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FIN623 Taxation Management


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Taxation Management Solved MCQs

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FIN623 Taxation Management MCQs from Quiz

FIN623 Taxation Management - Question # 1 of 15 ( S t a r t t i m e: 10:14:32 PM )    
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
 
FIN623 Taxation Management - Question # 2 of 15 ( S t a r t t i m e: 10:15:12 PM )    
Officer of Income Tax may grant approval to any gratuity fund.  
Select correct option:  
 
 True 
 False
 
FIN623 Taxation Management - Question # 3 of 15 ( S t a r t t i m e: 10:16:04 PM )    
If a resident company sustains loss, what will be the minimum tax rate?  
Select correct option:  
 
 0.5% of invoice 
 0.5% of bills 
 0.5% of turnover 
 0.5% of company’s share 
 
FIN623 Taxation Management - Question # 4 of 15 ( S t a r t t i m e: 10:17:28 PM )    v u z s 
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.  
Select correct option:  
 
 True 
 
FIN623 Taxation Management - Question # 5 of 15 ( S t a r t t i m e: 10:18:13 PM )    
Income from building leased out together with Plant & Machinery falls under  
Select correct option:  
 
 Income from property 
 Income from salary 
 Income from capital gain 
 Income from other sources
 
FIN623 Taxation Management - Question # 6 of 15 ( S t a r t t i m e: 10:18:58 PM )    
Unrecognized provident fund is  
Select correct option:  
 
 Totally taxable 
 Partially taxable 
 Totally exempt 
 Partially exempt
 
FIN623 Taxation Management - Question # 7 of 15 ( S t a r t t i m e: 10:20:05 PM )    
Non-Agricultural income does Not includes which one of the following?  
Select correct option:  
 
 Dividend paid by a company out of its agriculture income
 
 Royalty income of mines
 
 Profit on sale of standing crops
 
 Income from fisheries
 
FIN623 Taxation Management - Question # 8 of 15 ( S t a r t t i m e: 10:21:19 PM )    
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?  
Select correct option:  
 
 Wholly exempt 
 Partially exempt 
 Wholly taxable 
 None of the given options 
FIN623 Taxation Management - Question # 9 of 15 ( S t a r t t i m e: 10:21:48 PM )    
In an association of person, 25% tax rate is applied where the taxable income exceeds:  
Select correct option:  
 
 Rs 1,300,000
 Rs 1,000,000 
 Rs 1,500,000 
 Rs 1,700,000 
 
FIN623 Taxation Management - Question # 10 of 15 ( S t a r t t i m e: 10:22:26 PM )    
Which one of the following is the general meaning of Tax?  
Select correct option:  
 
 Relax
 Lighten 
 Relieve 
 Fatigue
 
FIN623 Taxation Management - Question # 11 of 15 ( S t a r t t i m e: 10:23:00 PM )    
General Provident (GP) Fund available in the Government Organization is also called as:  
Select correct option:  
 
 Statutory Provident Fund
 Recognized Provident  
 Unrecognized Provident Fund 
 None of the given options
 
FIN623 Taxation Management - Question # 12 of 15 ( S t a r t t i m e: 10:23:35 PM )    
If any other office involved in the management of a company it is termed as:  
Select correct option:  
 
 Employment
 Employer 
 Employee 
 Business premises
 
FIN623 Taxation Management - Question # 13 of 15 ( S t a r t t i m e: 10:24:04 PM )    
Which one of the following is NOT a depreciable asset?  
Select correct option:  
 
 Tangible movable property 
 Unimproved land 
 Tangible immovable property 
 Structural improvement to immovable property 
 
FIN623 Taxation Management - Question # 14 of 15 ( S t a r t t i m e: 10:25:28 PM )    
Which one of the following canons of taxation suggests easiness in time of payment and mode of collection of tax?  
Select correct option:  
 
 Simplicity
 Convenience
 Certainty 
 Capacity to Pay
 
FIN623 Taxation Management - Question # 15 of 15 ( S t a r t t i m e: 10:26:09 PM )    
Deduction is allowed on expenditure on acquiring a depreciable asset whose useful life is:  
Select correct option:  
 
