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Quiz # 03

TAXATION MANAGEMENT (FIN623)

 

Dear Students!

This is to inform that Quiz # 03 will be opened on January 28, 2016 and last date to attempt quiz will be January 29, 2016.

 

Short Demo:

If you want to know how to attempt a Quiz on VULMS, watch the following short demo on VU Facebook page.

 


Instructions:
 

  • You can start attempting the quiz at any time but within given date(s) by clicking the quick link for Quiz on VU-LMS as it will become enabled within the mentioned dates.  As soon as the time will be over, it will automatically be disabled and will not be available to attempt it.
  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 23 to 32.  

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MY TODAY'S ONLINE QUIZ NO. 3

     
Question # 1 of 20 ( Start time: 07:06:31 PM )     Total Marks: 1
Which of the following is the general formula for calculating tax credits?
Select correct option:
    (A + B) x C
    (A - B) x C
        (A / B) x C
    (A / B) + C
    
Question # 2 of 20 ( Start time: 07:07:04 PM )     Total Marks: 1
Which one of the following is main difference between the tax and fee?
Select correct option:
    Government as imposing authority
    Surcharge on late paymemts
        Concept of "Counter benefit"
    Collection in advance
     
Question # 3 of 20 ( Start time: 07:07:20 PM )     Total Marks: 1
An Individual will be termed as Short Term Resident under section 50 of the IT Ordinance 2001 provided:
Select correct option:
    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 # 4 of 20 ( Start time: 07:08:04 PM )     Total Marks: 1
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:
Select correct option:
        Wholly taxable
    Wholly exempt
    Partially exempt
    Section is silent about it
     
Question # 5 of 20 ( Start time: 07:08:42 PM )     Total Marks: 1
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?
Select correct option:
        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 # 6 of 20 ( Start time: 07:09:41 PM )     Total Marks: 1
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
    
Question # 7 of 20 ( Start time: 07:10:32 PM )     Total Marks: 1
Deficit Financing is one of the tools of which of the following policy?
Select correct option:
    Monetary policy
        Fiscal policy
    Trade Policy
    Commercial Policy
    
Question # 8 of 20 ( Start time: 07:10:47 PM )     Total Marks: 1
Which of the following is the deductible allowance from the income of an individual?
Select correct option:
    Zakat
    Worker’s Welfare Fund
    Work’s Participation Fund
        All of the given options

Question # 9 of 20 ( Start time: 07:11:31 PM )     Total Marks: 1
Which of the following is similar to the concept of clubbing of Incomes?
Select correct option:
    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 # 10 of 20 ( Start time: 07:11:52 PM )     Total Marks: 1
Which of the following incomes are treated as agriculture income?
Select correct option:
    Agro based industry
    Spontaneous forests
    Interest received by a farmer on lending
        Income from land situated in Pakistan used for agriculture
    
Question # 11 of 20 ( Start time: 07:12:31 PM )     Total Marks: 1
Mr. A’s total taxable income for the year 2012 is Rs. 150,000. Which of the following is the tax liability of Mr. A?
Select correct option:
        Nil
    Rs. 375
    Rs. 750
    Rs. 1,125
    
Question # 12 of 20 ( Start time: 07:13:38 PM )     Total Marks: 1
Which of the following is the Tax year available for salaried individual?
Select correct option:
    1st January to 31st December
        1st July to 30th June
    1st October to 30th September
    1st September to 31st August
     
Question # 13 of 20 ( Start time: 07:14:01 PM )     Total Marks: 1
Concept of separate legal entity of accounting applies on which of the following concepts in taxation under section 105 of the ordinance?
Select correct option:
    Resident and permanent establishment
        Non-resident and permanent establishment
    Citizenship and permanent establishment
    All of the given options
     
Question # 14 of 20 ( Start time: 07:14:45 PM )     Total Marks: 1
It is mandatory for each Company to maintain its books of accounts on which of the following methods?
Select correct option:
    Cash basis
        Accrual basis
    Both cash and accrual basis
    Free to choose any kind of base

