Inspector Inland Revenue 2016 Important Mcqs
 |
Question No: 1
|
Mrs. Sara received a basic salary of Rs. 280,000 during
the year ended 30.06.2009.
She received gratuity from the government of Sindh of Rs. 21,600. What would be her tax payable? |
A Rs. 1,938
|
B Rs. 2,262
|
C Rs. 140
|
D Rs. 1,980
|
Question No: 2
|
Which of the following canon of taxation suggests that
there should
not be any arbitrariness or ambiguity in respect of amount of tax paid? |
Capacity to Pay
|
Certainty
|
Simplicity
|
Convenience
|
Question No: 5
|
Any Income entitled to be received by a Company then entry
of
such amount will only be made in the books of accounts if: |
Company maintaining its books of account on Cash
basis
|
Company
maintaining its books of account on Accrual basis
|
Company maintaining its books of account on Both
Accrual and Cash basis
|
None of the given options
|
Question No: 6
|
Income Tax is charged on which of the following?
|
Income of the
current tax year
|
Income of the previous year
|
Income of the coming year
|
Any Receipt of money
|
Question No: 8
|
Pension is defined in which of the following schedule of
the Income Tax Ordinance 2001?
|
2nd Schedule
Part 1 Cl. (8)
|
2nd Schedule Part 1 Cl. (24)
|
2nd Schedule Part 2 Cl. (22)
|
1st Schedule of Part 2 Cl. (20)
|
Question No: 9
|
Resident Person (Section 81) includes which of the
following?
|
Resident Individual & Association of Persons
|
Resident Company
|
Federal Government
|
All of the
given options
|
Question No: 10
|
Which part of income is charged to tax of resident person
under the income tax
ordinance 2001? |
Pakistani source of income
|
Foreign source of income
|
Both Pakistan and
foreign source of income
|
None of the given option
|
Question No: 11
|
____________ means a fixed place of business through which
the business of
an enterprise is wholly or partly carried on. |
Franchise
|
Permanent
establishment
|
Small Business Units SBU
|
Venture
|
Question No: 12
|
Which of the following is the general definition of tax?
|
Compulsory
contribution of wealth by persons
|
Optional contribution of wealth by persons
|
Compulsory contribution of wealth by state
|
Optional contribution of wealth by state
|
Question No: 13
|
Which one of the following section defines ‘Income’ under
the head Income
from Business section 18? |
Section 2(9)
|
Section 2(29)
|
Section 75
|
Section 2(15)
|
Question No: 14
|
'Income is recorded when received and expenditure when
paid',
which one of the following accounting systems describe this statement? |
Cash basis
accounting system
|
Accrual basis accounting system
|
Both cash and accrual basis
|
None of the given options
|
Question No: 15
|
On Building (all types) the depreciation rate specified
for the purposes of
section 22 shall be: |
10%
|
12%
|
5%
|
20%
|
Question No: 16
|
Section 22(15) defines depreciable asset means:
|
Any tangible movable property
|
Any tangible immovable property (other than
unimproved land)
|
Structural improvement to immovable property
|
All of the
given options
|
Question No: 18
|
The salary received from the UK Government by Mr. Amir
resident of Pakistan.
Which section of the income tax ordinance explains his tax treatment of such salary? |
Section 110
|
Section 101
|
Section 102
|
Section 50
|
Question No: 19 Revision of return can be made on an application
made by
the tax payer relating to issuance of an exemption, by which of the following authorities? |
Income Tax Officer
|
Assistant Controller of Income tax
|
Deputy Controller of Income tax
|
Regional
Commissioner of Income tax
|
Question No: 20
|
Appeal to CIT (appeals) shall be filed in which of the
following manner?
|
On prescribed
form
|
On plane paper
|
On stamped paper
|
Legal documents
|
Question No: 23
|
Which of the following is included in the assessment order
by commissioner?
|
Taxable Income
|
Tax Due
|
Amount of Tax Paid
|
All of the
given options
|
Question No:
24 In Sales Tax Act
"Zero - rated supply" means a
taxable supply which is charged to tax at the rate of zero per cent define under |
Section 4
|
Section 5
|
Section 6
|
Section 22
|
Question No: 25
|
Mr. Kishan Kumar during his yearly tour in Pakistan
spends 155 working days,
26 off-working days 1 strike day and 1 Public Holiday in a tax year 2008-09? What will be the status of the individual? |
Resident
Individual
|
Non Resident Individual
|
Resident Person
|
Resident HUF
|
Question # 14
|
Mr. Kishan Kumar during his yearly tour in Pakistan spends
156 working days,
26 offworking days and 1 Public Holiday in a tax year 2009-2010? Which of the following is his residential status? |
Select correct option:
|
Resident Individual
|
Non Resident Individual
|
Resident Person
|
Resident HUF
|
Question No: 26
|
Mr. Zeeshan during his yearly tour in Pakistan
spends 180 working days and
in a tax year 2008- |
09? What will be the status of individual?
|
Resident Individual
|
Non-Resident
Individual
|
Resident Person
|
Resident HUF
|
His total stay in Pakistan is less
than 183 days , so he is non resident
individual as per income tax ordinance section 81. |
Question No: 27
|
Which of the following is the rate of tax for AOP for tax
year 2009,
where the taxable income exceeds Rs. 100,000 but does not exceed Rs. 110,000? |
0%
|
0.25%
|
0.50%
|
0.75%
|
Question
No: 28
Which of the following
is the rate of tax for AOP for tax year 2009,
where the taxable income exceeds Rs. 125,000 but does not exceed Rs. 150,000? |
0.50%
|
0.75%
|
1.00%
|
2.00%
|
Question No: 29
|
Which of the following is the Rate of Tax for dividend
received from
power Generation Company for Tax Year 2009? |
Nil
|
2.50%
|
5%
|
7.50%
|
Question No: 30
|
Which one of the following is not the feature of Sales
Tax?
|
Indirect tax
|
Broad based
|
Elastic/ Flexible
|
None of the
given options
|
Question No: 31
|
Mr. Ali received a basic salary of Rs. 20,000 per month
during the year
ended 30.06.2009. During the year domestic bills of water, telephone and electricity amounting to Rs. 6,000, 12,000, and 9,600 were paid by his employer respectively. What would be his taxable income? |
Rs. 240,000
|
Rs. 267,600
|
Rs. 270,000
|
Rs. 289,800
|
Question No: 32
|
Mr. Saleem received a basic salary of Rs. 10,000 per month
during the
year ended 30.06.2009. During the year his employer provided the services of a driver and a housekeeper. The company paid Rs. 4,000 per month to each of these employees. What would be his taxable income? |
Rs. 120,000
|
Rs. 186,000
|
Rs. 216,000
|
Rs. 244,500
|
Question No: 33
|
The basic salary of Mr. Ghauri (a salaried person) during
the year 30.06.2009
is Rs. 445,000. He paid Zakat under Zakat Ordinance of Rs. 8,000 and received commission of Rs. 24,000. What will be his taxable income? |
Rs. 429,000
|
Rs. 437,000
|
Rs. 461,000
|
Rs. 469,000
|
Question No: 38
|
Mr. Sadiq received a salary of Rs. 200,000 during the year
ended 30.06.2009.