 One year 
 More than one year
 Three years 
 Five years 
Legal Status of Punjab University 
► Individual
► Company
► Authority
► Organization

Solved MCQs from new FIN623 quizzes

  1. What is the tax treatment of the reimbursement of expenditure made by the employer?

·         Wholly Taxable

·         Wholly exempt

·         Partly Taxable

·        Not mentioned in Income Tax Ordinance 2001

  1. Any obligation of employee waived off by employer will not be added back to his taxable income.

·         True

·         False

  1. Agricultural income includes which one of the following?

·         Income from fisheries

·         Royalty income of mines

·         Share of profit of a partner from a firm engaged in agricultural

·         Dividend paid by a company out of its agriculture income

  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?

·         Exclusive definition

·         Inclusive definition

·         Both Exclusive and Inclusive definitions

·         Statutory definition

  1. The process of clubbing of income results in which of the following?

·         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

As a result of clubbing,  higher tax bracket will be charged to "the person, to whom this income is clubbed" . In this mcq, it is not clear whose tax bracket will be affected. 
There is counter effect on tax bracket.  Let say,
If wife clubbed her income with her husband 's income then her husband's income will be increased and he will definitely fall into higher tax bracket and wife will do it for saving herself from higher tax bracket. 
Thus , her tax bracket will be decreased or will not be increased due to that transferred income

 

 

6.                              What is the residential status of Provincial Government of Pakistan?

·         Resident Individual

·         Resident Company

·         Resident AOP

·         Resident HUF

  1. 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

  1. 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?

·         2006

·         2007

·         2008

·         2009

  1. If any other office involved in the management of a company it is termed as:
    • Employment
    • Employer
    • Employee
    • Business premises
  1. Mr. A non-resident person employed in UK received Rs. 500,000 as salary. Which of the following statement 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
  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?
    • Convenience
    • Judicious
    • Capacity to Pay
    • Business friendly
  1. Tax rate for taxable income for the tax year 2009 exceeding Rs 550,000 up to Rs 650,000 is 6.0% as given in the first schedule of Income Tax Ordinance 2001.
    • True
    • False
  1. 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
  1. Which of the following is the example of deem income?
    • Cash Gift
    • Salary
    • Loan through cross cheque
    • Golden hand shake
  1. 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? 
    Select correct option: 

    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
  1. (A / B) x C In the above formula for calculating tax credit under section 61 of the Income tax Ordinance 2001, A represents which of the following? 
    Select correct option: 

    Amount of Gross tax 
    Person’s taxable income for the tax year 
    Amount of exemption as per Ordinance 
    Net Income Of the year
  1. Which part of the Income Tax Ordinance 2001 deals with Tax credits? 
    Select correct option: 

    Chapter III Part VII 
    Chapter III Part VIII 
    Chapter III Part IX 
    Chapter III Part X
  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
  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%
  1. Which of the following is NOT the type of tax? 
    Select correct option: 

    Direct taxes 
    Indirect Taxes 
    Value Added Taxes 
    Fees and Penalties
  1. Profit on debt shall be Pakistan-source income if it is: 
    Select correct option: 

    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

Profit on debt shall be Pakistan-source income if it is-
(1) Paid by a resident person, except where the profit is payable in respect of any debt used for the purposes of a business carried on by the resident outside Pakistan through permanent establishment; or
(2) Borne by a permanent establishment in Pakistan of a non-resident person.

