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623FIN Taxation Management Mcqs
623FIN Taxation Management Mcqs
Mcqs
Page 01
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following?
Select correct option:
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Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance
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4-However its most of the branches are operated out of seeart
Resident Company
Non- Resident Company
Resident Individual
Resident AOP
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6-Which of the following is the tax where the tax rate seeart
Proportional tax
Progressive tax
Corporate tax
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Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance
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Accrual Basis
Cash Basis
Free to choose any kind of base
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Tax?
Relax
Lighte
n Reli
eve
Fatigue
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tax is charged?
Gross Receipt
Total Income
Taxable Income
Gross Income
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Page 02
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11-Which of the following is the Special Accounting Year of seeart
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Simplicity
Convenience
Certainty
Capacity to
Pay
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13-Which part of Income Tax Ordinance 2001 deals with the seeart
Part IV
Part V
Part VI
Part VII
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Convenience
Judicious
Capacity to Pay
Business friendly
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Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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following?
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19-A firm ABC maintaining its account in cash basis, at June seeart
2006
2007
2008
2009
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Page 03
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Taxes
Deficit Financing
Subsidies
Transfer Payments
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3
6
12
18
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the residents?
Fee
Taxes
Charges
Penalties
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Part IV
Part V
Part VI
Part VII
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policy?
Monetary policy
Fiscal policy
Trade Policy
Economic Policy
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Income tax
Inheritance tax
Property tax
Sales tax
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following?
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Salaries paid
Purchases
Office expenditures
All of the given options
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Polic y?
Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options
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Page 04
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following?
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Taxable Income
Residential Status
Tax Year
All of the given options
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Wholly Taxable
Partly Exempt
Not mention in Ordinance
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tax is charged?
Gross Receipt
Total Income
Taxable Income
Gross Income
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3
6
12
18
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Wholly taxable
Wholly exempt
Partly taxable
Not mention in second schedule (not sure)
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40-What is the residential status of Provincial Government seeart
of Pakistan?
Resident Individual
Resident Company
Resident AOP
Resident HUF
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Page 05
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41-M/s ABC & Co. has been incorporated under Pakistan seeart
Resident Company
Non- Resident Company
Resident Individual
Resident AOP
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43-of the following section deals with the residential status seeart
of Individual?
Section 80
Section 81
Section 82
Section 83
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2.5%
5.5%
7.5%
9.5%
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Resident Individual
Non Resident Individual
Resident Person
Resident HUF
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Pakistan?
Resident Person
Resident Company
Resident AOP
Resident HUF
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Resident Individual
Non- Resident Individual
Resident HUF
Resident AOP
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48-The age of senior citizen was 65years and now amended seeart
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Section 81
Section 82
Section 83
Section 84
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50-Which of the following days shall be counted as half day seeart
A Public Holiday
A day of sick leave
Any strike
None of the given options
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Page 06
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Rs. 200,000
Rs. 300,000
Rs. 400,000
Rs. 1,000,000
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2009
2006
2007
2008
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Resident Individual
Non Resident Individual
Resident Person
Resident HUF
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Section 11
Section 13
Section 14
Section 12
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Inclusive Definition
Exclusive Definition
Both Inclusive and Exclusive
None of the given options
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must be satisfied?
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60-M/s ABC & Co. has been incorporated under Pakistan VUStudent
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Page 07
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status of Company?
Section 81
Section 82
Section 83
Section 84
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Wholly Taxable
Wholly Exempt
Partly Exempt
Not mention in Ordinance
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following authority?
High Court
Supreme Court
Income Tax Department
Provincial Government
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66-If the land situated in Pakistan and used for agriculture VUStudent
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67-Certain incomes those are excluded from tax are called VUStudent
as:
Perquisites
Exemptions
Allowances
Deductions
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Insurance Companies?
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70-Section 2(5A) of Income Tax Ordinance 2001 defined: VUStudent
Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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Page 08
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following authorities?
Parliament
Supreme Court
High Court
City Court
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Section 206
Section 213
Section 237
Section 238
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73-Which of the following tax is paid in relation to how VUStudent
Sales Tax
Income Tax
Inheritance Tax
Value added Tax
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Capacity to Pay
Simplicity
Certainty
Convenience
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following policy?
Monetary policy
Fiscal policy
Trade Policy
Economic Policy
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Section 110
Section 101
Section 102
Section 50
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Page 09
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Wholly taxable
Partly Taxable
Wholly exempt
Wholly exempt only if resident paid foreign tax on his
salary
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A public holiday
A day of sick leave
Any strike day
All of the given options
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Wholly Taxable
Wholly Exempt
Partly Exempt
None of the given options
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Section 41
Section 43
Section 47
Section 49
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of Incomes?
agriculture income?
Spontaneous forests
Agro based industry
Interest received by a farmer on lending
Income from land in Pakistan used for agriculture
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income.