His MTS is (Rs. 200,000-5,000-300,000). He has received medical allowance and facility of interest free loan from his employer of Rs. 10,000 per month and Rs. 900,000 respectively. What would be his tax payable? |
Rs. 1,987.5
|
Rs. 2,535
|
Rs. 107,500
|
Rs. 134,200
|
Question No: 39
|
Mr. Shafqat received a basic salary of Rs. 350,000 during
the year
ended 30.06.2009. His company maintained car for personal and official use. The cost of the vehicle is Rs. 880,000.What would be his tax payable? |
Rs. 1,030
|
Rs. 5,910
|
Rs. 10,950
|
Rs. 135,300
|
Question No: 34
|
Mr. Shafqat received a basic salary of Rs. 200,000 during
the year ended 30.06.2009.
He has received lunch facility, cost of living allowance and adhoc relief of Rs. 6,000, 50,000, and 7,800 respectively. What would be his tax payable? |
Rs. 1,030
|
Rs. 1,039
|
Rs. 1,069
|
Rs. 1,978.5
|
Question No: 40
|
A retailer whose value of supplies in any period during
the last twelve
months ending any tax period exceeds_______ are required to be registered under the Sales Tax Act 1990; |
Forty million rupees
|
Twenty million
rupees
|
Ten million rupees
|
Five million rupees
|
Question No: 42 Statutory Provident Fund is governed by which one
of the following?
|
Finance Act 2006
|
Insurance Act 1969
|
Provident Funds
Act 1925
|
Finance Bill 2007
|
Question No: 44
|
Mrs. Waseem has rented out her house at Rs. 15,000 per
month.
As per rent deed she has received an amount of Rs. 75,000 as advance, which is non adjustable against rent. What would be the amount of rent chargeable to tax where the fair market rent is Rs. 100,000? |
Rs. 90,000
|
Rs. 1,87500
|
Rs. 92,400
|
Rs. 1,200
|
Question No: 45 Mr. Waqas is a practicing chartered accountant.
He has received
audit fees of Rs. 300,000 and the examiner’s fees of Rs. 2,000. During tax year 2009 he has made membership and certificate expenses of Rs. 500. What will be his income from profession? |
Rs. 198,834
|
Rs. 301,500
|
Rs. 297,500
|
Rs. 298,500
|
300,000+2000-500=301,500
|
Question No: 46 M/s. RST filed tax return for tax year 2009,
declaring
taxable income as Rs. 1,135,000 made payments in execution of a contract for purchase of office appliances Rs. 250,000. What will be the tax payable of the company? |
Rs. 100,000
|
Rs. 150,000
|
Rs. 300,000
|
Rs. 484,750
|
Calculation: Tax Liability
|
1135000+250,000=1,385000*35%=484,750
|
Question No: 47
|
Mr. Qasim received income from business of Rs. 107,000. He
has received
gain on sale of residential house of Rs. 140,000. What will be his taxable income? |
Rs. 50,000
|
Rs. 300,000
|
Rs. 107,000
|
Rs. 100,000
|
Question No: 37
|
Mr. Qasim received income from business of Rs. 6,107,000.
He has received
gain on sale of residential house of Rs. 140,000. What will be his taxable income? |
Rs. 50,000
|
Rs. 300,000
|
Rs. 6,107,000
|
Rs. 100,000
|
Question No: 48
|
Mr. Jamil has received income from poultry farm of Rs.
645,000 and gain on sale
of shares of private company Rs. 136,000 where the shares were disposed off after 12 months. The capital loss amounted to Rs. 15,000 was reported. What will be his taxable income? |
Rs. 566,000
|
Rs. 694,000
|
Rs. 732,000
|
Rs. 776,000
|
FIN623 Online Quiz#
(4 & 5)
|
Question #
1
If an employee’s taxable income is Rs.715, 000 and he paid donations amounting Rs.10,000 to a charitable institution, what will be the value of ‘C’ in calculating tax credit? |
Select correct option:
|
Rs.715, 000
|
Rs.214, 500
|
Rs.10, 000
|
Rs.224, 500
|
Question # 2
|
Which one of the following section deals with intangibles?
|
Section 22
|
Section 24
|
Section 222
|
Section 242
|
Question # 3
|
Mr. A is an employee of Government of the Punjab, his data
for the year 2010 is
given below. Salary: Rs. 60,000 per month Gratuity: Rs. 1,000,000 Calculate his taxable income. |
Select correct option:
|
774,000
|
720,000
|
1,060,000
|
1,720,000
|
Question # 4
|
A firm ABC maintaining its account in accrual basis, at
June 27, 2008 it is entitled to
receive Rs. 10,000 but actual payments made at 01 August 2008. In which year it is charged to tax? |
Select correct option:
|
2006
|
2007
|
2008
|
2009
|
Question # 5
|
Deficit Financing is one of the tools of which of the
following policy?
|
Monetary policy
|
Fiscal policy
|
Trade Policy
|
Economic Policy
|
Question # 6
|
Following person is required to file tax return:
|
Select correct option:
|
Widow
|
Disabled person
|
The person has become
bankrupt
|
Orphan below age of 25
|
Question # 7
|
The process of clubbing of income results in which of the
following?
|
Select correct option:
|
Lower Bracket rate of tax is charged
|
Higher Bracket rate
of tax is charged
|
Moderate Bracket rate of tax is charged
|
No change occur due to clubbing
|
Question # 9
|
Which of the following incomes are treated as agriculture
income?
|
Agro based industry
|
Spontaneous forests
|
Interest received by a farmer on lending
|
Income from land
situated in Pakistan used
for agriculture
|
Question # 10
|
Which of the following is the important content for
calculating tax on income?
|
Taxable Income
|
Residential Status
|
Tax Year
|
All of the given
options
|
Question # 11
|
(A / B) x C In the above formula for calculating tax
credit under section 61
of the Income tax Ordinance 2001, C represents which of the following? |
Amount of Gross tax
|
Person’s taxable income for the tax year
|
Amount of exemption
as per Ordinance
|
Net Income Of the year
|
Question # 13
|
Which of the following section deal with tax treatment of
person who is a
cultivator or receiver of agricultural produce as rent-in-kind in the business of cultivator? |
Rule 11 of the IT
Rule 2002
|
Section 40 of the Income Tax Ordinance 2001
|
Section 41 of the Income Tax Ordinance 2001
|
Section 42 of the Income Tax Ordinance 2001
|
Question # 14
|
In an association of person, 25% tax rate is applied where
the taxable income exceeds:
|
Rs 1,300,000
|
Rs 1,000,000
|
Rs 1,500,000
|
Rs 1,700,000
|
Question # 15
|
Deductions not allowed under the head income from business
is defined by
|
Section 20
|
Section 21
|
Section 25
|
Section 27
|
Question # 1
|
A depreciable asset has normal useful life of:
|
Six months
|
One year or more
|
Eleven months
|
None of the given options
|
Question # 2
|
Expenses entitled to be paid by a Company, then entry of
such expenses
will be made in the books of accounts if: |
Company maintaining its books of account on Cash basi
|
Company maintaining
its books of account on Accrual basis
|
Company maintaining its books of account on Both Accrual
and Cash basis
|
None of the given options
|
Question # 3
|
Every person owns immovable property, with a land area of
_________ or more
in municipal limits, cantonment and CDA is required to file return of income tax. |
150 Sq. yards
|
200 Sq. yards
|
250 Sq. yards
|
350 Sq. yards
|
Question # 6
|
Formula to compute the tax rate applies on gratuity
received, “B” stands for;
|
The total tax paid or payable by the employee for the
three preceding tax years
|
The employee’s total
taxable income for the three preceding tax years
|
The gratuity received by the employee
|
None of the given options
|
Question # 7
|
Which of the following tax is paid in relation to how much
you earn?
