BY Sadia Ali: FIN623 Online Quiz#2..Lecture# 1 To 15 Solved by

Download as pdf or txt
Download as pdf or txt
You are on page 1of 47

FIN623 Online Quiz#2..

Lecture# 1 to 15
Solved By
BY sadia ali
Question # 2 of 15 ( Start time: 12:33:31 AM ) Total Marks: 1
Senior citizen-age 60 years & above where taxable income not exceeding ________ tax
liability reduced by 50% under Part 3 of second schedule.
Select correct option:

Rs. 200,000
Rs. 300,000
Rs. 400,000
Rs. 1,000,000

Question # 5 of 15 ( Start time: 12:35:47 AM ) Total Marks: 1


Which of the following days shall be counted as half day for the computation of
residential status of an individual?
Select correct option:

A Public Holiday
A day of sick leave
Any strike
None of the given options

Question # 3 of 15 ( Start time: 01:43:27 AM ) Total Marks: 1


Which of the following section deals with the residential status of Association of Person?
Select correct option:

Section 81
Section 82
Section 83
Section 84

Question # 11 of 15 ( Start time: 01:45:50 AM ) Total Marks: 1


The age of senior citizen was 65years and now amended to 60years which of the
following finance act substituted 65 to 60years?
Select correct option:

Finance Act 2005


Finance Act 2006
Finance Act 2007
Finance Act 2008
BY sadia ali
Question # 11 of 15 ( Start time: 01:55:52 AM ) Total Marks: 1
If M/s ABC and Co. an association of person is a non-resident AOP which of the
following condition must be satisfied?
Select correct option:

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 (Not Sure)

Question # 13 of 15 ( Start time: 03:13:52 AM ) Total Marks: 1


Mr. Joseph is an employee of Foreign Government posted in Pakistan? What will be the
residential status of Mr. Joseph?
Select correct option:

Resident Individual
Non- Resident Individual
Resident HUF
Resident AOP

Question # 3 of 15 ( Start time: 03:16:25 AM ) Total Marks: 1


What is the residential status of Federal Government of Pakistan?
Select correct option:

Resident Person
Resident Company
Resident AOP
Resident HUF

Question # 14 of 15 ( Start time: 03:18:36 AM ) Total Marks: 1


Mr. Kishan Kumar during his yearly tour in Pakistan spends 156 working days, 26 off-
working 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 # 15 of 15 ( Start time: 03:19:54 AM ) Total Marks: 1


Any amount received under Part 3 of Second Schedule, as flying allowance by pilots etc.
BY sadia ali

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 # 6 of 15 ( Start time: 03:25:29 AM ) Total Marks: 1


Which of the following section deals with the residential status of Individual?
Select correct option:

Section 80
Section 81
Section 82
Section 83

Question # 5 of 15 ( Start time: 03:28:00 AM ) Total Marks: 1


In Income Tax Ordinance 2001 tax concessions meant for which of the following?
Select correct option:

Reduction in tax liability


Reduction in tax rate
Reduction in taxable Income
All of the given options

Question # 6 of 15 ( Start time: 03:29:18 AM ) Total Marks: 1


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.?
Select correct option:

Resident Company (Not Sure but Seems Suitable)


Non- Resident Company
Resident Individual
Resident AOP

Question # 5 of 15 ( Start time: 03:41:19 AM ) Total Marks: 1


What is the residential status of Provincial Government of Pakistan?
Select correct option:

Resident Individual
BY sadia ali

Resident Company
Resident AOP
Resident HUF

Question # 15 of 15 ( Start time: 03:50:46 AM ) Total Marks: 1


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:

Wholly taxable
Wholly exempt
Partly taxable
Not mention in second schedule

Question # 1 of 15 ( Start time: 09:03:53 PM ) Total Marks: 1


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

3
6
12
18

Question # 2 of 15 ( Start time: 09:05:12 PM ) Total Marks: 1


Which of the following is the main tool of Fiscal Policy?
Select correct option:

Taxes
Deficit Financing
Subsidies
Transfer Payments

Question # 3 of 15 ( Start time: 09:06:25 PM ) Total Marks: 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
BY sadia ali

Question # 4 of 15 ( Start time: 09:07:47 PM ) Total Marks: 1


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?
Select correct option:

2006
2007
2008
2009

Question # 5 of 15 ( Start time: 09:08:18 PM ) Total Marks: 1


Agricultural income does NOT include which one of the following?
Select correct option:

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 of 15 ( Start time: 09:09:02 PM ) Total Marks: 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 # 7 of 15 ( Start time: 09:10:02 PM ) 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 # 8 of 15 ( Start time: 09:11:08 PM ) Total Marks: 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?
BY sadia ali

Select correct option:

Convenience
Judicious
Capacity to Pay
Business friendly

Question # 9 of 15 ( Start time: 09:12:17 PM ) Total Marks: 1


Agricultural income includes which one of the following?
Select correct option:

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 # 10 of 15 ( Start time: 09:13:34 PM ) Total Marks: 1


Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax
Concessions?
Select correct option:

Part IV
Part V
Part VI
Part VII

Question # 11 of 15 ( Start time: 09:14:54 PM ) Total Marks: 1


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

Question # 12 of 15 ( Start time: 09:16:11 PM ) Total Marks: 1


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
BY sadia ali

1st September to 31st August

Question # 13 of 15 ( Start time: 09:16:44 PM ) Total Marks: 1


In the normal circumstances on which of the following tax is charged?
Select correct option:

Gross Receipt
Total Income
Taxable Income
Gross Income

Question # 14 of 15 ( Start time: 09:18:06 PM ) Total Marks: 1


Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 15 of 15 ( Start time: 09:19:33 PM ) Total Marks: 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

Question # 1 of 15 ( Start time: 09:52:57 PM ) Total Marks: 1


Agricultural income does NOT include which one of the following?
Select correct option:

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 # 2 of 15 ( Start time: 09:53:03 PM ) Total Marks: 1


Any Pakistan-source income which Pakistan is not permitted to tax under a tax treaty
shall be _______.
Select correct option:
BY sadia ali

Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance

Question # 3 of 15 ( Start time: 09:54:08 PM ) Total Marks: 1


Which of the following is the tax where the tax rate remained fixed to the amount on
which the rate is applied increases?
Select correct option:

Proportional tax
Progressive tax
Regressive tax
Corporate tax

Question # 4 of 15 ( Start time: 09:55:10 PM ) Total Marks: 1


Interpretation of Tax Laws is the prime responsibility of which of the following?
Select correct option:

Parliament
Supreme Court
High Court
Superior Judiciaries

Question # 5 of 15 ( Start time: 09:56:34 PM ) Total Marks: 1


Which of the following is the important content for calculating tax on income?
Select correct option:

Taxable Income
Residential Status
Tax Year
All of the given options

Question # 6 of 15 ( Start time: 09:57:25 PM ) Total Marks: 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 # 7 of 15 ( Start time: 09:58:37 PM ) Total Marks: 1
Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax
Concessions?
Select correct option:

Part IV
Part V
Part VI
Part VII

Question # 8 of 15 ( Start time: 09:58:43 PM ) Total Marks: 1


Which of the following tax is paid from money you received from someone who has
died?
Select correct option:

Income tax
Inheritance tax
Property tax
Sales tax

Question # 9 of 15 ( Start time: 10:00:07 PM ) Total Marks: 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 # 10 of 15 ( Start time: 10:00:22 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 # 11 of 15 ( Start time: 10:01:48 PM ) Total Marks: 1


Non-Agricultural income includes which one of the following?
Select correct option:
BY sadia ali
Income from sale of wild grass
Income from fisheries
Royalty income of mines
All of the given options

