10-28-2011, 06:53 PM
Regarding first query, I think you should enter your income only in column 29 (i.e. exempt business income) Leave the above columns 1 to 21 blank.
Regarding, time of conversion of value of currency, section 71 is relevant. It says, ".... the amounts shall be converted to the rupee at the SBP rate..... on the date amount is taken into account for the purpose of this Ordinance.
The question is when the amount is said to be taken into account. In my opinion, for the purpose of calculation of income when it is received [as explained in s.69] would be the relevant time. Similarly for the purpose of acquisition of property the time of acquisition would be relevant, for determining conversion rate. However, for conversion of foreign exchange in bank account for the purpose of wealth statement, rate on the date for which wealth statement is made would be relevant.
Regarding, time of conversion of value of currency, section 71 is relevant. It says, ".... the amounts shall be converted to the rupee at the SBP rate..... on the date amount is taken into account for the purpose of this Ordinance.
The question is when the amount is said to be taken into account. In my opinion, for the purpose of calculation of income when it is received [as explained in s.69] would be the relevant time. Similarly for the purpose of acquisition of property the time of acquisition would be relevant, for determining conversion rate. However, for conversion of foreign exchange in bank account for the purpose of wealth statement, rate on the date for which wealth statement is made would be relevant.