|
Income Tax
|
Inheritance Tax
|
Value added Tax
|
Sales Tax
|
Question # 9
|
In case of discontinuance of business, what is the time
period to file a return?
|
Within 05days of discontinuance
|
Within 15days of
discontinuance
|
Within 25days of discontinuance
|
Within 30days of discontinuance
|
Question # 10
|
The formula used in the computation of capital gain is:
|
A+B
|
A-B+C
|
A-B
|
A+B-C
|
Question # 12
|
What rate is applied in normal depreciation of plant and
machinery?
|
5%
|
10%
|
15%
|
25%
|
Question # 13
|
Mr. Z resident of Pakistan received dividend amounting Rs.
10,000 in UK from
UK resident company. What is the tax treatment for calculating his gross total income? |
Added in total income
|
Subtracted from the total income
|
No treatment due to non-resident company
|
Exempt from tax
|
Question # 14
|
Which of the following days shall be counted as half day
for the computation
of residential status of an individual? |
A Public Holiday
|
A day of sick leave
|
Any strike
|
None of the given
options
|
Question # 15 Pension is
exempt under
|
Clause (12) Part I of
Second Schedule
|
Clause (121) Part I of Second Schedule
|
Clause (122) Part I of Second Schedule
|
Clause (112) Part I of Second Schedule
|
Question # 6
|
Special tax year is adopted after seeking approval from
the ____________ under section
74(3). |
Commissioner
|
Tax Officer
|
Appellate Tribunal
|
Supreme Court
|
Question # 7
|
Any income from a business carried on outside Pakistan
through permanent
Establishment by a resident person belongs to which of the following? |
Pakistani source of Income
|
Foreign source of income
|
Both Pakistan and foreign source
of income
|
None of the given option
|
Question # 9
|
Accrual basis accounting method is mandatory for which one
of the following:
|
Salaried person
|
Association of person
|
Companies
|
Proprietorship
|
Question # 10
|
Which of the following is the main tool of Fiscal Policy?
|
Taxes
|
Deficit Financing
|
Subsidies
|
Transfer Payments
|
Question # 11
|
Which one of the following is excluded from the definition
of capital asset?
|
A postage stamp
|
Jewelry
|
Stock-in-trade
|
A painting
|
Question # 12
Non-adjustable amounts shall be treated as rent and chargeable to
tax, these amounts are spread over a period of |
05 years
|
10 years
|
15 years
|
20 years
|
Question # 13
|
Which of the following section deals with the residential
status of Association of Person?
|
Section 81
|
Section 82
|
Section 83
|
Section 84
|
Question # 14
|
If a cultivator used its agricultural produce as raw
material in its business
what will be the tax treatment of such agriculture produce? |
Market price of such
produce will be deducted as business expenditure
|
The expenses of cultivation will be deducted as expense
from business
|
The land revenue rent paid will be deducted as expense
from business
|
All of the given options
|
Question # 15
|
__________ are allowable deductions in case if the tax
payer is running a business.
|
Salaries paid
|
Purchases
|
Office expenditures
|
All of the given
options
|
Question # 1 Which part
of the Income Tax Ordinance 2001 deals with Tax credits?
|
Chapter III Part VII
|
Chapter III Part VIII
|
Chapter III Part IX
|
Chapter III Part X
|
Question # 2
|
Which of the following is a general compulsory
contribution of wealth by the state,
to meet the expenses incurred in providing common benefits upon the residents? |
Fee
|
Taxes
|
Charges
|
Penalties
|
Question # 3
|
Which one of the following is the main objective of Fiscal
Policy?
|
Economic Development
|
Price stability
|
Removal of deficit in Balance of Payment
|
All of the given
options
|
Question # 4
|
Bench Mark rate for the tax year 2010 is:
|
8%
|
10%
|
12%
|
13%
|
Question # 5
|
Deduction is allowed on expenditure on acquiring a
depreciable asset whose useful life is:
|
One year
|
More than one year
|
Three years
|
Five years
|
Question # 6
|
Which one of the following canons of taxation suggests
easiness in time of payment
and mode of collection of tax? |
Simplicity
|
Convenience
|
Certainty
|
Capacity to Pay
|
Question # 8
|
Who is liable to pay tax in a partnership form of
business?
|
Partners
|
Partnership firm
|
Partner with large share
|
None of the given options
|
Question # 9
|
Mr. Afzal would like to compute the tax rate apply on the
gratuity received the
formula to compute the tax rate is. |
AxB/100
|
Ax100/B
|
A/Bx100
|
100XB/A
|
Question # 10
|
Which of the following may grant approval to any gratuity
fund?
|
Federal Tax Ombudsman
|
Federal Government
|
Superior judiciary
|
Commissioner of
Income Tax
|
Question # 13
|
An Individual will be termed as Short Term Resident under
section 50 of the IT
|
Ordinance 2001 provided:
|
His period of stay equal to 183 days
|
The employee of Federal Government
|
The citizen of Pakistan
|
Resident solely by
reason of the individual’s employment
|
Question # 2
|
Any gain arising on the disposal of shares in a resident
company belongs
to which of the following? |
Foreign source of income
|
Pakistan source income
|
Both Pakistan and foreign source of income
|
None of the given option
|
Question # 3
|
If the accounting year of firm manufacturing shawls is
started from 1st April 2002
and ending on 31st March 2003. What will be its tax year? |
Tax year 2002
|
Tax year 2003
|
Tax year 2004
|
Tax year 2005
|
Question # 4
|
Concept of separate legal entity of accounting applies on
which of the following
concepts in taxation under section 105 of the ordinance? |
Resident and permanent establishment
|
Non-resident and
permanent establishment
|
Citizenship and permanent establishment
|
All of the given options
|
Question # 5
|
A definition that includes the dictionary meanings of the
word is termed as:
|
Exclusive definition
|
Inclusive definition
|
Both Inclusive & Exclusive definitions
|
Statutory definition
|
Question # 7
|
Any amount shall be foreign-source income if it is paid
by:
|
Resident person
|
Non-resident person
|
Citizen of Pakistan
|
All of the given options
|
Question # 9
|
Utilities were exempted up to 10% of MTS or Basic salary
till 30th June, 2006,
vide clause 38 of part 1 of Second Schedule. This clause has been omitted by: |
Finance Ordinance 2004
|
Finance Ordinance 2005
|
Finance Act 2006
|
Finance Act 2007
|
Question # 10
|
Depreciation rate applied on all types of buildings under
section 22 is:
|
5%
|
10%
|
0.50%
|
3.50%
|
Question # 3 Which of
the following section of Income Tax Ordinance 2001 deals
with perquisites of Income from Salary and its treatment? |
Section 11
|
Section 12
|
Section 13
|
Section 14
|
Question # 4
|
Which of the following tax is paid from money you received
from someone
who has died? |
Income tax
|
Inheritance tax
|
Property tax
|
Sales tax
|
Question # 5
|
Which of the following is NOT treated as transactions
through the banking channel?
