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FIN623 Taxation Management


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FIN623 Online Quiz

Which of the following is not the type of tax?

Select correct option:

 

Direct taxes

Indirect Taxes

Value Added Taxes

Fees and Penalties

Ref:

Type of Taxes:

Different types of taxes are explained below:

™ Direct taxes

™ Indirect Taxes

™ Proportional Taxes

™ Progressive

™ Regressive taxes

™ Value Added Taxes.

 

Special tax year is adopted after seeking approval from the ____________ under section 74(3).

Select correct option:

 

Commissioner

Tax Officer

Appellate Tribunal

Supreme Court

Ref:

Special Tax Year:

In case a person has a different accounting period from normal tax year or adopted such a period

after seeking approval from commissioner under section 74(3) it is called special tax year.

 

Which of the following is tax, where the tax rate decreases as the amount to which the rate is applied increases?

Select correct option:

 

Proportional tax

Progressive tax

Regressive tax

Corporate tax

Ref:

™ Progressive Taxes

This is based on the “capacity to pay” principle of taxation. In this type, the rate of tax increase as

the income increase.

 

__________ 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

 

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

 

Which of the following is the main tool of Fiscal Policy?

Select correct option:

 

Taxes

Deficit Financing

Subsidies

Transfer Payments

Ref:

Instruments of Fiscal Policy

¾ Government Expenditures

¾ Taxes

¾ Deficit Financing

¾ Subsidies

¾ Transfer Payments—like Unemployment Allowances etc.

 

Which of the following is the Special Accounting Year of Companies exporting rice?

Select correct option:

 

1st January to 31st December

1st July to 30th June

1st October to 30th September

1st September to 31st August

Ref:

All persons exporting rice and carrying insurance business 1st

January to 31st December

 

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

 

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

 

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

Ref:

General Definition of Tax:

General compulsory contributions of wealth levied upon persons by the state, to meet the expensesincurred in providing common benefits upon the residents.

 

In a tax _____ you give information about what you earn every year.

Select correct option:

 

Return

Statement

Sheet

Report

Answer required

 

_____ tax is paid from money you have received from someone who has died.

Select correct option:

 

Income

Inheritance

Property

Sales

 

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

FIN623 Taxation Management Online Quiz

Question # 1 of 15
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 # 2 of 15
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 # 3 of 15
Which of the following tax is paid in relation to how much you earn?
Income Tax
Inheritance Tax
Value added Tax
Sales Tax


Question # 4 of 15
Person Sec. 2(42) does not includes which of the following?
An Individual
The Federal Government
Public International Organization
None of the given option


Question # 5 of 15
In the normal circumstances on which of the following tax is charged?
Gross Receipt
Total Income
Taxable Income
All of the given options

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Question # 6 of 15
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 # 7 of 15
In a tax _____ you give information about what you earn every year.
Return
Statement
Sheet
Report


Question # 8 of 15
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 # 9 of 15
A definition that includes the dictionary meanings of the word is termed as which of the following?
Exclusive definition
Inclusive definition
Both Inclusive definitions and Exclusive definition
Statutory definition

Question # 10 of 15
Which one of the following is the general meaning of Tax?
Relax
Lighten
Relieve
Fatigue

Question # 11 of 15
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?
Convenience
Judicious
Capacity to Pay
Business friendly


Question # 12 of 15
Interpretation of Tax Laws is the prime responsibility of which of the following?
Parliament
Supreme Court
High Court
Superior Judiciaries

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Question # 13 of 15
Which of the following is the External aid to interpretation of tax laws?
Preamble
Non-Obstinate clause
Title of a chapter
Finance Minister’s budget speech                       vuzs.info


Question # 14 of 15
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 # 15 of 15
Which of the following is the example of deem income?
Cash Gift
Salary
Loan through cross cheque
Golden hand shake

FIN623 Taxation Management Quiz

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

 

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

 

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

 

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

 

 

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

Income Tax

Inheritance Tax

Value added Tax

Sales Tax

 

 

Which of the following is a literal meaning of tax?

Burden

Endurance

Patience

Fortitude

 

Which of the following is the main tool of Fiscal Policy?

Taxes

Deficit Financing

Subsidies

Transfer Payments

 


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

 

In a tax _____ you give information about what you earn every year.

Return

Statement

Sheet

Report

 

 

Which of the following is an example of Lump sum receipt?

Pension

Golden shake hand

Provident fund

All of the given options

 

The Fiscal year is a period of ______ months arbitrarily chosen for tax purposes.

3

6

12

18

 

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
 

 

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

 

 

 

_____ tax is paid from money you have received from someone who has died.

Income

Inheritance

Property

Sales

 

Which of the following is the important content for calculating tax on income?

Taxable Income

Residential Status

Tax Year

All of the given options

 


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

 

 

 

Taxes are important instrument of which of the following policy?

Monetary policy

Fiscal policy

Trade Policy

Economic Policy

 

 

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

 


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

 


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

Income Tax

Inheritance Tax

Value added Tax

Sales Tax

 

 

 

Which one of the following the canons of taxation suggests easiness in time of payment and mode of collection of tax?

Simplicity

Convenience

Certainty

Capacity to Pay

 

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

 

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

 

 

  

A definition that excludes the dictionary meanings of the word is termed as:

 

Exclusive definition

Inclusive definition

Both Inclusive definitions

Statutory definition

 


Federal government has been empowered vide section 53 (2) and (3) to make amendments in the second schedule by:
 

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

 

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

 

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

 

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

Chapters
Sections

Schedules

All of the given options

 


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?

Convenience

Judicious

Capacity to Pay

Business friendly

 

Income tax ordinance2001 became effective from which of the following date?

1st July 2001

13th September 2001

1st July 2002

13th September 2002

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