Question # 12 of 15 ( Start time: 10:02:23 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 # 13 of 15 ( Start time: 10:02:43 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 # 14 of 15 ( Start time: 10:03:57 PM ) Total Marks: 1


Which one of the following is the main objective of Fiscal Policy?
Select correct option:

Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options

Question # 15 of 15 ( Start time: 10:04:19 PM ) Total Marks: 1


In a tax _____ you give information about what you earn every year.
Select correct option:

Return
Statement
Sheet
Report
BY sadia ali
Question # 1 of 15 ( Start time: 10:43:47 PM ) Total Marks: 1
Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 2 of 15 ( Start time: 10:43:59 PM ) Total Marks: 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

Question # 3 of 15 ( Start time: 10:44:47 PM ) Total Marks: 1


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

3
6
12
18

Question # 4 of 15 ( Start time: 10:45:11 PM ) Total Marks: 1


What is the tax treatment of the salary of an employee of foreign government but citizen
of Pakistan?
Select correct option:

Exempt form tax


Wholly Taxable
Partly Taxable
No Tax treatment given in IT Ordinance 2001

Question # 5 of 15 ( Start time: 10:46:23 PM ) Total Marks: 1


A definition that excludes the dictionary meanings of the word is termed as:
Select correct option:
BY sadia ali
Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 6 of 15 ( Start time: 10:47:48 PM ) Total Marks: 1


Which of the following is a literal meaning of tax?
Select correct option:

Burden
Endurance
Patience
Fortitude

Question # 7 of 15 ( Start time: 10:48:39 PM ) Total Marks: 1


Agricultural income includes which one of the following?
Select correct option:

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 # 8 of 15 ( Start time: 10:49:23 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 # 9 of 15 ( Start time: 10:50:37 PM ) Total Marks: 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 # 10 of 15 ( Start time: 10:51:31 PM ) Total Marks: 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 # 11 of 15 ( Start time: 10:52:03 PM ) Total Marks: 1


If a cultivator used its agricultural produce as raw material in its business what will be the
tax treatment of such agriculture produce?
Select correct option:

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 # 12 of 15 ( Start time: 10:53:27 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

Question # 13 of 15 ( Start time: 10:54:03 PM ) Total Marks: 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

Question # 14 of 15 ( Start time: 10:55:05 PM ) Total Marks: 1


Which of the following is the External aid for the interpretation of tax laws?
Select correct option:
BY sadia ali

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

Question # 15 of 15 ( Start time: 10:56:28 PM ) Total Marks: 1


Which of the following tax is paid from money you received from someone who has
died?
Select correct option:

Income tax
Inheritance tax
Property tax
Sales tax

Question # 1 of 15 ( Start time: 11:04:05 PM ) Total Marks: 1


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 # 2 of 15 ( Start time: 11:05:36 PM ) Total Marks: 1


Which of the following is the example of deem income?
Select correct option:

Cash Gift
Salary
Loan through cross cheque
Golden hand shake

Question # 3 of 15 ( Start time: 11:07:03 PM ) Total Marks: 1


Any Pakistan-source income which Pakistan is not permitted to tax under a tax treaty
shall be _______.
Select correct option:

Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance
BY sadia ali

Question # 4 of 15 ( Start time: 11:07:36 PM ) Total Marks: 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

Question # 5 of 15 ( Start time: 11:08:23 PM ) Total Marks: 1


If a cultivator used its agricultural produce as raw material in its business what will be the
tax treatment of such agriculture produce?
Select correct option:

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 # 6 of 15 ( Start time: 11:08:42 PM ) Total Marks: 1


Which of the following is the main tool of Fiscal Policy?
Select correct option:

Taxes
Deficit Financing
Subsidies
Transfer Payments

Question # 7 of 15 ( Start time: 11:09:08 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 # 8 of 15 ( Start time: 11:10:35 PM ) Total Marks: 1