|
Online transfer of payment
|
Payments through credit card
|
Payment through cash
|
None of the given
options
|
Question # 7
|
If M/s ABC and Co. an association of person is a
non-resident AOP which
of the following condition must be satisfied? |
Control and management of affairs of AOP is situated
partly in Pakistan.
|
Control and management of affairs of AOP is situated
wholly in Pakistan.
|
Control and management of affairs of AOP is situated
wholly or partly in Pakistan
|
None of the given
options
|
Question # 11
|
Non-Agricultural income does Not includes which one of the
following?
|
Dividend paid by a company out of its agriculture income
|
Royalty income of mines
|
Profit on sale of
standing crops
|
Income from fisheries
|
Question # 12
|
Mr. Joseph is an employee of Foreign Government posted in
Pakistan?
What will be the residential status of Mr. Joseph? |
Resident Individual
|
Non- Resident
Individual
|
Resident HUF
|
Resident AOP
|
Question # 15
|
Which of the following is NOT a “Person” as defined in Sec
2 (42) of the
Income Tax Ordinance? |
An Individual
|
The Federal Government
|
Public International Organization
|
None of the given
option
|
Question # 2
|
A definition that excludes the dictionary meanings of the
word is termed as:
|
Exclusive definition
|
Inclusive definition
|
Both Inclusive & Exclusive definitions
|
Statutory definition
|
Question # 3
|
Senior citizen-age 60 years & above where taxable
income not exceeding ________ tax
liability reduced by 50% under Part 3 of second schedule. |
Rs. 200,000
|
Rs. 300,000
|
Rs. 400,000
|
Rs. 1,000,000
|
Question # 4
|
Which of the following is the rate of tax for male
salaried Individuals for tax year 2010,
where the taxable income exceeds Rs. 200,000 but does not exceed Rs. 250,000? |
0%
|
0.25%
|
0.50%
|
0.75%
|
Question # 5
|
Which part of income is charged to tax of non-resident
person under the income
tax ordinance 2001? |
Pakistani source of
income
|
Foreign source of income
|
Both Pakistan and foreign source of income
|
None of the given option
|
Question # 6
|
Gratuity fund which is fully exempt from tax is approved
by:
|
Income tax officer
|
Commissioner of
income tax
|
Employer
|
CBR
|
Question # 7
|
Liquidator is referred as:
|
A liquidator of a company
|
A trustee for a bankrupt
|
A mortgagee in possession
|
All of the given
options
|
Question # 8
|
Flying allowance shall be taxed @:
|
1.5% of amount received as a separate block of income
|
2% of amount received as a separate block of income
|
2.5% of amount
received as a separate block of income
|
3.5% of amount received as a separate block of income
|
Question # 9
|
Which one of the following is NOT a depreciable asset?
|
Tangible movable property
|
Unimproved land
|
Tangible immovable property
|
Structural improvement to immovable property
|
Question # 10 Which of
the following is a literal meaning of tax?
|
Burden
|
Endurance
|
Patience
|
Fortitude
|
Question # 11
|
Which of the following is NOT the type of tax?
|
Direct taxes
|
Indirect Taxes
|
Value Added Taxes
|
Fees and Penalties
|
Question # 12
|
Which of the following is the example of deem income?
|
Cash Gift
|
Salary
|
Loan through cross cheque
|
Golden hand shake
|
Question # 14
|
Which of the following is NOT an admissible deduction
under the head income
from property? |
Unpaid rent
|
Property tax
|
Payment of premium
|
Fair market rent
|
Question # 15
|
Which one of the following sections deals with prizes and
winnings?
|
Section 110
|
Section 140
|
Section 156
|
Section 115
|
Question # 1
|
General Provident (GP) Fund available in the Government
Organization is also
called as: |
Statutory Provident
Fund
|
Recognized Provident
|
Unrecognized Provident Fund
|
None of the given options
|
Question # 3
|
Which of the following is the tax where the tax rate
remained fixed to the
amount on which the rate is applied increases? |
Proportional tax
|
Progressive tax
|
Regressive tax
|
Corporate tax
|
Question # 8
|
Which one of the following is the general meaning of Tax?
|
Relax
|
Lighten
|
Relieve
|
Fatigue
|
Question # 11
|
Which of the following is the Tax year available for
salaried individual?
|
1st January to 31st December
|
1st July to 30th June
|
1st October to 30th September
|
1st September to 31st August
|
Question # 15
|
If any other office involved in the management of a
company it is termed as:
|
Employment
|
Employer
|
Employee
|
Business premises
|
Question # 1
|
Mr. A employed in Pakistan received dividend amounting Rs.
10,000 in UK from
Pakistani resident company. What is the tax treatment for calculating his gross total income? |
Added in total income
|
Subtracted from the total income
|
Added in income after tax
|
Exempt from tax
|
Question # 4
|
Which one of the following is NOT a liquidator under
section 141 of the
income tax ordinance 2001? |
Receiver appointed by a Court
|
Trustee for a bankrupt
|
Mortgagee in possession
|
Tax payer
|
Question # 5
|
Agricultural income does NOT include which one of the
following?
|
Rent or Revenue derived by a person from land
|
Income derived from land situated in Pakistan
|
The land is used for agricultural purposes
|
Income from
spontaneous forest
|
Question # 6
|
Mr. A’s total taxable income for the year 2010 is Rs.
150,000. Which of the
following is the tax liability of Mr. A? |
Nil
|
Rs. 375
|
Rs. 750
|
Rs. 1,125
|
Question # 7
|
A return of income as required to be furnished under
section 114 shall be in the
form specified in: |
Part I of second schedule
|
Part II of second schedule
|
Part III of second schedule
|
All of the given
options
|
Question # 8
|
Which one of the following sections discusses the
cash-basis accounting?
|
Section 32
|
Section 33
|
Section 34
|
Section 36
|
Question # 9
|
Pension received by an employee of the Government or the
armed
forces is exempt from tax define in: |
2nd Schedule Part 1 Cl.(8)
|
2nd Schedule Part 1 Cl.(25)
|
2nd Schedule Part 1
Cl.(9)
|
None of the given options
|
Question # 11
|
What is the rate of tax for a small company?
|
10% of taxable income
|
20% of taxable income
|
25% of taxable income
|
30% of taxable income
|
Question # 12
|
Loss from speculation business can be set off against
|
Business income
|
Income earned from resident company
|
Speculation business
income
|
None of the given options
|
Question # 15
|
Income from building leased out together with Plant &
Machinery falls under
|
Income from property
|
Income from salary
|
Income from capital gain
|
Income from other
sources
|
Question # 2
|
The Fiscal year is a period of ______ months arbitrarily
chosen for tax purposes.
|
3
|
6
|
12
|
18
|
Question # 4
|
A woman taxpayer shall be charged to tax if taxable income
is:
|
Less than Rs. 100,000
|
Less than Rs. 200,000
|
More than Rs. 200,000
|
More than Rs. 260,000
|
Question # 5
|
What is the residential status of Federal Government of
Pakistan?
