 General

at.pdf - THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN...

This preview shows page 1 - 3 out of 5 pages.

Page 1 of 5 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN EXAMINERS’ COMMENTS SUBJECT Advanced Taxation SESSION Final Examination – Winter 2012 General: The overall performance on the paper was satisfactory. However, answers to discursive questions were disappointing. Question No. 2(a), 4(b) and 5 particularly exhibited weak performances. Answers not only lacked completeness but also demonstrated poor technical knowledge and skills. The answers were mostly based on general perception of the candidates. However, three practical questions which offered more than 50 marks were fairly attempted. An important area which requires serious attention is the presentation/computational skills. It is essential that candidates read the questions carefully and answer what is being asked. Suggested solutions are published and candidates must observe them closely to learn each and every facet of computation and evaluate its relativity, precision, step-wise progress and how to move towards a logical conclusion. It has been observed that some students make such assumptions which changes the actual meaning of the question. They are advised to make assumptions only when it is necessary. Moreover, the assumptions should be realistic i.e. they should not contradict the situation given in the question or its requirements. Question 1 This question with a potential 25 marks, was related to individual taxation and ranked amongst one of the highest scoring questions where passing percentage was 57%. Students who could not do well, made the following types of errors: Clear explanations for the inclusion or exclusion of each item in the computation of income was not provided. Entire book value of the assets received for use at home was included in taxable income for the year instead of taking the depreciation only. Some students calculated 15% depreciation for the whole year rather than for six months. Perquisite in the form of concessional loan was calculated for the whole year instead of three months.
Image of page 1