Which one of the following is the main objective of Fiscal Policy?
Select correct option:
BY sadia ali

Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options

Question # 9 of 15 ( Start time: 11:10:58 PM ) Total Marks: 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

Question # 10 of 15 ( Start time: 11:12:23 PM ) Total Marks: 1


Non-Agricultural income includes which one of the following?
Select correct option:

Income from sale of wild grass


Income from fisheries
Royalty income of mines
All of the given options

Question # 11 of 15 ( Start time: 11:12:37 PM ) Total Marks: 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 # 12 of 15 ( Start time: 11:14:01 PM ) Total Marks: 1


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

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 13 of 15 ( Start time: 11:14:15 PM ) Total Marks: 1


BY sadia ali
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

Question # 14 of 15 ( Start time: 11:15:41 PM ) Total Marks: 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 # 15 of 15 ( Start time: 11:16:42 PM ) Total Marks: 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 # 1 of 15 ( Start time: 05:32:06 PM ) 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 # 2 of 15 ( Start time: 05:33:23 PM ) Total Marks: 1


Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax
Concessions?
Select correct option:
Part IV
BY sadia ali
Part V
Part VI
Part VII

Question # 3 of 15 ( Start time: 05:33:55 PM ) Total Marks: 1


Which of the following is NOT a “Person” as defined in Sec 2 (42) of the Income Tax
Ordinance?
Select correct option:

An Individual
The Federal Government
Public International Organization
None of the given option

Question # 4 of 15 ( Start time: 05:35:08 PM ) Total Marks: 1


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

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 5 of 15 ( Start time: 05:35:22 PM ) Total Marks: 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 # 6 of 15 ( Start time: 05:35:48 PM ) Total Marks: 1


Which of the following is the example of deem income?
Select correct option:

Cash Gift
Salary
Loan through cross cheque
Golden hand shake
BY sadia ali
Question # 7 of 15 ( Start time: 05:36:02 PM ) Total Marks: 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

Question # 8 of 15 ( Start time: 05:36:27 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 # 9 of 15 ( Start time: 05:36:57 PM ) Total Marks: 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 # 10 of 15 ( Start time: 05:37:10 PM ) Total Marks: 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 # 11 of 15 ( Start time: 05:37:26 PM ) Total Marks: 1


Which of the following is the tax where the tax rate remained fixed to the amount on
which the rate is applied increases?
Select correct option:
BY sadia ali
Proportional tax
Progressive tax
Regressive tax
Corporate tax

Question # 12 of 15 ( Start time: 05:37:45 PM ) Total Marks: 1


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

Question # 13 of 15 ( Start time: 05:38:03 PM ) 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 # 14 of 15 ( Start time: 05:39:29 PM ) Total Marks: 1


Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 15 of 15 ( Start time: 05:39:44 PM ) Total Marks: 1


A definition that includes the dictionary meanings of the word is termed as:
Select correct option:

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition
BY sadia ali
Question # 1 of 15 ( Start time: 05:44:35 PM ) Total Marks: 1
Non-Agricultural income includes which one of the following?
Select correct option:

Income from sale of wild grass


Income from fisheries
Royalty income of mines
All of the given options

Question # 2 of 15 ( Start time: 05:44:52 PM ) Total Marks: 1


Land revenue rent (Lagan) is received by which of the following authority?
Select correct option:

High Court
Supreme Court
Income Tax Department
Provincial Government

Question # 3 of 15 ( Start time: 05:46:16 PM ) Total Marks: 1


A definition that includes the dictionary meanings of the word is termed as:
Select correct option:

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 4 of 15 ( Start time: 05:46:28 PM ) Total Marks: 1


Which of the following tax is paid from money you received from someone who has
died?
Select correct option:

Income tax
Inheritance tax
Property tax
Sales tax

Question # 5 of 15 ( Start time: 05:46:41 PM ) Total Marks: 1


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

Question # 6 of 15 ( Start time: 05:47:56 PM ) 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 # 7 of 15 ( Start time: 05:48:27 PM ) Total Marks: 1