|
Resident Person
|
Resident Company
|
Resident AOP
|
Resident HUF
|
Question # 7
|
In the formula of computing the capital gains, A defines
|
Cost of the asset
|
FMV of asset
|
Consideration
received on disposal
|
None of the given options
|
Question # 10
|
Provident fund maintained by a private organization which
has not been
granted recognition by the Income Tax Authorities, is discussed in which of the following type of provident fund |
Government provident fund
|
Recognized provident fund
|
Unrecognized
provident fund
|
None of the given options
|
Not mentioned in Income Tax Ordinance 2001
|
Question # 14
|
If capital asset has been held for more than one year, it
is exempt from tax up to:
|
Select correct option:
|
10% of total capital gain
|
15% of total capital gain
|
25% of total capital
gain
|
30% of total capital gain
|
Question # 4
|
If tax payable of a sole proprietorship is Rs. 595,000,
what will be the tax rate applied?
|
12.50%
|
15.00%
|
7.50%
|
10.50%
|
Question # 6
|
Land revenue rent (Lagan) is received by which of the
following authority?
|
High Court
|
Supreme Court
|
Income Tax Department
|
Provincial Government
|
Question # 13
|
If tax payable of a partnership firm is Rs. 900,000, what
will be the tax rate applied?
|
21.50%
|
15.00%
|
17.50%
|
10.50%
|
Question # 3
|
Valuation of stock is computes by the formula:
|
A+B-C
|
A-B-C
|
A-B+C
|
A+B+C
|
Question # 4
|
2(59) of Income Tax Ordinance 2001 defined: “shareholder”
in relation to
a company,includes a modaraba certificate holder, a unit holder of a unit trust and a beneficiary of a trust. In which criteria the above definition falls? |
Exclusive definition
|
Inclusive definition
|
Both Exclusive and Inclusive definitions
|
Statutory definition
|
Question # 5
|
Gratuity will be ignored in computing taxable income of
|
Resident person
|
Non-resident person
|
Income tax officer
|
Deceased person
|
Question # 6
|
Achieving full employment level is one of the objectives
of which of the
following policy? |
Monetary policy
|
Fiscal policy
|
Trade Policy
|
Economic Policy
|
Question # 8
|
For the year 2009 Mr. Ali has basic salary Rs. 40,000 p.m.
what will be
the salary of Mr. Ali for the tax year 2010? |
Rs. 480,000
|
Rs. 240,000
|
Rs. 40,000
|
Rs. 640,000
|
Question # 10
|
Normally the salary income is taxed on cash basis but
there is one exception
available in Income Tax Ordinance 2001 that salary income can be taxed on due basis if there are reasonable grounds. Which of the following section deals with this exception? |
Section 53
|
Section 101
|
Section 110
|
Section 111
|
Question # 12
|
Mr. X resident of Pakistan earned income from Property
situated in
London Rs. 50,000 but received in India. Which of the following is right for the above scenario? |
Mr. X being resident
of Pakistan Rs.
50,000 will be added in Gross total income
|
Mr. X being resident of Pakistan Rs. 50,000 will be
subtracted in Gross total income
|
Mr. X being resident of Pakistan Rs. 50,000 will be
claimed as admissible deduction
|
Mr. X being resident of Pakistan Rs. 50,000 will be
exempted
|
Question # 15
|
Recognized provident fund is recognized by
|
Income tax officer
|
Central board of revenue
|
Commissioner of
income tax
|
High court
|
Question # 4
|
Which one of the following is main difference
between the tax and fee?
|
Imposing authority
|
Applied Rates
|
Entitlement of
Counter benefit
|
Mode of payment
|
Question # 5
|
Which of the following is the External aid for the
interpretation of tax laws?
|
Preamble
|
Non-Obstinate clause
|
Title of a chapter
|
Finance Minister’s
budget speech
|
Question # 12
|
Mr. Ali is an employee of ABC Co. He has availed an
interest free loan
from his Company. What will be the treatment of Interest on loan as per Income Tax Ordinance 2001? |
Salary of Ali includes the Interest on loan at benchmark
rate
|
Salary of Ali includes the Interest on loan at lower than
benchmark rate
|
Salary of Ali
includes the Interest on loan at higher than benchmark rate
|
Amount of Interest on loan is exempted from Tax
|
Question # 1
|
What will be the tax treatment of motor vehicle provided
partly for
official and partly for personal use? |
5% of cost (vehicle)
|
10% of cost (vehicle)
|
15% of cost (vehicle)
|
25% of cost (vehicle)
|
Question # 3
|
Which one of the following sections defines minimum tax on
resident companies?
|
Section 110
|
Section 111
|
Section 113
|
Section 115
|
Question # 5
|
Mr. A resident of Pakistan received interest on Australian
Bonds Rs. 100,000
(half amount received in Pakistan). What is the treatment of this amount for calculating his gross total income? |
Rs. 100,000 added in
his total income
|
Rs. 100,000 subtracted from his total income
|
Rs. 50,000 added in his total income
|
Exempt from tax
|
Question # 8
|
Concessional loan of Rs 1 million provided by employer @
of markup of 6%
per annum (bench mark rate for tax year 2010 is 12% per annum), what will be the amount added back? |
Rs.60,000
|
Rs.40,000
|
Rs.90,000
|
Rs.130,000
|
Question # 9
|
What is the time period given to a taxpayer to file a
revised return?
|
2 years
|
3 years
|
5 years
|
6 years
|
Question # 11
|
Members of income tax appellate tribunal are appointed by
which of the
following authorities? |
Provincial Government
|
Income Tax Department
|
Federal Government
|
Judicial Commission
|
Question # 12
|
The rate of income tax for Modarba Company is:
|
20%
|
25%
|
30%
|
35%
|
Question # 14
|
Statutory provident fund is also known as:
|
Recognized provident fund
|
Unrecognized provident fund
|
Government provident
fund
|
None of the given options
|
Question # 1
|
Which one of the following specifies the rates of
depreciation?
|
Part I of 3rd
schedule
|
Part II of 3rd schedule
|
Part III of 3rd schedule
|
None of the given options
|
Question # 13
|
Which of the following section deals with the residential
status of Individual?