 

  1. Income tax ordinance, 2001 became effective from which of the following date? 
    Select correct option: 

    1st July 2001 
    13th September 2001
    1st July 2002 
    13th September 2002
  1. Which of the following tax is payable on merchandise imported or exported from one country to another? 
    Select correct option: 

    Custom duty 
    Income tax 
    Sales tax 
    Wealth tax
  1. Miss Sonia’s total taxable income for the year 2009 is Rs. 240,000. Which of the following is the tax liability of Miss Sonia? 
    Select correct option: 

    Nil 
    Rs. 500 
    Rs. 1,000 
    Rs. 1,500
  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.
  • 2.5%
  • 5.5%
  • 7.5%
  • 9.5%
  1. Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 900,000 but does not exceed Rs. 1,050,000? 
    Select correct option: 

     9.00% 
    10.00% 
    11.00% 
    12.50%
  1. 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
  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?
  • 15000
  • 21000
  • 27000          27000 =600000*4.5/100
  • 35000
  1. 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?
  • 1.5
  • 2.5
  • 3.5
  • 4.5
  1. Deficit Financing is one of the tools of which of the following policy?
  • Monetary policy
  • Fiscal policy
  • Trade Policy
  • Economic Policy
  1. 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
  1. 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
  1. In the normal circumstances on which of the following tax is charged?
  • Resident Company
  • Gross Receipt
  • Total Income
  • Taxable Income

 

  1. 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?
  • Sec 53
  • 101
  • 110
  • 111
  1. Which of the following is the tax treatment of free hospitalization services provided under the terms of employment?
  • Wholly exempt
  • Exempt up to 10% of MTS
  • Exempt up to 10% of MTS
  • Taxable up to 10% of MTS
  1. Senior citizen-age 60 years & above where taxable income not exceeding ______ tax liability reduced by 50% under Part 3 of second schedule.
  • 300000
  • 400000
  • 50000
  • 500000
  1. 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
  • non of above
  1. 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
  1. 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
  1. Which of the following tax is paid from money you received from someone who has died?
  • Income tax
  • inheritance tax
  • Property tax
  • Sales tax

FIN623 Quiz no.4 Solved

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1-Which of the following is not included in business?
Select correct option:
a)         Commerce
b)         Manufacture
c)         Profession
d)         Employment
Rationale: In employement a person is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business.
 
2-The rate of income tax for Modarba Company is:
Select correct option:
a)         20%
b)        25%
c)         30%
d)         35%
Reference: A concessional tax rate of 25% was applied to modaraba as compared to 45% applicable to companies in 1993-1994. Modarabas engaged in trading activities are taxed at a reduced rate of 25% .
 
3-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:
a)         Pakistani source of Income
b)         Foreign source of income
c)         Both Pakistan and foreign source of income
d)         None of the given option
Reference:Business income of a resident person shall be Pakistan-source income to the extent to which the income is derived from any business carried on in Pakistan.
 
4-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?
Select correct option:
a)         Wholly taxable
b)         Wholly exempt
c)         Partly taxable
d)         Not mention in second schedule
 
5-Officer of Income Tax may grant approval to any gratuity fund.
Select correct option:
a)         True

b)         False

Reference: Commissioner of Income Tax may accord approval to any gratuity fund.

 
6-Mr. A non-resident person employed in UK received Rs. 500,000 as salary. Which of the following statement true for Mr. A?
a)         Rs. 500,000 will be added in Gross total income being non-resident person
b)         Rs. 500,000 will be subtracted from Gross total income being non-resident person
c)         Rs. 500,000 will be exempt from tax being non resident person
d)         None of the given options
Reference: Where a citizen of Pakistan leaves Pakistan during a tax year and remains abroad during that tax year,any income chargeable under the head :Salary” earned by him outside Pakistan during that year shall be exempt from tax under the Ordinance.
 
7-Mr. Afzal would like to compute the tax rate apply on the gratuity received the formula to compute the tax rate is.
a)         AxB/100
b)         Ax100/B
c)         A/Bx100
d)         100XB/A
 
8- 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:
a)         Exclusive definition
b)         Inclusive definition
c)         Both Exclusive and Inclusive definitions 
d)         Statutory definition
Explanation: It includes dictionary meanings as well as meanings conveyed by definition.
 
9-Formula to compute the tax rate applies on gratuity received, “B” stands for; 
Select correct option: 
a)         The total tax paid or payable by the employee for the three preceding tax years
b)         The employee’s total taxable income for the three preceding tax years
c)         The gratuity received by the employee
d)         None of the given options
 
10-Mr. Akbar a resident individual received Dividends in Tokyo from a Pakistani resident company. Dividend will be added in his gross total income.
a)         True
b)         False                             
Reference: See the treatment of this example on page 33 of handouts. Dividends received in
Tokyo on 20th Aug 2008 from a Pakistani resident company: amounting Rs. 10,000.
 
