Basic Information
Total points78/100
General
0 of 0 points
Name *
Abdul Qadeer Hamza
Mobile No. *
3014306609
Professional Test
78 of 100 points
Income Tax
4. Total income of a person is defined in section----- of the income tax ordinance 2001
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9
10
11
12
Other:
26. Fair market value of any benefit or perquisite, whether convertible into money or
not, derived by a person by virtue of, a past, present, or prospective business
relationship shall be chargeable to tax under the head income from
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Salary
Property
Business
None
Other:
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yes
20. While calculating income from property an allowance equal to ------ of the rent
chargeable to tax in respect of the building for the year, computed before any
deduction allowed shall be allowed
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One fifth
One fourth
10%
15%
Other:
18. Where any amount is included in rent received or receivable by any person for the
provision of amenities, utilities or any other service connected with the renting of the
building, such amount shall be chargeable to tax under the head
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Salary
Business
Other Sources
Property
Other:
5. Pension paid by federal government to his employees is calculated under the dead
"Salary" however, is not exempt from from tax.
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True
False
Other:
Correct answer
False
6. The income of a resident person under a head of income shall be computed by
taking into account amounts that are
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Pakistan source income
Foreign source income
Pakistan source + Foreign source income
Pakistan source - Foreign source income
Other:
42. The amortization deduction of a person for a tax year shall be computed according
to the following formula, namely
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A-B
A+B
A/B
A*B
Other:
25. Any income derived by any trade, professional or similar association from the sale
of goods or provision of services to its members shall be chargeable to tax under the
head income from business.
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True
False
Other:
3. Section 9 of the income tax ordinance 2001 deals with
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Heads of income
Total income
Taxable income
Exempt income
Other:
13. Where, in a tax year, utilities are provided by an employer to an employee, the
amount chargeable to tax to the employee under the head “Salary” for that year shall
include
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Fair market value of the utilities reduced by any payment made
None
Fair market value only
Consideration paid by the employee
Other:
Correct answer
Fair market value of the utilities reduced by any payment made
16. The value of a right or option to acquire shares under an employee share scheme
granted to an employee shall
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Be chargeable to tax
Shall not be chargeable to tax
Shall b exempt from tax
None
Other:
17. "Employee share scheme” means any agreement or arrangement under which a
company may issue shares in the company to
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Employees of the company
Employees of the associate company
Both are correct
None
Other:
2. Heads of income are defined in which section of the income tax ordinance 2001?
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9
10
11
12
Other:
44. If the consideration received on disposal of intangible is less than the written down
value of the intangible at the time of disposal, the difference shall be --------- in
computing the person’s income chargeable to tax under the head “Income from
Business” in that year.
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allowed as a deduction
Disallowed as a dedution
Shall be income of person
None
Other:
45. “intangible” means any patent, invention, design or model but does not include
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Secret formula
Trademark
Self generated goodwill
Copyright
Other:
33. No deduction shall be allowed in computing the income of a person under the
head “Income from Business” for any salary paid or payable exceeding ------ thousand
rupees per month other than by a crossed cheque or direct transfer of funds to the
employee’s bank account
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Fifteen
Twenty
Twenty five
Thirty five
Other:
24. Any income from the hire or lease of tangible movable property is chargeable to
tax under the head income from
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Property
Business
Other source
None
Other:
39. Which of the following is the not a depreciable asset
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Tangible moveable property
Immoveable property
Building
Un improved land
Other:
11. An amount or perquisite shall be treated as received by an employee from any
employment regardless of whether the amount or perquisite is paid or provided
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By the employee’s employer
By an associate of the employer
Both are correct
None
Other:
37. Where any building, furniture, plant or machinery is used for the purposes of
business during any tax year for which the income from such business is exempt,
depreciation admissible shall be treated to have been ----- in respect of the said tax
year
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Disallowed
Allowed
Partially allowed
Not allowed
Other:
47. pre-commencement expenditure” means any expenditure incurred before the
commencement of a business wholly and exclusively to derive income chargeable to
tax but does not include
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cost of feasibility studies
expenditure incurred in acquiring land
Prototype cost
Trial production activities
Other:
Correct answer
expenditure incurred in acquiring land
43. Where, in any tax year, a person disposes of an intangible, no depreciation
deduction shall be allowed under this section for that year.
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True
False
Correct answer
False
12. Where any amount chargeable under the head “Salary” is paid to an employee in
arrears; and as a result the employee is chargeable at higher rates of tax employee
may, by notice in writing to the ------ elect for the amount to be taxed at the rates of tax
that would have been applicable if the salary had been paid to the employee in the tax
year in which the services were rendered.
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Assistant commissioner
Commissioner
Additional commissioner
Cheif commissioner
Other:
41. A person shall be allowed an amortisation deduction in accordance with this
section in a tax year for the cost of the person’s
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Tangible assets
Intangibles asset
Moveable assets
Tangible moveable assets
Other:
31. Disallowance in respect of purchases of raw materials and finished goods under
clause c of section 21 shall not exceed -----per cent of purchases of raw materials and
finished goods.