|
Section 80
|
Section 81
|
Section 82
|
Section 83
|
Question # 14
|
Mr. A non-resident of Pakistan received interest on
Australian Bonds
Rs. 100,000 (half amount received in Pakistan). What is the treatment of this amount for calculating his gross total income? |
Rs. 100,000 added in his total income
|
Rs. 100,000 subtracted from his total income
|
Rs. 50,000 added in
his total income
|
Exempt from tax
|
Question # 4
|
Profit and gains arising out of speculation business is
chargeable to tax under
|
Income from salary
|
Income from other sources
|
Income from business
|
Income from capital gains
|
Question # 9
|
If an individual has taxable income Rs. 90,000, what will
be the tax rate applied? |
0.50%
|
1%
|
0.25%
|
Nil
|
Question # 9
|
Which of the following is the rate of tax for salaried
Individuals (male)
for tax year 2010, where the taxable income does not exceed Rs. 200,000? |
0%
|
0.25%
|
0.50%
|
0.75%
|
Question # 12
|
On which of the following deduction is allowed from
taxable income
under the head income from business? |
Any entertainment expenditure
|
Any personal expenditure
|
Brokerage
|
Expenditure incurred
by an amalgamated company
|
Question # 6
|
Which of the following section defines deductions allowed
in computing
income from business? |
Section 21
|
Section 20
|
Section 120
|
Section 112
|
Question # 9
|
_____________ is the payment to the holder for the right
to use property
such as a patent, copyrighted material, or natural resources. |
Permanent Establishment
|
Royalty
|
Dividend
|
Goodwill
|
Question # 14
|
As per clause 13(iii) of the part 1 of second schedule, if
gratuity fund is
approved by CBR, the amount of fund exempted up to Rs. 200,000 and any amount exceeding it will be taxed in which of the following way? |
Salary Income
|
Income from Business
|
Capital gain
|
Other Income
|
Question # 2
|
Which of the following come under the ambit of Royalty
under section 2 (54)?
|
Right to use any patent
|
Copy right of a literary
|
Right to use any industrial or scientific equipment
|
All of the given
options
|
Question # 2
|
Profit earned on debts is chargeable under
|
Select correct option:
|
Income from salary
|
Income from other sources
|
Income from business
|
Income from capital gains
|
Question # 1
|
Which one of the following principle of tax emphasized,
that the taxation policy should be designed in such a way to boost business atmosphere and the investment environment |
in the country?
|
Select correct option:
|
Convenience
|
Judicious
|
Capacity to Pay
|
Business friendly
|
Question # 4
|
Miss Sonia’s total taxable income for the year 2010 is Rs.
260,000.
Which of the following is the tax liability of Miss Sonia? |
Nil
|
Rs. 500
|
Rs. 1,000
|
Rs. 1,500
|
Question # 5
|
In Income Tax Ordinance 2001 tax concessions meant for
which of the following?
|
Reduction in tax liability
|
Reduction in tax rate
|
Reduction in taxable Income
|
All of the given
options
|
Question # 6 Which of
the following is the deductible allowance from the income
of an individual? |
Zakat
|
Worker’s Welfare Fund
|
Work’s Participation Fund
|
All of the given
options
|
Question # 13
|
In which of the following heads of Income No deductions
are allowed:
|
Salary
|
Income from Property
|
Income from Business
|
Capital Gains
|
Question # 3
|
Mr. A is an employee of ABC Co. The company has provided a
driver and a gardener to Mr. A. What will be the tax treatment of their salaries under section 13 of Income Tax Ordinance 2001? |
These salaries, will
be added in the salary of Mr. A
|
These salaries will be subtracted from the salary of Mr. A
|
These salaries have no relation with the salary of Mr. A
|
These Salaries will be exempted from Tax
|
Question # 10
|
Income tax ordinance, 2001 became effective from which of
the following date?
|
1st July 2001
|
13th September 2001
|
1st July 2002
|
13th September 2002
|
Question # 15
|
Mr. A non-resident person employed in UK received Rs.
500,000 as salary.
Which of the following statement is true for Mr. A? |
Rs. 500,000 will be added in Gross total income being non
resident person
|
Rs. 500,000 will be subtracted from Gross total income
being non resident person
|
Rs. 500,000 will be
exempt from tax being non resident person
|
None of the given options
|
Question # 6
|
Total income of a person for a tax year shall be the sum
of the person’s income
under which of the following head? |
Only Income from salary
|
Only Income from Business
|
Only Income from Property
|
All of the given
options
|
Question # 12
|
Suppose a money lender give loan to a farmer of Rs.
100,000. After the due time
the farmer pay back the loan in shape of agriculture produce amounting Rs. 110,000 to money lender. What will be the tax treatment of Rs. 110,000? |
Tax will be charged only on Rs. 100,000
|
Tax will be charged
only on Rs. 10,000
|
Tax will be charged only on Rs. 110,000
|
Exempt as Agriculture Income
|
Question # 13
|
Which of the following is similar to the concept of
clubbing of Incomes?
|
Unification only two heads of Income
|
Association of two or
more heads of Income
|
Splitting up of only two heads of Income
|
Division of two or more than two heads of Income
|
Question # 14
|
The Chairman of CBR has the responsibility for which of
the following measures?
|
Formulation and administration of fiscal policies
|
Levy and collection of federal taxes
|
Quasi-judicial function of hearing of appeals
|
All of the given
options
|
Question # 5
|
Pride of performance awarded by President is exempt from
tax. Under which
section it is treated in Income Tax ordinance 2001? |
Section 40
|
Section 41
|
Section 45
|
Section 46
|
Question # 7
|
Which of the following expression is used in computing tax
credit?
|
A/B x C
|
B/A x C
|
A/C x B
|
C/B x A
|
Question # 8
|
What is the residential status of Provincial Government of
Pakistan?
|
Resident Individual
|
Resident Company
|
Resident AOP
|
Resident HUF
|
Question # 9
|
Which of the following is included in the Scheme of the
Income Tax Ordinance 2001?
|
Chapters
|
Sections
|
Schedules
|
All of the given
options
|
Question # 3
|
Agricultural income includes which one of the following?
|
Dividend paid by a company out of its agriculture income
|
Income from fisheries
|
Royalty income of mines
|
Share of profit of a
partner from a firm engaged in agricultural
|
Question # 1
|
Mr Ali is an employee of ABC Co. the company has provided
a driver
and a gardener to Mr. Ali. What will be the treatment of their salaries as per Income Tax Ordinance 2001? |
The salaried paid to
them added in the salary of MR. Ali
|
The salaried paid to them subtracted in the salary of MR.
Ali
|
Have no relation with salary of Mr. Ali
|
The Salaried paid are exempted from Tax
|
Question # 5
|
Which of the following is the legal status of Al-Habib
Bank Limited under
section 80 of the ordinance? |
Individual
|
Firm
|
Banking Company
|
Hindu Undivided Family
|
Question # 13
|
Profit on debt shall be Pakistan-source income if it is:
|
Paid by a resident
person
|
Paid by the resident person from business carried on
outside Pakistan
through a permanent establishment |
Paid by non-resident person
|
All of the given options
|
Question # 15
|
What is the tax treatment of losses from the foreign
source under
section 104 of the ordinance? |
Wholly taxable
|
Partly Taxable
|
Deductible
expenditure
|
None of the given options
|
Question # 1
|
Loss can be carried forward up to how many years?
|
3 years
|
4 years
|
5 years
|
6 years
|
Question # 4
|
Which of the following person fulfilled the criteria of a
Taxpayer?
|
Any representative of a person who derives an amount
chargeable to tax
|
Any person who is required to deduct or collect tax
|
Any person required to furnish a return of income
|
All of the given
options
|
Question # 12
|
The age of senior citizen was 65years and now amended to
60years
which of the following finance act substituted 65 to 60years? |
Finance Act 2005
|
Finance Act 2006
|
Finance Act 2007
|
Finance Act 2008
|
Question # 14
|
Mr. X resident of Pakistan remittance from UK received Rs.