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

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 8 of 15 ( Start time: 05:48:39 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 # 9 of 15 ( Start time: 05:50:02 PM ) 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 # 10 of 15 ( Start time: 05:50:22 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

Question # 11 of 15 ( Start time: 05:50:35 PM ) Total Marks: 1


Which of the following is the main tool of Fiscal Policy?
Select correct option:

Taxes
Deficit Financing
Subsidies
Transfer Payments

Question # 12 of 15 ( Start time: 05:50:47 PM ) Total Marks: 1


Which one of the following is the main objective of Fiscal Policy?
Select correct option:

Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options

Question # 13 of 15 ( Start time: 05:51:10 PM ) Total Marks: 1


Any Pakistan-source income which Pakistan is not permitted to tax under a tax treaty
shall be _______.
Select correct option:

Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance

Question # 14 of 15 ( Start time: 05:51:34 PM ) Total Marks: 1


Which of the following is the example of deem income?
Select correct option:

Cash Gift
BY sadia ali
Salary
Loan through cross cheque
Golden hand shake

Question # 15 of 15 ( Start time: 05:51:46 PM ) Total Marks: 1


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

Question # 1 of 15 ( Start time: 05:59:00 PM ) Total Marks: 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 # 2 of 15 ( Start time: 06:00:27 PM ) Total Marks: 1


Any Pakistan-source income which Pakistan is not permitted to tax under a tax treaty
shall be _______.
Select correct option:

Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance

Question # 3 of 15 ( Start time: 06:00:48 PM ) Total Marks: 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

Question # 4 of 15 ( Start time: 06:01:09 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 # 5 of 15 ( Start time: 06:01:27 PM ) Total Marks: 1


Which of the following is the important content for calculating tax on income?
Select correct option:

Taxable Income
Residential Status
Tax Year
All of the given options

Question # 6 of 15 ( Start time: 06:01:57 PM ) 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 # 7 of 15 ( Start time: 06:02:20 PM ) Total Marks: 1


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

Question # 8 of 15 ( Start time: 06:02:36 PM ) Total Marks: 1


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
BY sadia ali
Regressive tax
Corporate tax

Question # 9 of 15 ( Start time: 06:02:51 PM ) Total Marks: 1


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

Commissioner
Tax Officer
Appellate Tribunal
Supreme Court

Question # 10 of 15 ( Start time: 06:03:30 PM ) Total Marks: 1


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?
Select correct option:

Wholly Taxable
Wholly Exempt
Partly Exempt
None of the given options

Question # 11 of 15 ( Start time: 06:04:46 PM ) Total Marks: 1


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

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 12 of 15 ( Start time: 06:04:57 PM ) Total Marks: 1


Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax
Concessions?
Select correct option:

Part IV
Part V
Part VI
Part VII

Question # 13 of 15 ( Start time: 06:06:15 PM ) Total Marks: 1


BY sadia ali
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?
Select correct option:

Tax year 2002


Tax year 2003
Tax year 2004
Tax year 2005

Question # 14 of 15 ( Start time: 06:07:21 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 # 15 of 15 ( Start time: 06:08:09 PM ) Total Marks: 1


Agricultural income does NOT include which one of the following?
Select correct option:

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 # 1 of 15 ( Start time: 06:14:45 PM ) Total Marks: 1


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

Question # 2 of 15 ( Start time: 06:16:00 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
BY sadia ali
Both cash and accrual basis
Free to choose any kind of base

Question # 3 of 15 ( Start time: 06:16:29 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

Question # 4 of 15 ( Start time: 06:17:57 PM ) Total Marks: 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 # 5 of 15 ( Start time: 06:18:22 PM ) Total Marks: 1


Agricultural income includes which one of the following?
Select correct option:

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 # 6 of 15 ( Start time: 06:18:46 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 # 7 of 15 ( Start time: 06:19:47 PM ) Total Marks: 1
Which of the following is the main tool of Fiscal Policy?
Select correct option:

Taxes
Deficit Financing
Subsidies
Transfer Payments

Question # 8 of 15 ( Start time: 06:19:57 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 15 ( Start time: 06:20:07 PM ) Total Marks: 1


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

Question # 10 of 15 ( Start time: 06:20:18 PM ) Total Marks: 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

Question # 11 of 15 ( Start time: 06:21:16 PM ) Total Marks: 1


A definition that excludes the dictionary meanings of the word is termed as:
Select correct option:
BY sadia ali
Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 12 of 15 ( Start time: 06:21:32 PM ) Total Marks: 1


Non-Agricultural income includes which one of the following?
Select correct option:

Income from sale of wild grass


Income from fisheries
Royalty income of mines
All of the given options

Question # 13 of 15 ( Start time: 06:21:48 PM ) Total Marks: 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 # 14 of 15 ( Start time: 06:23:12 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 # 15 of 15 ( Start time: 06:23:32 PM ) Total Marks: 1


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

Commissioner
Tax Officer
Appellate Tribunal
Supreme Court

Question # 1 of 15 ( Start time: 06:33:07 PM ) Total Marks: 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 # 2 of 15 ( Start time: 06:33:23 PM ) Total Marks: 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 # 3 of 15 ( Start time: 06:33:40 PM ) Total Marks: 1


Which of the following is a literal meaning of tax?
Select correct option:

Burden
Endurance
Patience
Fortitude

Question # 4 of 15 ( Start time: 06:33:53 PM ) Total Marks: 1


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?
Select correct option:

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 # 5 of 15 ( Start time: 06:35:21 PM ) Total Marks: 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

Question # 6 of 15 ( Start time: 06:35:55 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 # 7 of 15 ( Start time: 06:36:16 PM ) Total Marks: 1


Non-Agricultural income includes which one of the following?
Select correct option:

Income from sale of wild grass


Income from fisheries
Royalty income of mines
All of the given options

Question # 8 of 15 ( Start time: 06:36:28 PM ) Total Marks: 1


Which of the following is the important content for calculating tax on income?
Select correct option:

Taxable Income
Residential Status
Tax Year
All of the given options

Question # 9 of 15 ( Start time: 06:36:43 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 # 10 of 15 ( Start time: 06:37:02 PM ) Total Marks: 1
Special tax year is adopted after seeking approval from the ____________ under section
74(3).
Select correct option:

Commissioner
Tax Officer
Appellate Tribunal
Supreme Court

Question # 11 of 15 ( Start time: 06:37:13 PM ) Total Marks: 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 # 12 of 15 ( Start time: 06:37:26 PM ) Total Marks: 1


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?
Select correct option:

Wholly Taxable
Wholly Exempt
Partly Exempt
None of the given options

Question # 13 of 15 ( Start time: 06:37:49 PM ) Total Marks: 1


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

Question # 14 of 15 ( Start time: 06:38:05 PM ) 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 # 15 of 15 ( Start time: 06:39:26 PM ) Total Marks: 1


Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 1 of 15 ( Start time: 06:46:18 PM ) Total Marks: 1


Which of the following is NOT a “Person” as defined in Sec 2 (42) of the Income Tax
Ordinance?
Select correct option:

An Individual
The Federal Government
Public International Organization
None of the given option

Question # 2 of 15 ( Start time: 06:46:30 PM ) Total Marks: 1


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

Question # 3 of 15 ( Start time: 06:46:43 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
Question # 4 of 15 ( Start time: 06:46:58 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 # 5 of 15 ( Start time: 06:47:10 PM ) Total Marks: 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

Question # 6 of 15 ( Start time: 06:48:17 PM ) Total Marks: 1


Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 7 of 15 ( Start time: 06:48:28 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
Economic Policy

