11/11/21, 5:39 PM Income Tax Ordinance Test 2

Income Tax Ordinance Test 2

Section 9 to 40

falaknazhanif@gmail.com Switch account

Draft saved

* Required

Email *

falakn139@gmail.com

Name *

falak memon

No deduction is allowed for any expenditure incurred by an employee in 2 points

deriving amounts chargeable to tax under the head *

(A) Income From Property

B) Income From Business

C) Income From Salary

D) None Of the above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 1/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

income of Non Resident Person under a head of income shall be 2 points

computed by taking into account? *

A) Pakistan Source Income Only

B) Foreign Source Income Only

C) Both A & B

D) None of the Above

In Case a Salaried individual Received two Pensions, What will be the 2 points

Treatment? *

A) The Higher will be Exempt

B) The lower will be Exempt

C) The higher will be Taxed

D) None of the Above

What is the tax treatment of the reimbursement of expenditure made by 2 points

the employer? *

A) Wholly Taxable

B) Wholly exempt

C) Partly Taxable

D) None of the above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 2/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

The owner of the property allowed deduction of Collection & 2 points

Administration expenses in the following %age? *

A) 5%

B) 3%

C) 10%

D) 4%

If an Un-Adjustable amount received by the property owner person shall 2 points

be included in his income by ___________equal proportion? *

A) 10

B) 5

C) 9

D) None

Value of perquisites expressed in the ______section of Income Tax 2 points

Ordinance 2001? *

A) 14

B) 15

C) 18

D) 13

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 3/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Any Building Rent-out along with Plant And machinery, this income will be 2 points

chargeable to tax under the Head of? *

A) Income from Business

B) Income From Salary

C) Income From Other Sources

D) None of the Above

Profit on Debt derived by a person whose business is to derive such 2 points

income, is _____ under the Head of Business? *

A) Exempt

B) Chargeable to Tax

C) Partly Chargeable to Tax

D) None of the above

No deduction can be allowed if per month salary of Rs. _______ is paid 2 points

without involving Banking Channel? *

A) 30000

B) 50000

C) 25000

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 4/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

No deduction is allowed for _____ paid by an AOP to its member? * 4 points

A) Profit on Debt

B) Salary

C) Commission

E) All of the above

An Expense on which the Taxpayer was supposed to deduct Tax is not 2 points
allowed as deduction if? *

A) The Due Tax was not deducted

B) The Claim was not filed

C) Withholding statement was not filed

D) None of the Above

Pharmaceutical Manufacturers allowed _____% of the Annual Income in 5 points

respect to Advertisement? *

A) 10%

B) 15%

C) 5%

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 5/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Leasing Company or any Financial Institution allowed Depreciation 2 points

deduction of leased depreciable assets from only? *

A) Lease Cost

B) Lease Rental

C) Both A & B

D) None of the Above

Rate for Depreciation for Furniture, Plant & Machinery is? * 2 points

A) 10%

B) 15%

C) 20%

D) 8%

Where life of the Intangible is not ascertainable, its useful Life shall be 5 points

treated? *

A) Twenty Five Years

B) Ten Years

C) Five Yesrs

D) Twenty Years

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 6/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

A Non banking Financial company or house building finance corporation 4 points

shall be allowed a deduction for creation of reserve to set-off bad debts

arising out of consumer loans not exceeding? *

A) 10%

B) 4%

C) 5%

D) 3%

A company shall account for income chargeable to tax under the head 2 points

income from business on? *

A) Cash Basis Accounting

B) Accrual Basis Accounting

C) Both A & B

D) None of Above

Absorption Cost is? * 2 points

A) Direct Material Cost

B) Direct Labor Cost

C) Factory Overhead Cost

D) All of above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 7/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Prime Cost Method is? * 2 points