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10
15
20
25
Other:
23. Where the owner of a building receives from a tenant an amount which is not
adjustable against the rent, the amount shall be treated as rent chargeable to tax in
the tax year in which it was received and the following ------tax years in equal
proportion.
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Nine
Ten
Eleven
None
Other:
49. “scientific research institution” means any institution certified by the ------- as
conducting scientific research in Pakistan.
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Government
SECP
Board
SBP
Other:
8. The income of a resident person under a head of income shall be computed by
taking into account only amounts that are Pakistan-source income.
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True
False
Correct answer
False
7. Where the total deductions allowed to a person for a tax year under a head of
income exceed the total of the amounts derived by the person in that year that are
chargeable to tax under that head, the person shall be treated as sustaining a ----- for
that head for that year.
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Income
Loss
Profit
Excess
Other:
27. Any profit on debt derived by a person where the person’s business is to derive
such income shall be chargeable to tax under the head “Income from Other Sources ”
and not under the head “Income from Business”.
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True
False
Other:
Correct answer
False
36. The written down value of a depreciable asset of a person at the beginning of the
tax year, where the asset was acquired in the tax year, shall be
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the cost of the asset to the person
Cost of the asset reduced by initial allowance
Both are correct
None
Other:
Correct answer
Cost of the asset reduced by initial allowance
22. Where the owner of a building receives from a tenant an amount which is not
adjustable against the rent, the amount shall be treated as rent chargeable to tax
under the head Income from
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Business
Property
Other source
None
Other:
46. A person bought a machine in 2010 for Rs. 100,000/- and allowed an initial
allowance of Rs.20,000/- in 2010. What will be the written down value of machine on
1st day of tax year 2011
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100,000
90,000
80,000
120,000
Other:
35. A pharmaceutical menufacturer shall not be allowed a deduction for any
expenditure in respect of sales , advertisement and publicity in excess of ----- per cent
of turnover.
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15
10
20
25
Other:
32. Any expenditure for a transaction, paid or payable under a single account head
which, in aggregate, exceeds two hundred and fifty thousand rupees, made other than
by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order
or any other crossed banking instrument showing transfer of amount from the
business bank account of the taxpayer shall be disallowed under
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21(c)
21(l)
21(m)
None
Other:
Correct answer
21(l)
48. Pre-commencement expenditure shall be amortized on a straight-line basis
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True
False
Other:
40. A person who places an eligible depreciable asset into service in Pakistan for the
first time in a tax year shall be allowed a deduction hereinafter referred to as
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Initial allowance
Depreciation allowance
1st year allowance
None
Other:
38. Where, in any tax year, a person disposes of a depreciable asset, no depreciation
deduction shall be allowed under this section for that year.
2/2
True
False
14. Where, in a tax year, a loan is made by an employer to an employee, and no profit
on loan is payable by the employee, the amount chargeable to tax to the employee
under the head “Salary” for that year shall include
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Not computed
The profit on loan computed at the benchmark rate
The difference between the amount of profit on loan paid by the employee and benchmark rate
None
Other:
Correct answer
The profit on loan computed at the benchmark rate
28. Any business in which a contract for the purchase and sale of any commodity is
periodically or ultimately settled otherwise than by the actual delivery or transfer of the
commodity is called
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Cash basis
Accrual basis
Speculation
None
Other:
34. A deduction shall be allowed in computing the income of a person under the head
“Income from Business” for any fine or penalty paid or payable by the person for the
violation of any law, rule or regulation.
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Equal to the amount of fine or penalty
Lesser of the both
No deduction shall be allowed
None
Other:
9. No deduction shall be allowed for any expenditure incurred by an employee in
deriving amounts chargeable to tax under the head ---2/2
Business
Property
Other source
Salary
Other:
1. How many heads of income are defined in income tax ordinance 2001?
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3
1
4
5
Other:
15. For the purpose of taxation“utilities” includes electricity, gas, water and
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Telephone
Car
House
All
Other:
50. A company shall account for income chargeable to tax under the head “Income
from Business” on
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Cash basis
Accrual basis
Cash or accrual as prescribed by the board
None
Other:
10. Salary includes values of perquisites which are
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Convertible to money
Not Convertible to money
Convertible to money or not
None
Other:
30. No deduction shall be allowed in computing the income of a person under the
head “Income from Business” for ------ on the basis of such profits or gains from
business.
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Only for Tax or rate levied
Only for Any cess levied
Any cess, rate or tax levied
All are correct
Other:
Correct answer
Any cess, rate or tax levied
19. Any rent received or receivable by any person in respect of the lease of a building
together with plant and machinery shall not be chargeable to tax under the head
“Income from Other Sources”.
2/2
True
False
Other:
29. Speculation business does not include a contract in respect of stocks and shares
entered into by a person to guard against loss in the person’s holding of stocks and
shares through price fluctuations.
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True
False
Other:
21. Where any unpaid rent allowed as a deduction, is wholly or partly recovered, the
amount recovered shall be chargeable to tax in the tax year
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In which deduction was allowed
in which it is recovered
Any of 3 preceding years
None
Other:
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