20,000 in
Pakistan from past profits. Which of the following is right for the above scenario? |
Mr. X being resident of Pakistan Rs. 20,000 will be added
in Gross total income
|
Mr. X being resident of Pakistan Rs. 20,000 will be
Subtracted in Gross total income
|
Mr. X being non-resident of Pakistan Rs. 20,000 will be
added in Gross total income
|
None of the given
options
|
Question # 5
|
Which of the following tax is payable on merchandise
imported or
exported from one country to another? |
Custom duty
|
Income tax
|
Sales tax
|
Wealth tax
|
Question # 8
|
Which of the following is an example of Lump sum receipt?
|
Pension
|
Golden shake hand
|
Provident fund
|
All of the given
options
|
Question # 3
|
Income from lease of tangible movable property is
chargeable to tax under
|
Income from property
|
Income from other sources
|
Income from business
|
Income from capital gains
|
Question # 4 Which of
the following is the general formula for
calculating tax credits? |
(A + B) x C
|
(A - B) x C
|
(A / B) x C
|
(A / B) + C
|
Question # 13
|
In the normal circumstances on which of the following tax
is charged?
|
Gross Receipt
|
Total Income
|
Taxable Income
|
Gross Income
|
Question # 1
|
Approval of Gratuity fund can be withdrawn on which of the
following grounds?
|
On the expiry of time period
|
On the death of the employee
|
On the malfunctioning
of the trust
|
On the death of trustee
|
Question # 3
|
In a tax _____ you give information about what you earn
every year.
|
Return
|
Statement
|
Sheet
|
Report
|
Question # 10
|
What is the tax treatment of any profit on the US Dollar
Bonds
purchased by the non resident person before December 1999 under clause 82 of the Second Schedule? |
Wholly taxable
|
Wholly exempt
|
Partly taxable
|
Not mention in second
schedule
|
Question # 13
|
Sec. 02 of Income Tax Ordinance 2001 defined: “Appellate
Tribunal means
the Appellate Tribunal established under section 130” In which criteria the above definition falls? |
Exclusive definition
|
Inclusive definition
|
Both Exclusive and Inclusive definitions
|
Statutory definition
|
Question # 11
|
Taxes are important instrument of which of the following
policy?
|
Monetary policy
|
Fiscal policy
|
Trade Policy
|
Economic Policy
|
Question # 3
|
Which of the following income is chargeable to tax?
|
Gross income from business
|
Income computed in
line with provisions of Ordinance
|
Only basic salary of salaried person
|
Basic salary excluding allowances of a salaried person
|
Question # 8
|
Which one of the following principles of tax emphasized,
that
the taxation policy should be designed in such a way to boost business atmosphere and the investment environment in the country? |
Convenience
|
Judicious
|
Capacity to Pay
|
Business friendly
|
Question # 12
|
Which of the following is the Special Accounting Year of
Companies exporting rice?
|
1st January to 31st
December
|
1st July to 30th June
|
1st October to 30th September
|
1st September to 31st August
|
Question # 12
|
It is mandatory for each Company to maintain its books of
accounts on
which of the following methods? |
Cash basis
|
Accrual basis
|
Both cash and accrual basis
|
Free to choose any kind of base
|
Question # 11 Which one of the following is the general
definition of tax?
|
Compulsory
contribution of wealth by persons
|
Optional contribution of wealth by persons
|
Compulsory contribution of wealth by state
|
Optional contribution of wealth by state
|
Question # 6
|
M/s ABC & Co. has been incorporated under Pakistan
Companies Ordinance 1984.
However its most of the branches are operated out of Pakistan? What will be the residential status of M/s ABC & Co.? |
Resident Company
|
Non- Resident Company
|
Resident Individual
|
Resident AOP
|
_______ are a form of
excise levied when a commodity is sold to its final consumer.
|
Corporation tax
|
Property tax
|
Sales Tax
|
Excise
|
Federal government has been empowered vide section 53 (2)
and (3) to make
|
Amendments in the second schedule by:
|
Select correct option:
|
Adding any clause or condition therein
|
Omitting any clause or condition therein
|
Making any change in any clause or condition therein
|
All of the given options
|
Any dividend is Pakistan
source income if it is paid by which of the following?
|
Select correct option:
|
By resident Company
|
By non resident Company
|
By resident Individual
|
By resident AOP
|
Which of the following section
deals with the residential status of Person?
|
Section 81
|
Section 82
|
Section 83
|
Section 84
|
Which of the following section
deals with the residential status of Company?
|
Select correct option:
|
Section 81
|
Section 82
|
Section 83
|
Section 84
|
Question # 10
|
Which of the following methods of accounting is compulsory
to adopt for Soleproprietorship? |
Accrual Basis
|
Cash Basis
|
Both accrual and cash bases
|
Free to choose any
kind of base
|
Question # 15
|
Which of the following is not included in business?
|
Commerce
|
Manufacture
|
Profession
|
Employment
|
Question # 10
|
Tax year for the salaried individuals is called as:
|
Special Tax Year
|
Normal Tax Year
|
Fiscal Year
|
Financial Year
|
Question # 15
|
A firm ABC maintaining its account in cash basis, at June
27, 2008
it is entitled to receive Rs. 10,000 but actual payments made at 01 August 2008. In which year it is charged to tax? |
2006
|
2007
|
2008
|
2009
|
Question # 2
|
Any amount received under Part 3 of Second Schedule, as
flying allowance by pilots etc.
and junior commissioned officers or other ranks shall be taxed at the rate of __________ as separate block. |
2.50%
|
5.50%
|
7.50%
|
9.50%
|
Question # 13
|
Condition for the approval of gratuity fund is based on
which of the following?
|
Trust is irrevocable
|
Trust is revocable
|
Trust is established by Government
|
Trust is approved by Officer of Income Tax
|
Question # 2
|
Which of the following is the rate of tax for salaried
Individuals for tax year 2010,
where the taxable income exceeds Rs. 550,000 but does not exceed Rs. 650,000? |
1.50%
|
2.50%
|
3.50%
|
4.50%
|
Question # 5
|
Which of the following is the rate of tax for salaried
Individuals for tax year 2010,
where the taxable income exceeds Rs. 650,000 but does not exceed Rs. 750,000? |
3.50%
|
4.50%
|
6.00%
|
7.50%
|
Question # 7
|
Which of the following is the rate of tax for salaried
Individuals for tax year 2010,
where the taxable income exceeds Rs. 900,000 but does not exceed Rs. 1,050,000? |
9.00%
|
10.00%
|
11.00%
|
12.50%
|
Question # 10
|
MTS stands for which of the following?
|
Minimum time scale
|
Minimum transfer Salary
|
Maximum time scale
|
Maximum transfer Salary
|
Question # 4
|
Which of the following is tax, where the tax rate
decreases as the amount to
which the rate is applied increases? |
Proportional tax
|
Progressive tax
|
Regressive tax
|
Corporate tax
|
Question # 2
|
Mr. X employed in Pakistan earned pension from Pakistan
Government but
received in London Rs. 100,000. Which of the following is right for the above scenario? |
Mr. X being resident
of Pakistan Rs.