Question # 8 of 15 ( Start time: 06:48:51 PM ) Total Marks: 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?
Select correct option:
BY sadia ali
2006
2007
2008
2009

Question # 9 of 15 ( Start time: 06:49:50 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

Question # 10 of 15 ( Start time: 06:50:00 PM ) Total Marks: 1


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

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 11 of 15 ( Start time: 06:50:11 PM ) Total Marks: 1


Agricultural income does NOT include which one of the following?
Select correct option:

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 # 12 of 15 ( Start time: 06:50:27 PM ) Total Marks: 1


Which of the following is the tax where the tax rate remained fixed to the amount on
which the rate is applied increases?
Select correct option:

Proportional tax
Progressive tax
Regressive tax
Corporate tax
Question # 13 of 15 ( Start time: 06:50:56 PM ) Total Marks: 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 # 14 of 15 ( Start time: 06:51:08 PM ) Total Marks: 1


If a cultivator used its agricultural produce as raw material in its business what will be the
tax treatment of such agriculture produce?
Select correct option:

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 of 15 ( Start time: 06:51:36 PM ) Total Marks: 1


Agricultural income includes which one of the following?
Select correct option:

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 of 15 ( Start time: 06:57:56 PM ) Total Marks: 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

Question # 2 of 15 ( Start time: 06:58:09 PM ) Total Marks: 1


Which of the following is a literal meaning of tax?
Select correct option:
BY sadia ali
Burden
Endurance
Patience
Fortitude

Question # 3 of 15 ( Start time: 06:58:18 PM ) Total Marks: 1


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

Question # 4 of 15 ( Start time: 06:58:28 PM ) Total Marks: 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?
Select correct option:

2006
2007
2008
2009

Question # 5 of 15 ( Start time: 06:58:38 PM ) Total Marks: 1


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 # 6 of 15 ( Start time: 06:58:49 PM ) 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
BY sadia ali
Question # 7 of 15 ( Start time: 06:59:18 PM ) Total Marks: 1
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

Question # 8 of 15 ( Start time: 06:59:27 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
Economic Policy

Question # 9 of 15 ( Start time: 06:59:37 PM ) Total Marks: 1


If a cultivator used its agricultural produce as raw material in its business what will be the
tax treatment of such agriculture produce?
Select correct option:

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 # 10 of 15 ( Start time: 06:59:45 PM ) Total Marks: 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 # 11 of 15 ( Start time: 06:59:55 PM ) Total Marks: 1


Which of the following person fulfilled the criteria of a Taxpayer?
Select correct option:
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 of 15 ( Start time: 07:00:34 PM ) Total Marks: 1


Which of the following is the main tool of Fiscal Policy?
Select correct option:

Taxes
Deficit Financing
Subsidies
Transfer Payments

Question # 13 of 15 ( Start time: 07:00:42 PM ) Total Marks: 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 # 14 of 15 ( Start time: 07:00:59 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 # 15 of 15 ( Start time: 07:01:11 PM ) Total Marks: 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 # 1 of 15 ( Start time: 07:05:18 PM ) Total Marks: 1


In the normal circumstances on which of the following tax is charged?
Select correct option:

Gross Receipt
Total Income
Taxable Income
Gross Income

Question # 2 of 15 ( Start time: 07:05:46 PM ) Total Marks: 1


If a cultivator used its agricultural produce as raw material in its business what will be the
tax treatment of such agriculture produce?
Select correct option:

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 # 3 of 15 ( Start time: 07:05:52 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 # 4 of 15 ( Start time: 07:05:58 PM ) Total Marks: 1


Which one of the following is the general meaning of Tax?
Select correct option:

Relax
Lighten
Relieve
Fatigue

Question # 5 of 15 ( Start time: 07:06:04 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 # 6 of 15 ( Start time: 07:06:10 PM ) Total Marks: 1