Question # 15 of 20 ( Start time: 07:16:00 PM )     Total Marks: 1
Expenses entitled to be paid by a Company, then entry of such expenses will be made in the books of accounts if:
Select correct option:
    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 # 16 of 20 ( Start time: 07:16:47 PM )     Total Marks: 1
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?
Select correct option:
    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 # 17 of 20 ( Start time: 07:17:40 PM )     Total Marks: 1
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.
Select correct option:
        2.5%
    5.5%
    7.5%
    9.5%
    
Question # 18 of 20 ( Start time: 07:18:24 PM )     Total Marks: 1
Which of the following is the Tax Treatment of utilities for the year 2012?
Select correct option:
    Wholly taxable
    Wholly exempted
        Exempt up to 10% of MTS
    Exempt up to 45% of MTS
    
Question # 19 of 20 ( Start time: 07:19:28 PM )     Total Marks: 1
Interpretation of Tax Laws is the prime responsibility of which of the following?
Select correct option:
        Parliament
    Civil Court
    Commissioner of Income Tax
    Both Supreme Court and High courts
     
Question # 20 of 20 ( Start time: 07:20:51 PM )     Total Marks: 1
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?
Select correct option:
    Exclusive definition
    Inclusive definition
    Both Exclusive and Inclusive definitions
        Statutory definition

FRIENDS PLEASE SHARE THE CORRECT ANSWERS OF ABOVE QUESTIONS TO HELP  EACH OTHER  THANKS.


Question # 1 of 15 ( Start time: 09:02:24 AM ) Total Marks: 1 
Any income from a business carried on outside Pakistan through permanent establishment by a resident person belongs to which of the following? 
Select correct option: 

Pakistani source of Income 
Foreign source of income 
Both Pakistan and foreign source of income 
None of the given option 


Question # 2 of 15 ( Start time: 09:02:49 AM ) Total Marks: 1 
After completion of minimum period of service specified in the regulations of fund or on the retirement of employment, gratuity is received only by the employee himself. 
Select correct option: 

True 
False 

Question # 3 of 15 ( Start time: 09:03:10 AM ) Total Marks: 1 
Which of the following incomes are treated as agriculture income? 
Select correct option: 

Agro based industry 
Spontaneous forests 
Interest received by a farmer on lending 
Income from land situated in Pakistan used for agricu
Question # 4 of 15 ( Start time: 09:03:29 AM ) Total Marks: 1 
Achieving full employment level is one of the objectives of which of the following policy? 
Select correct option: 

Monetary policy 
Fiscal policy 
Trade Policy 
Economic Policy 

Question # 5 of 15 ( Start time: 09:03:41 AM ) Total Marks: 1 
Tax year for the salaried individuals is called as Special Tax Year. 
Select correct option: 

True 
False 


Question # 6 of 15 ( Start time: 09:04:00 AM ) Total Marks: 1 
Approval of Gratuity fund can be withdrawn on which of the following grounds? 
Select correct option: 

On the expiry of time period 
On the death of the employee 
On the malfunctioning of the trust 
On the death of trustee 


Question # 7 of 15 ( Start time: 09:05:06 AM ) Total Marks: 1 
Pride of performance awarded by President is exempt from tax. Under which section it is treated in Income Tax ordinance 2001? 
Select correct option: 

Section 40 
Section 41 
Section 45 
Section 46 


Question # 8 of 15 ( Start time: 09:06:05 AM ) Total Marks: 1 
Which of the following is the External aid to interpretation of tax laws? 
Select correct option: 

Preamble 
Non-Obstinate clause 
Title of a chapter 
Finance Minister’s budget speech 
 

Question # 9 of 15 ( Start time: 09:06:28 AM ) Total Marks: 1 
The Chairman of CBR has the responsibility for which of the following measures? 
Select correct option: 