11-Mr. Suleman is an employee of ABC Co. utilities are provided by Company to him for the tax year 2007. What will be the treatment of Utilities as per Income Tax Ordinance 2001 in the tax year 2007?
a)         Utilities paid are added in the salary of Mr. Suleman
b)         Fair market value of Utilities is added in the salary of Mr. Suleman
c)         10% of Utilities is exempted from tax and remaining amount will be added in the salary of Mr. Suleman
d)         Utilities paid are exempted from Tax
Reference: Up to year 2006, utilities were exempt up to 10% of basic salary. It was omitted by finance bill2006.Now Fair market value of utilities is added back to the salary of employee and is fully taxable.
 
12-Any amount shall be foreign-source income if it is paid by: 
Select correct option: 
a)         Resident person
b)         Non-resident person
c)         Citizen of Pakistan
d)        All of the given options
 
13-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:
a)         Salary of Ali includes the Interest on loan at benchmark rate
b)         Salary of Ali includes the Interest on loan at lower than benchmark rate
c)         Salary of Ali includes the Interest on loan at higher than benchmark rate
d)         Amount of Interest on loan is exempted from Tax
 
14-Interpretation of Tax Laws is the prime responsibility of which of the following?
Select correct option:
a.         Parliament
b.         Supreme Court
­c.         High Court
d.         Superior Judiciaries
 
15-Suppose due to hailstorm damages caused to crops that was insured against Insurance policy. The compensation received from an insurance company for damages caused by hailstorm.
What will be the tax treatment of such amount received?
a)         Income from Business
b)         Exempt as Agriculture Income
c)         Income from Property
d)         Capital Gain
 
16-Miss Sonia s total taxable income for the year 2009 is Rs. 240,000. Which of the following is the tax liability of Miss Sonia?
a)         Nil
b)         Rs. 500
c)         Rs. 1,000
d)         Rs. 1,500
Reference: where income of a woman taxpayer is covered by the clause,  “ rates of tax for salaried Individuals for tax year 2009” no tax shall be charged if the taxable income does not exceed Rs. 240,000.
 
17-As part of remuneration package, a company provides for reimbursement of telephone costs on actual basis to its employees in case the facility is used for official purposes only, what are the tax consequences of this policy?
a)         Treated as taxable
b)         No tax consequences
c)         Partially taxable
d)         Not discussed in Income Tax Ordinance 2001
Question # 5 of 15 ( Start time: 08:41:55 PM ) Total M - 1
If tax payable of a sole proprietorship is Rs. 595,000, what will be the tax rate applied?
Select correct option:
12.50%
15.00%
7.50%
10.50%
Question # 7 of 15 ( Start time: 08:58:06 PM ) Total M - 1
Mr. A is an employee of Government of the Punjab, his data for the year 2009 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
Tax treatment of Gratuity is as under:
• Gratuity pertaining to government employees/ their families:
• Any gratuity received on retirement/ death by employee of the government, a local authority or a
statutory body or corporation or family is wholly exempt from tax under clause 13(i), part I of
second schedule.
Question # 8 of 15 ( Start time: 08:59:36 PM ) Total M - 1
Income of the recognized vocational institution is
 
Select correct option:
Wholly taxable
Exempt
Exempt up to 50%
Partially taxable
Exemptions on Business income Under Part 1 of second schedule
Clause Exempt Income
(91) Income of a Text-Book Board.
(92) University or Educational Institution established not for profit purpose.
(93) Recognized Computer Training Institution.
(93A) Recognized Vocational Institute.
(98) Income of Recognized Sports Board.
(100) Income of Modaraba Companie
Question # 9 of 15 ( Start time: 09:00:20 PM ) Total M - 1
Any gain arising on the disposal of shares in a resident company belongs to which of the following?
Select correct option:
Foreign source of income
 

Pakistan source income
Both Pakistan and foreign source of income
None of the given option