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

Question # 7 of 15 ( Start time: 07:06:18 PM ) Total Marks: 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 # 8 of 15 ( Start time: 07:06:24 PM ) Total Marks: 1


Which of the following tax is paid from money you received from someone who has
died?
Select correct option:

Income tax
Inheritance tax
Property tax
Sales tax

Question # 9 of 15 ( Start time: 07:06:30 PM ) Total Marks: 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 # 10 of 15 ( Start time: 07:06:37 PM ) Total Marks: 1


Which of the following is a literal meaning of tax?
Select correct option:

Burden
Endurance
Patience
Fortitude

Question # 11 of 15 ( Start time: 07:06:43 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 # 12 of 15 ( Start time: 07:06:59 PM ) Total Marks: 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

Question # 13 of 15 ( Start time: 07:07:06 PM ) Total Marks: 1


Which of the following is the important content for calculating tax on income?
Select correct option:

Taxable Income
Residential Status
Tax Year
All of the given options

Question # 14 of 15 ( Start time: 07:07:12 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

Question # 15 of 15 ( Start time: 07:07:18 PM ) Total Marks: 1


Taxes are important instrument of which of the following policy?
Select correct option:

Monetary policy
Fiscal policy
Trade Policy
Economic Policy

Question # 1 of 15 ( Start time: 07:11:19 PM ) Total Marks: 1


Land revenue rent (Lagan) is received by which of the following authority?
Select correct option:

High Court
Supreme Court
Income Tax Department
Provincial Government

Question # 2 of 15 ( Start time: 07:11:33 PM ) Total Marks: 1


Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax
Concessions?
Select correct option:

Part IV
Part V
Part VI
Part VII

Question # 3 of 15 ( Start time: 07:11:44 PM ) Total Marks: 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
BY sadia ali
Question # 4 of 15 ( Start time: 07:11:58 PM ) Total Marks: 1
Which of the following is a literal meaning of tax?
Select correct option:

Burden
Endurance
Patience
Fortitude

Question # 5 of 15 ( Start time: 07:12:09 PM ) Total Marks: 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 # 6 of 15 ( Start time: 07:12:20 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 # 7 of 15 ( Start time: 07:12:32 PM ) Total Marks: 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 # 8 of 15 ( Start time: 07:12:57 PM ) Total Marks: 1


Which of the following is the External aid for the interpretation of tax laws?
Select correct option:
BY sadia ali
Preamble
Non-Obstinate clause
Title of a chapter
Finance Minister’s budget speech

Question # 9 of 15 ( Start time: 07:13:14 PM ) Total Marks: 1


Taxes are important instrument of which of the following policy?
Select correct option:

Monetary policy
Fiscal policy
Trade Policy
Economic Policy

Question # 10 of 15 ( Start time: 07:13:26 PM ) Total Marks: 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 # 11 of 15 ( Start time: 07:13:37 PM ) 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

Question # 12 of 15 ( Start time: 07:14:17 PM ) Total Marks: 1


Which one of the following is main difference between the tax and fee?
Select correct option:

Imposing authority
Applied Rates
Entitlement of Counter benefit
Mode of payment

Question # 13 of 15 ( Start time: 07:15:36 PM ) Total Marks: 1


BY sadia ali
BY sadia ali
Special tax year is adopted after seeking approval from the ____________ under section
74(3).
Select correct option:

Commissioner
Tax Officer
Appellate Tribunal
Supreme Court

Question # 14 of 15 ( Start time: 07:15:56 PM ) Total Marks: 1


A definition that includes the dictionary meanings of the word is termed as:
Select correct option:

Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition

Question # 15 of 15 ( Start time: 07:16:21 PM ) Total Marks: 1


What is the tax treatment of the salary of an employee of foreign government but citizen
of Pakistan?
Select correct option:

Exempt form tax


Wholly Taxable
Partly Taxable
No Tax treatment given in IT Ordinance 2001

BY sadia ali

You might also like