20.Mrs. Sara received a basic salary of Rs.

460, 000 during the year ended

30.06.2016. She received gratuity from the government of Sindh of Rs.21, 600.
What would be her tax payable?
a) Rs.1,632
b) Rs.2,262
c) Rs.140
d) Rs.1,980
21.Which of the following canon of taxation suggests that there should not be any
arbitrariness or ambiguity in respect of amount of tax paid.
a) Capacity to pay
b) Certainty
c) Simplicity
d) Convenience
22.Any income entitled to be received by a company then entry of such amount
will only be made in the books of accounts if:
23. Company maintaining its books on cash basis
a) Company maintaining its books on Accrual basis
b) Company maintaining its books Accrual on cash basis
c) None of the above
24.Income tax is charged on which of the following?
a) Income of the current tax year
b) Income of the previous tax year
c) Income of the coming year
d) Any receipt of money
25.Pension is defined in which of the following schedule of the income tax
ordinance 2001?
a) 2nd schedule part 1 cl.(8)
b) 2nd schedule part 1 cl.(24)
c) 2nd schedule part 2 cl.(22)
d) 2nd schedule part 2 cl.(20)
26.Resident person includes which of the following?
a) Resident individual and association of persons
b) Resident company
c) Federal government
d) All of the given options
27.Which part of income is charged to tax resident person under the income tax
ordinance 2001?
a) Pakistani source of income
b) Foreign source of income
c) Both Pakistan and foreign source of income
d) None of the given option
28.________________ means a fixed place of business through which the business of an
enterprise is wholly or partly carried on.
a) Franchise
b) Permanent establishment
c) Small business units
d) Venture
29.Which of the following is the general definition of tax
a) Compulsory contribution of wealth by persons
b) Optional contribution of wealth by persons
c) compulsory contribution of wealth by state
d) Optional contribution of wealth by state
30.Which one of the following sections define income’ under the head from
business section 18?
a) Section2 (9)
b) Section2 (29)
c) Section 75
d) Section2(15)
31.Income is recorded when received and expenditure when paid. Which one of
the following accounting systems describe the statement?
a) Cash basis accounting system
b) Accrual basis accounting system
c) Both cash and accrual basis
d) None of the given options
32.On Building (all types) the depreciation rate specified for the purposes of
section 22 shall be:
a) 10%
b) 12%
c) 5%
d) 20%
33.Section 22(15) defines depreciable asset means:
a) Any tangible movable property
b) Any tangible immovable property (other than unimproved land)
c) Structural improvement to immovable property
d) All of the given options
34.The salary received from the UK Government by Mr. Amir Resident of
Pakistan. Which section of the income tax ordinance explains his tax
treatment of such salary?
a) Section 110
b) Section 101
c) Section 102
d) Section 50
35.Revision of return can be made on an application n made by the tax payer
relating to issuance of an exemption, by which of the following authorities?
a) Income Tax Officer
b) Assistant Controller of Income Tax
c) Deputy Controller of Income Tax
d) Regional Commissioner of Income Tax
36.Appeal to CIT (appeals) shall be filed in which of the following manner?
a) On prescribed form
b) On plane paper
c) On stumped paper
d) Legal documents
37.Which of the following is included in the assessment order by commissioner?
a) Taxable Income
b) Tax Due
c) Amount of Tax Paid
d) All of the given options
38.In Sales Tax Act Zero-rated supply means a taxable supply which is changed to
tax at the rate of zero percent define under
a) Section 4
b) Section 5
c) Section 6
d) Section 22
39.Mr. Kishan Kumar during his yearly tour in Pakistan spends 185 working
days, 26 off- working days 1 strike day and 1 Public Holiday in a tax year
2015-16? What will be the status of the individual?
a) Resident Individual
b) Non Resident Individual
c) Resident Person
d) Resident HUF
40.Which of the following is the rate of tax for AOP for tax year 2016, where the
taxable income exceeds Rs. 400,000 but does not exceed Rs. 500,000?
a) 0%
b) 2.00%
c) 7.00%
d) 5%
41.Which of the following is the rate of tax for AOP for tax year 2016, where the
taxable income exceeds Rs. 750,000 but does not exceeds Rs. 1,500,000?
a) 7.50%
b) 12.5%
c) 20.00%
d) 15.00%
42.Which of the following is the Rate of Tax for dividend received from power
Generation Company for Tax Year 2016?
a) Nil
b) 2.50%
c) 5%
d) 7.50%
43.Which one of the following is not the feature of Sales Tax?
a) Indirect Tax
b) Broad Based
c) Elastic? Flexible
d) None of the given options
44.Mr. Ali received a basic salary of Rs. 40,000 per month during the year ended
30.06.2016. During the year domestic bills of water, telephone and electricity
amounting to Rs. 6, 000, 12, 000, and 9, 600 were paid by his employer
respectively. What would be his taxable income?
a) Rs. 480, 000
b) Rs. 507, 600
c) Rs. 452, 400
d) Rs. 289,800
45.Mr. Shafqat received a basic salary of Rs. 600, 000 during the year ended
30.06.2016. He has received lunch facility, cost of living allowance and adhoc
relief of Rs. 6000, 50,000, and 7, 800 respectively. What would be his tax
payable?
a) Rs. 8, 030
b) Rs. 7,039
c) Rs. 9,069
d) Rs. 8, 190.00
46.A retailer whose value of supplies in any period during the last twelve months
ending any tax period exceeds______ are required to be registered under the
Sales Tax Act 1990;
a) Forty million rupees
b) Twenty million rupees
c) Ten million rupees
d) Five million rupees
47.Statutory Provident Fund is governed by which one of the following?
a) Finance Act 2006
b) Insurance Act 1969
c) Provident funds act 1925
d) Finance bill 2007
48.Waseem has rented out his house at Rs.15,000 per month. As per rent deed
she has received an amount of Rs.75,000 as Advance, which is non adjusted
able against rent. What would be the amount of rent chargeable to tax where
the fair market rent is Rs.100,000?
a) Rs.90,000
b) Rs.1,875,000
c) Rs.92,400
d) Rs.1,200