13) Any gain arising on the disposal of shares in a resident company shall be Pakistan- source income.  P29
Question # 10 of 15 ( Start time: 09:01:45 PM ) Total M - 1
Which part of the Income Tax Ordinance 2001 deals with Tax credits?
Select correct option:
Chapter III Part VII
Chapter III Part VIII
Chapter III Part IX
Chapter III Part X
Question # 11 of 15 ( Start time: 09:02:59 PM ) Total M - 1
What is the rate of tax for a small company?
Select correct option:
10% of taxable income
20% of taxable income
25% of taxable income
30% of taxable income
ii Where the taxpayer is a small company as defined in section 2, tax shall be payable at the rate of
20%. page 71
Question # 12 of 15 ( Start time: 09:03:58 PM ) Total M - 1
________ are allowable deductions in case if the tax payer is running a business.
Select correct option:
Salaries paid
Purchases
Office expenditures
All of the given options
Question # 13 of 15 ( Start time: 09:05:24 PM ) Total M - 1
Statutory provident fund is also known as:
Select correct option:
Recognized provident fund
Unrecognized provident fund
Government provident fund
None of the given options
Ref: Statutory Provident Fund, governed by the Provident Funds Act, 1925 (GP Fund)(page no.60)
Question # 14 of 15 ( Start time: 09:06:52 PM ) Total M - 1
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?
Select correct option:
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 # 15 of 15 ( Start time: 09:08:21 PM ) Total M - 1
Which of the following is the Special Accounting Year of Companies exporting rice?
Select correct option:
1st January to 31st December  p11
1st July to 30th June
1st October to 30th September
1st September to 31st August
Question # 1 of 15 ( Start time: 09:27:38 PM ) Total M - 1 
Tax year for the salaried individuals is called as: 
Select correct option: 

Special Tax Year 
Normal Tax Year 
Fiscal Year 
Financial Year 
Tax year of a salaried Person shall be Normal Tax year  P36
Question # 2 of 15 ( Start time: 09:28:17 PM ) Total M - 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  P9
Statutory definition 
Question # 3 of 15 ( Start time: 09:30:11 PM ) Total M - 1 
What is the tax treatment of the reimbursement of expenditure made by the employer? 
Select correct option: 

Wholly Taxable P39
Wholly exempt 
Partly Taxable 
Not mentioned in Income Tax Ordinance 2001 
Question # 4 of 15 ( Start time: 09:31:43 PM ) Total M - 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 
Deductible Allowance:
The person shall be entitled to a deductible allowance for any Zakat paid by the person in a tax year
according to provisions of sec.60, for the amount of any Workers’ Welfare Fund paid by the person in a tax year under Sec 60-A, for the amount of any Workers’ Participation Fund paid by the person in a tax year under section 60-B.
Question # 5 of 15 ( Start time: 09:32:48 PM ) Total M - 1 
Which of the following section of Income Tax Ordinance 2001 deals with perquisites of Income from Salary and its treatment? 
Select correct option: 

Section 11 
Section 12 
Section 13 
Section 14 
Ref: Sub Sec. (13) where, in a tax year an employer has provided an employee with a perquisites which is not covered by sub section (3) through (12), the amount chargeable to tax to the employee under the head “salary” for that year shall include the fair market value of the perquisites except where the rules, if any, provide otherwise, determined at the time it is provided, as reduced by any payment made by the employee for the perquisites.
Question # 6 of 15 ( Start time: 09:34:03 PM ) Total M - 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 
 
Ref: Business Friendly
According to this principle, the taxation policy should be such as to boost business atmosphere and not discouraging the investment environment.
Question # 7 of 15 ( Start time: 09:35:01 PM ) Total M - 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 # 8 of 15 ( Start time: 09:36:16 PM ) Total M - 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 
Where the taxable income exceeds Rs. 550,000 but does not exceed Rs.
650,000,
Then rate will be 4.50% (600,000 *4.50%) 27000 P45
Question # 9 of 15 ( Start time: 09:36:48 PM ) Total M - 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 
For Companies –Accrual basis mandatory. P70
Question # 10 of 15 ( Start time: 09:37:45 PM ) Total M - 1 
Which one of the following section deals with intangibles? 
Select correct option: 