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 # 10 of 15 ( Start time: 09:06:39 AM ) Total Marks: 1 
Which of the following is an example of Lump sum receipt? 
Select correct option: 

Pension 
Golden shake hand 
Provident fund 
All of the given options 


Question # 11 of 15 ( Start time: 09:06:52 AM ) Total Marks: 1 
Which one of the following principle of tax emphasized, that the taxation policy should be designed in such a way that boosts business atmosphere and the investment environment in the country? 
Select correct option: 

Convenience 
Judicious 
Capacity to Pay 
Business friendly 




Question # 12 of 15 ( Start time: 09:07:06 AM ) Total Marks: 1 
Mr. A’s total taxable income for the year 2009 is Rs. 600,000. Which of the following is the tax liability of Mr. A? 
Select correct option: 

Rs. 15,000 
Rs. 21,000 
Rs. 27,000 
Rs. 36,000 







Quiz Start Time: 09:02 AM Time Left 89 
sec(s) 


Question # 13 of 15 ( Start time: 09:08:19 AM ) Total Marks: 1 
Which one of the following is the general definition of tax? 
Select correct option: 

Compulsory contribution of wealth by persons 
Optional contribution of wealth by persons 
Compulsory contribution of wealth by state 
Optional contribution of wealth by state 




Quiz Start Time: 09:02 AM Time Left 89 
sec(s) 


Question # 14 of 15 ( Start time: 09:08:30 AM ) Total Marks: 1 
Any amount shall be foreign-source income if it is paid by: 
Select correct option: 

Resident person 
Non-resident person 
Citizen of Pakistan 
All of the given options 




Quiz Start Time: 09:02 AM Time Left 89 
sec(s) 


Question # 15 of 15 ( Start time: 09:08:37 AM ) Total Marks: 1 
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? 
Select correct option: 

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 # 5 of 15 ( Start time: 05:39:03 PM ) Total Marks: 1

  • Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 650,000 but does not exceed Rs. 750,000?
    Select correct option:


    3.50%

    4.50%

    6.00%

    7.50%



    Question # 6 of 15 ( Start time: 05:40:10 PM ) Total Marks: 1
    Which of the following is the External aid to interpretation of tax laws?
    Select correct option:


    Preamble

    Non-Obstinate clause

    Title of a chapter

    Finance Minister’s budget speech


    Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 550,000 but does not exceed Rs. 650,000?
    Select correct option:


    1.50%

    2.50%

    3.50%

    4.50%

    Question # 9 of 15 ( Start time: 05:43:29 PM ) Total Marks: 1
    Which of the following is not the type of tax?
    Select correct option:


    Direct taxes

    Indirect Taxes

    Value Added Taxes

    Fees and Penalties


    The Fiscal year is a period of ______ months arbitrarily chosen for tax purposes.
    Select correct option:


    3

    6

    12

    18

    Question # 11 of 15 ( Start time: 05:44:14 PM ) Total Marks: 1
    Which of the following is the rate of tax for male salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 180,000 but does not exceed Rs. 250,000?
    Select correct option:


    0%

    0.25%

    0.50%

    0.75%

    Question # 12 of 15 ( Start time: 05:44:56 PM ) Total Marks: 1
    Tax year for the salaried individuals is called as:
    Select correct option:


    Special Tax Year

    Normal Tax Year

    Fiscal Year

    Financial Year

    Question # 13 of 15 ( Start time: 05:45:19 PM ) Total Marks: 1
    Pension received by an employee of the Government or the armed forces is exempt from tax define in:
    Select correct option:


    2nd Schedule Part 1 Cl.(8)

    2nd Schedule Part 1 Cl.(25)

    2nd Schedule Part 1 Cl.(9)

    None of the given options

    Question # 14 of 15 ( Start time: 05:46:44 PM ) Total Marks: 1
    Which of the following come under the ambit of Royalty under section 2 (54)?
    Select correct option:


    Right to use any patent

    Copy right of a literary

    Right to use any industrial or scientific equipment

    All of the given options

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