3
4
5
6
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90-Certain incomes those are excluded from tax are called VUStudent
as:
Perquisites
Exemptions
Allowances
Deductions
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Page 10
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Salaried Person
LESCO
All of the given options
WAPDA
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Economic
Fiscal
Economy
Monetary
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95-Which one of the following is the Internal aid and help in the VUStudent
interpretation of law?
Punctuation marks
CBR’s circulars
Definitions in other statutes
Departmental manuals
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Parliament
Supreme Court
High Court
City Court
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98-How many Sections are included in the Income Tax Ordinance VUStudent
2001?
340 sections
440 sections
140 sections
240 sections
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Economic Development
Price stability
Removal of deficit in Balance of Payments
All of the given options
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100-Which one of the following is main difference between the tax VUStudent
and fee?
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Page 11
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Resident Individual
Non-Resident Individual
Resident Person
Resident HUF
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Resident Individual
Non Resident Individual
Resident Person
Resident HUF
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management of a company
under section 2(22) of Income Tax Ordinance, 2001 is
termed as:
Employment
Employer
Employee
Business premises
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Salary Income
Income from Property
Income from Business
Capital Gains
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permanent establishment
as per section 105?
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Page 12
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Permanent establishment
Small Business Units SBU
Venture
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115-M/s ABC & Co. has been incorporated under Pakistan VUStudent
Resident Company
Non-Resident Company
Resident Individual
Resident AOP
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10%
25%
50%
75%
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Nationality of Pakistan
Quantity of the product
Time period
Human effort
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income?
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Individual
Company
Firm
Hindu Undivided Family Ref:
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120-Mr. A & B Joint Owners of a Building, Which of the VUStudent
Company
Association of Persons
Hindu Undivided Family
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Page 13
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Whenever he decides so
After seeking approval from Tax Office
After seeking approval from Commissioner of income
tax
After seeking approval from High Court
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122-Which one of the following is the Internal aid and help VUStudent
in the interpretation of
Punctuation marks
CBR’s circulars
Definitions in other statutes
Departmental manuals
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Section 206
Section 213
Section 237
Section 238
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Ordinance 2001?
Three Schedule
Fifth Schedule
Seven Schedules
Nine Schedules
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Income Tax
Value Added Tax
Capital Value Tax
Wealth Tax
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meanings of Tax?
Burden
Strain
Load
Relieve
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Section 81
Section 82
Section 83
Section 84
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Page 14
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131-What is the tax treatment of any profit on the US VUStudent
Wholly exempt
Wholly taxable
Tax @10% of profit paid
Not mention in second schedule
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Section 40
Section 43
Section 47
Section 53
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134-The process of clubbing of income results in which of VUStudent
the following?
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Accrual Basis
Cash Basis
Both Accrual and Cash Basis
Free to choose any kind of base
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sum receipt?
Pension
Golden shake hand
Provident fund
Salary
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income?
Loan through cross cheque
Gifts through proper transaction
Golden hand shake
All of the given options
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income?
Cash Gift
Loan through cross cheque
Salary
Golden hand shake
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Individual
Company
Banking Company
Hindu Undivided Family
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Page 15
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Economic
Fiscal
Economy
Monetary
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management of a company;
· a position entitling the holder to a fixed or ascertainable
remuneration; or
· the holding or acting in any public office;
In which criteria the above definition falls?
Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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Exclusive definition
Inclusive definition
Statutory definition
Both Exclusive definition and Inclusive definitions
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Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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146-Which one of the following is the Internal aid and help VUStudent
Punctuation marks
CBR’s circulars
Definitions in other statutes
Departmental manuals
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following authorities?
Parliament
Supreme Court
High Court
City Court
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also called:
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Page 16
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Rs. 23,500
Rs. 47,000
Rs. 70,500
Rs. 94,000
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NTN
NIC
CNIC
None of the given option
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Rs. 254,352
Rs. 211,960
Rs. 181,680
Rs. 151,400
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160-Which of the following is the legal status of Al-Habib VUStudent
Individual
Banking Company
Hindu Undivided Family
Firm
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Page 17
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Commissioner
Tax Officer
Appellate Tribunal
Supreme Court
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Exclusive definition
Inclusive definition
Both Exclusive and Inclusive definitions
Statutory definition
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Preamble
Title of a chapter
Non-Obstinate clause
Finance Minister’s budget speech
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Proportional tax
Progressive tax
Regressive tax
Corporate tax
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Simplicity
Convenience
Certainty
Capacity to Pay
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Taxes
Deficit Financing
Subsidies
Transfer Payments
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Imposing authority
Applied Rates
Entitlement of Counter benefit
Mode of payment
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that:
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Page 18
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individual shall:
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Permanent Establishment
Royalty
Dividend
Tax
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Wholly
Partly
Both Wholly & Partly
None of the given options
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income?
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Day of departure
Day of arrival
A Public Holiday
All of the given options
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143 Days
153 Days
173 Days
183 Days
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Corporation tax
Property tax
Sales Tax
Excise
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