100,000 will be added in Gross total income
|
Mr. X being resident of Pakistan Rs. 100,000 will be
subtracted in Gross total income
|
Mr. X being resident of Pakistan Rs. 100,000 will be added
in total income after tax
|
Mr. X being non-resident of Pakistan Rs. 100,000 will be
exempted
|
Question # 10
|
Concessional loan provided by the employer is taxable and
added back to
the income of employee. But under which of the following condition there is no need to add back such loan? |
Loan used for the purchase of furniture
|
Loan used for the education of children
|
Loan used for the
construction of house
|
Loan used for the purchase of shares
|
Question # 12
|
If a business carried on by Non-resident person in
Pakistan through
permanent establishment what will be the tax treatment of the traveling expenditures born by the non-resident for spending his holidays in his home land? |
Wholly taxable due to
PE
|
Wholly taxable as no concerned with PE in Pakistan
|
Not permissible as deduction from the income of
Non-resident
|
None of the given options
|
Question # 10
|
What is the tax treatment of the leave encashment on the
retirement of the employee?
|
Wholly Taxable
|
Wholly exempt
|
Partly Taxable
|
Question # 8
|
Income chargeable under the head “Income from Business”
derived by a Provincial Government or local authority from a business carried on outside its jurisdictional area, will be: |
Wholly taxable
|
Wholly exempt
|
Partially exempt
|
Section is silent about it
|
Question # 15
|
Which of the following is the Tax Treatment of utilities
for the year 2010?
|
Wholly taxable
|
Wholly exempted
|
Exempt up to 10% of
MTS
|
Exempt up to 45% of MTS
|
Question # 7
|
Gratuity pertaining to government employees received on
retirement/
death of the employee. Which of the following is the tax treatment of gratuity under the Income Tax Ordinance 2001? |
Wholly exempt
|
Partially exempt
|
Wholly taxable
|
None of the given options
|
Question # 3
|
Which of the following is the tax treatment of free
hospitalization services provided
under the terms of employment? |
Wholly exempt
|
Wholly taxable
|
Exempt up to 10% of MTS
|
Taxable up to 10% of MTS
|
Question # 7
|
Gratuity received by a non-resident person is
|
Wholly exempt
|
Wholly taxable
|
50% of amount receivable
|
50 % of B.S
|
Question # 13
|
Gratuity Approved by Central Board of Revenue is
|
Wholly exempt
|
Wholly taxable
|
Exempt up to Rs.
200,000
|
50% of amount receivable
|
Question # 11
|
Income of the recognized vocational institution is
|
Wholly taxable
|
Exempt
|
Exempt up to 50%
|
Partially taxable
|
Question # 8
|
Any Pakistan-source income which Pakistan is not permitted
to tax under a tax treaty
|
shall be _______.
|
Wholly Taxable
|
Wholly Exempt
|
Partly Exempt
|
Not mention in Ordinance
|
Question # 12
|
What is the tax treatment of income from the sale of
Mudarba Certificates?
|
Wholly taxable
|
Wholly exempt
|
Partially taxable
|
Partially exempt
|
Question No: 41
|
What is the tax treatment of recognized Provident fund
under section
2 (48) of part I of sixth schedule? |
Wholly exempt
|
Partially
taxable
|
Wholly taxable
|
Partially exempt
|
Question No: 7
|
What is the tax treatment of support payment received by
spouse made
under the agreement to live apart? |
Wholly Taxable
|
Wholly Exempt
|
Partly Exempt
|
Not mention in Ordinance
|
Question No: 41
|
Which of the following is the Tax Treatment of utilities
for the year 2009?
|
Wholly taxable
|
Wholly exempted
|
Exempt up to 10% of MTS
|
Exempt up to 1% of MTS
|
Question No: 10
|
What is the tax treatment of the leave encashment of the
armed forces
of Pakistan on retirement made by the employer? |
Wholly Taxable
|
Wholly exempt
|
Partly Taxable
|
Not mention in Income Tax Ordinance 2001
|
Question # 13
|
What is the tax treatment of the reimbursement of
expenditure made by the employer?
|
Select correct option:
|
Wholly Taxable
|
Wholly exempt
|
Partly Taxable
|
Not mentioned in Income Tax Ordinance 2001
|
Question # 15
|
Income of a Text-Book Board is
|
Select correct option:
|
Wholly taxable
|
Exempt
|
Exempt up to 50%
|
None of the given options
|
Question # 4
|
What is the tax treatment of the salary of an employee of
foreign government
but citizen of Pakistan? |
Exempt form tax
|
Wholly Taxable
|
Partly Taxable
|
No Tax treatment given in IT Ordinance 2001
|
Question # 10
|
Mr.John a non-resident received profit in Pakistan on a
security issued
by a resident person, how the profit will be treated under sec (46) of IT Ordinance 2001? |
Wholly Taxable
|
Wholly Exempt
|
Partly Exempt
|
None of the given options
|
Question # 8
|
Conveyance provided by employer for personal use of the
employee is
only taxed @ 5% of the cost to the employer for acquiring the vehicle or the fair market value of vehicle. |
TRUE
|
FALSE
|
Question # 5
|
A cash amount paid by a person as donation shall be taken
into account
only if it was paid by a crossed cheque drawn on a bank. |
TRUE
|
FALSE
|
Question # 15
|
Tax year for the salaried individuals is called as Special
Tax Year.
|
TRUE
|
FALSE
|
Question # 9
|
Payment of Zakat is entitled to a deductible allowance
according to provisions
of sec.60. |
TRUE
|
FALSE
|
Question # 7
|
Bonuses are fully taxable under Income Tax Ordinance 2001.
|
TRUE
|
FALSE
|
Question # 11
|
Tax rate for taxable income for the tax year 2010
exceeding Rs 550,000 up to
Rs 650,000 is 6.0% as given in the first schedule of Income Tax Ordinance 2001. |
Select correct option:
|
TRUE
|
FALSE
|
Question # 7
|
Gratuity is only granted in case of retirement.
|
TRUE
|
FALSE
|
Question # 9
|
Gratuity is received by legal heirs, where employee dies
before retirement the
gratuity would be exempted in the hands of legal heirs of the deceased. |
TRUE
|
FALSE
|
Question # 13
|
Officer of Income Tax may grant approval to any gratuity
fund.
|
TRUE
|
FALSE
|
Question # 14
|
Gratuity will be ignored while computing taxable income
and tax liability
of a deceased person. |
TRUE
|
FALSE
|
Question # 6
|
Any obligation of employee waived off by employer will not
be added
back to his taxable income. |
TRUE
|
FALSE
|
Question # 8
|
Government provident fund is
|
Totally taxable
|
Partially taxable
|
Totally exempt
|
Partially exempt
|
Question # 7
|
Unrecognized provident fund is
|
Totally taxable
|
Partially taxable
|
Totally exempt
|
Partially exempt
|
Question # 11
|
Pension received by a citizen of Pakistan is
_____________from tax.
|
Partially taxable
|
Fully taxable
|
Taxable 25% of the pension received
|
Totally exempt
|
Question # 2
|
Pension is treated as
|
Totally taxable
|
Partially taxable
|
Totally exempt
|
Partially exempt
|
Question # 6
|
Pension granted to disabled is treated as
|
Totally taxable
|
Partially taxable
|
Totally exempt
|
Partially exempt
|
Not mentioned in Income Tax Ordinance 2001
|