A) Direct Material Cost

B) Direct Labor Cost

C) Variable Factory Overhead Cost

D) All of Above

Closing Value of Stock in Trade shall be lower of? 4 points

A) Cost or Net Realizable Value

B) Cost or Fair Market Value

C) Both A & B

D) None of the Above

Rate of Accelerated depreciation to alternate energy projects is? * 2 points

A) 70%

B) 90%

C) 50%

D) None of the above

Which one is Exempt from the followings? * 5 points

A) Conveyance Allowance

B) Accommodation Allowance

C) Utilities Allowance

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 8/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Gratuity received from Government, Statutory body or corporation is? * 5 points

A) Taxabale

B) Partly Taxable

C) Exempt

D) None of the Above

Bad Debts are those debts which are? * 2 points

A) Recoverable

B) Irrecoverable

C) Both

D) None

Deductions Not allowed under the Head Income from Business, comes 2 points

under section? *

A) 20

B) 21

C) 23

D) 16

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 9/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Who is Liable to Pay tax in a partnership form of business? * 2 points

A) Partner

B) Partner with Large share

C) Partnership Firm

D) None of the Above

Which from the following cannot be deduct as a deduction under the 2 points

Head income from Business? *

A) Any Tax In Pakistan

B) Withholding Tax

C) Both A & B

D) None of the Above

The cost of a Depreciable asset being a passenger transport vehicle not 2 points

plying for hire shall not exceed? *

A) Two Million Rupees

B) One and Half Million Rupees

C) Two And Half Million Rupees

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 10/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Where a Depreciable asset is jointly owned by Taxpayer and Islamic 2 points

financial institution, the asset shall be treated to be? *

A) Partly owned by Taxpayer

B) Wholly Owned by Taxpayer

C) Wholly owned by Islamic Financial Instutution

D) None of the Above

Amortization deduction shall be computed by formula A/B, where A is the 2 points

cost of Intangible and "B" is? *

A) Normal Useful Life in whole years

B) Normal Useful Life in Ten years

C) Normal Useful Life in Twenty Years

D) None of the above

The Income of a Resident person under a head of income shall be 2 points

computed by taking into account? *

A) Pakistan Source Income Only

B) Foreign Source Income Only

C) Both A& B

D) Only A

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 11/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Capital Gains comes under which Section of ITO 2001? * 2 points

A) 37

B) 40

C) 38

D) 36

Meezan Bank has leased two generators owned by it to FBR, The amount 2 points
paid by FBR to Meezan Bank shall be treated under the Head? *

A) Income From Business

B) Income from Other Sources

C) Income from Capital Gain

D) FBR Can Take Free Privilege

UBL bank has entered into an agreement with HBL to use some of its 2 points

vehicles. UBL leases these vehicles to CM House Lahore. The Amount paid
by CM Lahore to UBL bank will fall under the head? *

A) Income From Business

B) Income from Other Sources

C) Income from Capital Gain

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 12/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Rent of Lift Installed in Plaza would be charged to Tax under the head? * 2 points

A) Income From Business

B) Income from Other Sources

C) Income from Capital Gain

D) None of the Above

Where the holding period of an Immovable property exceeds one year but 2 points
does not exceed two years, Taxable amount will be calculated by? *

A) A*3/4

B) A*1/2

C) A*1/4

D) None

No loss shall be Recognized on the disposal of the following Capital 2 points

Assets? *

A) Medallion

B) Rare Book

C) Both A & B

D) None of the Above

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 13/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2

Additional Payment on Delayed refund under any Tax Law can be taken 2 points

into account under the head of? *

A) Other sources

B) Capital Gain

C) Business

D) None

Below are Capital Assets except one? * 2 points

A) Building

B) Antique

C) Stock In Trade

D) Land

So Much of the loss on the disposal of securities can be carried forward to 2 points
maximum? *

A) 2 Years

B) 6 Years

C) 3 Years

D) 5 years

A copy of your responses will be emailed to the address you provided.

Submit Clear form

Never submit passwords through Google Forms.

reCAPTCHA
Privacy Terms

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 14/15
11/11/21, 5:39 PM Income Tax Ordinance Test 2
This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy

 Forms

https://docs.google.com/forms/d/e/1FAIpQLSdYh3o5EhgvvvDr0PGjGA8GsRwFHvr_pjlzxehPw3sFtxZoog/viewform 15/15