MIDTERM EXAMINZTION
Spring 2011
FIN623-Taxation Management
Shared By Muhammad Tahir Naveed
Question No: 1 ( M a r k s: 1 ) http://vuzs.net
Following Income are held to be Agricultural Income, EXPECT?
► The fees collected from owners of cattle
► Income from growing flowers and creepers
► Share of profit of a partner from a firm engaged in non-agricultural operation
► Interest on capital received by a partner from a firm engaged in agricultural operation.
Question No: 2 ( M a r k s: 1 ) http://vuzs.net
Which of the following is an example of exclusive definition?
► Charitable purpose
► Appellate Tribunal
► Employment
► Dividend
Question No: 3 ( M a r k s: 1 ) http://vuzs.net
Under which of the following sections of Income Tax Ordinance 2001 vested the
powers to CBR in order to formulate the IT rule 2002?
► Section 206
► Section 213
► Section 237
► Section 238
Question No: 4 ( M a r k s: 1 ) http://vuzs.net
Section 2(5A) of Income Tax Ordinance 2001 defined: “assessment year” means
assessment year as defined in the repealed Ordinance.
In which criteria the above definition falls?
► Exclusive definition
► Inclusive definition
► Both Exclusive and Inclusive definitions
► Statutory definition
Question No: 5 ( M a r k s: 1 ) http://vuzs.net
Which of the following is the Special Accounting Year of Sugar Companies?
► 1st July to 30th June
► 1st October to 30th September
► 1st September to 31st August
► 1st January to 31st December
Question No: 6 ( M a r k s: 1 ) http://vuzs.net
Certain incomes those are excluded from tax are called as: ________
► Perquisites
► Exemptions
► Allowances
► Deductions
Question No: 7 ( M a r k s: 1 ) http://vuzs.net
Which of the following is including in employment?
A directorship or any other office involved in the management of a company;
A position entitling the holder to fixed or ascertainable remuneration; or
Holding or acting in any public office.
All of given options
Question No: 8 ( M a r k s: 1 ) http://vuzs.net
For a resident AOP which of the following condition must be satisfied?
► 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
Question No: 9 ( M a r k s: 1 ) http://vuzs.net
Taxation of members of associations of persons is compute under which Section?
► 93(6)
► 80(1)
► 92(6)
► 102
Question No: 10 ( M a r k s: 1 ) http://vuzs.net
Any amount shall be Pakistan-source income if it is paid by:
► Resident person
► Non-resident person
► Citizen of Pakistan
► All of the given options
Question No: 11 ( M a r k s: 1 ) http://vuzs.net
Any salary received by an employee of a foreign government for services rendered
to such government shall be exempt from tax under which section of IT Ordinance
2001?
► Section 40
► Section 43
► Section 47
► Section 53
Question No: 12 ( M a r k s: 1 ) http://vuzs.net
Tax year for the salaried individuals is called as:
► Special Tax Year
► Normal Tax Year
► Fiscal Year
► Financial Year
Question No: 13 ( M a r k s: 1 ) http://vuzs.net
An Individual will be termed as Short Term Resident under section 50 of the IT
Ordinance 2001 on which of the following condition?
► His period of stay in Pakistan equal to 183 days
► The employee of Foreign Government
► The citizen of Pakistan
► His period of stay in Pakistan not exceeding 3 years
Question No: 14 ( M a r k s: 1 ) http://vuzs.net Income Tax is charged on which of the following?
► Income of the current tax year
► Income of the previous year
► Income of the coming year
► Any Receipt of money
Question No: 15 ( M a r k s: 1 ) http://vuzs.net
Which part of income is charged to tax of non-resident person under the income tax
ordinance 2001?
► Pakistani source of income
► Foreign source of income
► Both Pakistan and foreign source of income
► None of the given option
Question No: 16 ( M a r k s: 1 ) http://vuzs.net
Which part of income is charged to tax of resident person under the income tax
ordinance 2001?
► Pakistani source of income
► Foreign source of income
► Both Pakistan and foreign source of income
► None of the given option
Question No: 17 ( M a r k s: 1 ) http://vuzs.net
Which of the following does Not come under the ambit of permanent establishment
(PE)?
► Branch office
► Factory or workshop
► Premises for soliciting orders
► Liaison or relationship office
Question No: 18 ( M a r k s: 1 ) http://vuzs.net
____________ means a fixed place of business through which the business of an
enterprise is wholly or partly carried on.
► Franchise
► Permanent establishment
► Small Business Units SBU
► Venture
Question No: 19 ( M a r k s: 1 ) http://vuzs.net
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?
► Section 110
► Section 101
► Section 102
► Section 50
Question No: 20 ( M a r k s: 1 ) http://vuzs.net
Which of the following is the main objective of Fiscal Policy?
► Economic Development
► Price stability
► Removal of deficit in Balance of Payments
► All of the given options
Question No: 21 ( M a r k s: 1 ) http://vuzs.net
Which of the following was the First law on Income Tax promulgated in Pakistan?
1st July, 1979
1st July, 1969
1st July, 1949
1st July, 2002
Question No: 22 ( M a r k s: 1 ) http://vuzs.net
How many Schedules are contained in the Income Tax Ordinance 2001?
► Three Schedules
► Fifth Schedule
► Seven Schedules
► Nine Schedules
Question No: 23 ( M a r k s: 1 ) http://vuzs.net
If a business carried on by Non-resident person in Pakistan through permanent
establishment what will be the tax treatment of the traveling expenditures born by
the non-resident for spending his holidays in his home land?
► Wholly taxable due to PE
► Wholly taxable as no concerned with PE in Pakistan
► Not permissible as deduction from the income of Non-resident
► None of the given options
Question No: 24 ( M a r k s: 1 ) http://vuzs.net
Which one of the following section deals with the Agriculture Income?
► Section 40
► Section 41
► Section 43
► Section 53
Question No: 25 ( M a r k s: 1 ) http://vuzs.net
Income tax ordinance was promulgated on?
► 22nd September, 2001
► 13th September, 2001
► 14th September, 2001
► 19th September, 2001
Question No: 29 (M a r k s: 3 )
What exemption granted under section 46 of IT Ordinance 2001?
Question No: 30 ( M a r k s: 3 )
Mr. sohail going come in Pakistan 1st march 2008 to attend marriage ceremony and he is
going back to Singapore 22
nd march 2008 however he extend his visit and going back 30
th may 2009. What is residential status of Mr. Sohail in tax year?
2009?
Question No: 31 ( M a r k s: 5 )
Define and explain Setion. 2(41)? Question No: 32 ( M a r k s: 5 )
Define these two terms with their relevant sections
Resident individual
Resident AOP