Section 22 
Section 24 
Section 222 
Section 242 
Intangibles (Sec. 24): p68
Which part of income is charged to tax of non-resident person under the income tax ordinance 2001? 
Select correct option: 

Pakistani source of income 
Foreign source of income 
Both Pakistan and foreign source of income 
None of the given option 
Question # 12 of 15 ( Start time: 09:39:53 PM ) Total M - 1 
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 900,000 but does not exceed Rs. 1,050,000?
Select correct option: 

9.00% P45
10.00% 
11.00% 
12.50% 
Question # 13 of 15 ( Start time: 09:40:43 PM ) Total M - 1 
Total income of a person for a tax year shall be the sum of the person’s income under which of the following head? 
Select correct option: 

Only Income from salary 
Only Income from Business 
Only Income from Property 
All of the given options 
Ref: Total Income (Section 10)
Total income of a person for a tax year shall be the sum of the person’s income under each of the heads of income.
Question # 14 of 15 ( Start time: 09:41:22 PM ) Total M - 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 
 September to 31st August 
Normal tax year will be applicable for salaried individual
•Normal Tax Year starts from 1st July and ends on 30th June (a period of twelve months).  Question # 15 of 15 ( Start time: 09:41:47 PM ) Total M - 1 
In which of the following heads of Income No deductions are allowed: 
Select correct option: 

Salary 
Income from Property 
Income from Business 
Capital Gains 

FIN623_Online_Quiz

Question # 1 of 15 ( Start time: 07:37:16 PM ) Total M - 1

Which of the following is a literal meaning of tax?


Select correct option:

Burden

Endurance

Patience

Fortitude

Question # 2 of 15 ( Start time: 07:37:41 PM ) Total M - 1

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?

 Select correct option:

Fee

Taxes

Charges

Penalties

Question # 3 of 15 ( Start time: 07:38:12 PM ) Total M - 1

In the normal circumstances on which of the following tax is charged?

 Select correct option:

Gross Receipt

Total Income

Taxable Income

All of the given options

Question # 4 of 15 ( Start time: 07:38:52 PM ) Total M - 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 # 6 of 15 ( Start time: 07:39:59 PM ) Total M - 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 # 7 of 15 ( Start time: 07:40:57 PM ) Total M - 1

Which of the following tax is paid in relation to how much you earn?

 Select correct option:

Income Tax

Inheritance Tax

Value added Tax

Sales Tax

Question # 8 of 15 ( Start time: 07:41:10 PM ) Total M - 1

Which of the following is the legal status of Al-Habib Bank Limited under section 80 of the ordinance?

 Select correct option:

Individual

Firm

Banking Company

Hindu Undivided Family

Question # 9 of 15 ( Start time: 07:42:10 PM ) Total M - 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: 07:42:29 PM )            Total M - 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 # 11 of 15 ( Start time: 07:42:48 PM )            Total M - 1

Which of the following is not the type of tax?

 Select correct option:

Direct taxes

Indirect Taxes

Value Added Taxes

Fees and Penalties

Question # 12 of 15 ( Start time: 07:43:01 PM )            Total M - 1

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?

 Select correct option:

Exclusive definition

Inclusive definition

Both Exclusive and Inclusive definitions

Statutory definition

Question # 13 of 15 ( Start time: 07:44:18 PM )            Total M - 1

Which of the following is included in the Scheme of the Income Tax Ordinance 2001?

 Select correct option:

Chapters

Sections

Schedules

All of the given options

Question # 14 of 15 ( Start time: 07:44:32 PM )            Total M - 1

Which of the following income is chargeable to tax?

 Select correct option:

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 # 15 of 15 ( Start time: 07:44:47 PM )            Total M - 1

Which of the following methods of accounting is compulsory to adopt for Sole-proprietorship?

 Select correct option:

Accrual Basis

Cash Basis

Both accrual and cash bases

Free to choose any kind of base

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