FIN623 Online Quiz#2..Lecture# 1 to 15 Solved By BY sadia aliapi.ning.com/files/PSexZUAHnikrt7I6mXPn-dmrZaB4dG-Zli1saRJ2... · BY sadia ali. Question # 11 of 15 ( Start time: 01:55:52

FIN623 Online Quiz#2..Lecture# 1 to 15Solved By

Question # 2 of 15 ( Start time: 12:33:31 AM ) Total Marks: 1Senior citizen-age 60 years & above where taxable income not exceeding ________ taxliability reduced by 50% under Part 3 of second schedule.Select correct option:

Rs. 200,000Rs. 300,000Rs. 400,000Rs. 1,000,000

Question # 5 of 15 ( Start time: 12:35:47 AM ) Total Marks: 1Which of the following days shall be counted as half day for the computation ofresidential status of an individual?Select correct option:

A Public HolidayA day of sick leaveAny strikeNone of the given options

Question # 3 of 15 ( Start time: 01:43:27 AM ) Total Marks: 1Which of the following section deals with the residential status of Association of Person?Select correct option:

Section 81Section 82Section 83Section 84

Question # 11 of 15 ( Start time: 01:45:50 AM ) Total Marks: 1The age of senior citizen was 65years and now amended to 60years which of thefollowing finance act substituted 65 to 60years?Select correct option:

Finance Act 2005Finance Act 2006Finance Act 2007Finance Act 2008

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Question # 11 of 15 ( Start time: 01:55:52 AM ) Total Marks: 1If M/s ABC and Co. an association of person is a non-resident AOP which of thefollowing condition must be satisfied?Select correct option:

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 PakistanNone of the given options (Not Sure)

Question # 13 of 15 ( Start time: 03:13:52 AM ) Total Marks: 1Mr. Joseph is an employee of Foreign Government posted in Pakistan? What will be theresidential status of Mr. Joseph?Select correct option:

Resident IndividualNon- Resident IndividualResident HUFResident AOP

Question # 3 of 15 ( Start time: 03:16:25 AM ) Total Marks: 1What is the residential status of Federal Government of Pakistan?Select correct option:

Resident PersonResident CompanyResident AOPResident HUF

Question # 14 of 15 ( Start time: 03:18:36 AM ) Total Marks: 1Mr. Kishan Kumar during his yearly tour in Pakistan spends 156 working days, 26 off-working days and 1 Public Holiday in a tax year 2009-2010? Which of the following ishis residential status?Select correct option:

Resident IndividualNon Resident IndividualResident PersonResident HUF

Question # 15 of 15 ( Start time: 03:19:54 AM ) Total Marks: 1Any amount received under Part 3 of Second Schedule, as flying allowance by pilots etc.

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and junior commissioned officers or other ranks shall be taxed at the rate of __________as separate block.Select correct option:

2.5%5.5%7.5%9.5%

Question # 6 of 15 ( Start time: 03:25:29 AM ) Total Marks: 1Which of the following section deals with the residential status of Individual?Select correct option:


Question # 5 of 15 ( Start time: 03:28:00 AM ) Total Marks: 1In Income Tax Ordinance 2001 tax concessions meant for which of the following?Select correct option:

Reduction in tax liabilityReduction in tax rateReduction in taxable IncomeAll of the given options

Question # 6 of 15 ( Start time: 03:29:18 AM ) Total Marks: 1M/s ABC & Co. has been incorporated under Pakistan Companies Ordinance 1984.However its most of the branches are operated out of Pakistan? What will be theresidential status of M/s ABC & Co.?Select correct option:

Resident Company (Not Sure but Seems Suitable)Non- Resident CompanyResident IndividualResident AOP

Question # 5 of 15 ( Start time: 03:41:19 AM ) Total Marks: 1What is the residential status of Provincial Government of Pakistan?Select correct option:

Resident Individual

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Resident CompanyResident AOPResident HUF

Question # 15 of 15 ( Start time: 03:50:46 AM ) Total Marks: 1What is the tax treatment of any profit on the US Dollar Bonds purchased by the nonresident person before December 1999 under clause 82 of the Second Schedule?Select correct option:

Wholly taxableWholly exemptPartly taxableNot mention in second schedule

Question # 1 of 15 ( Start time: 09:03:53 PM ) Total Marks: 1The Fiscal year is a period of ______ months arbitrarily chosen for tax purposes.Select correct option:

361218

Question # 2 of 15 ( Start time: 09:05:12 PM ) Total Marks: 1Which of the following is the main tool of Fiscal Policy?Select correct option:

TaxesDeficit FinancingSubsidiesTransfer Payments

Question # 3 of 15 ( Start time: 09:06:25 PM ) Total Marks: 1Which of the following income is chargeable to tax?Select correct option:

Gross income from businessIncome computed in line with provisions of OrdinanceOnly basic salary of salaried personBasic salary excluding allowances of a salaried person

BY sadia ali

Question # 4 of 15 ( Start time: 09:07:47 PM ) Total Marks: 1A firm ABC maintaining its account in cash basis, at June 27, 2008 it is entitled toreceive Rs. 10,000 but actual payments made at 01 August 2008. In which year it ischarged to tax?Select correct option:

2006200720082009

Question # 5 of 15 ( Start time: 09:08:18 PM ) Total Marks: 1Agricultural income does NOT include which one of the following?Select correct option:

Rent or Revenue derived by a person from landIncome derived from land situated in PakistanThe land is used for agricultural purposesIncome from spontaneous forest

Question # 6 of 15 ( Start time: 09:09:02 PM ) Total Marks: 1Sec. 02 of Income Tax Ordinance 2001 defined: “Appellate Tribunal means the AppellateTribunal established under section 130” In which criteria the above definition falls?Select correct option:

Exclusive definitionInclusive definitionBoth Exclusive and Inclusive definitionsStatutory definition

Question # 7 of 15 ( Start time: 09:10:02 PM ) Total Marks: 1The Chairman of CBR has the responsibility for which of the following measures?Select correct option:

Formulation and administration of fiscal policiesLevy and collection of federal taxesQuasi-judicial function of hearing of appealsAll of the given options

Question # 8 of 15 ( Start time: 09:11:08 PM ) Total Marks: 1Which one of the following principle of tax emphasized, that the taxation policy shouldbe designed in such a way to boost business atmosphere and the investment environmentin the country?

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Select correct option:

ConvenienceJudiciousCapacity to PayBusiness friendly

Question # 9 of 15 ( Start time: 09:12:17 PM ) Total Marks: 1Agricultural income includes which one of the following?Select correct option:

Dividend paid by a company out of its agriculture incomeIncome from fisheriesRoyalty income of minesShare of profit of a partner from a firm engaged in agricultural

Question # 10 of 15 ( Start time: 09:13:34 PM ) Total Marks: 1Which part of Income Tax Ordinance 2001 deals with the Exemptions and TaxConcessions?Select correct option:

Part IVPart VPart VIPart VII

Question # 11 of 15 ( Start time: 09:14:54 PM ) Total Marks: 1Which one of the following canons of taxation suggests easiness in time of payment andmode of collection of tax?Select correct option:

SimplicityConvenienceCertaintyCapacity to Pay

Question # 12 of 15 ( Start time: 09:16:11 PM ) Total Marks: 1Which of the following is the Special Accounting Year of Companies exporting rice?Select correct option:

1st January to 31st December1st July to 30th June1st October to 30th September

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1st September to 31st August

Question # 13 of 15 ( Start time: 09:16:44 PM ) Total Marks: 1In the normal circumstances on which of the following tax is charged?Select correct option:

Gross ReceiptTotal IncomeTaxable IncomeGross Income

Question # 14 of 15 ( Start time: 09:18:06 PM ) Total Marks: 1Which one of the following is the general meaning of Tax?Select correct option:

RelaxLightenRelieveFatigue

Question # 15 of 15 ( Start time: 09:19:33 PM ) Total Marks: 1Which of the following methods of accounting is compulsory to adopt for Sole-proprietorship?Select correct option:

Accrual BasisCash BasisBoth accrual and cash basesFree to choose any kind of base



Question # 2 of 15 ( Start time: 09:53:03 PM ) Total Marks: 1Any Pakistan-source income which Pakistan is not permitted to tax under a tax treatyshall be _______.Select correct option:

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Wholly TaxableWholly ExemptPartly ExemptNot mention in Ordinance

Question # 3 of 15 ( Start time: 09:54:08 PM ) Total Marks: 1Which of the following is the tax where the tax rate remained fixed to the amount onwhich the rate is applied increases?Select correct option:

Proportional taxProgressive taxRegressive taxCorporate tax

Question # 4 of 15 ( Start time: 09:55:10 PM ) Total Marks: 1Interpretation of Tax Laws is the prime responsibility of which of the following?Select correct option:

ParliamentSupreme CourtHigh CourtSuperior Judiciaries

Question # 5 of 15 ( Start time: 09:56:34 PM ) Total Marks: 1Which of the following is the important content for calculating tax on income?Select correct option:

Taxable IncomeResidential StatusTax YearAll of the given options

Question # 6 of 15 ( Start time: 09:57:25 PM ) Total Marks: 1Which of the following is the legal status of Al-Habib Bank Limited under section 80 ofthe ordinance?Select correct option:

IndividualFirmBanking CompanyHindu Undivided Family

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Question # 8 of 15 ( Start time: 09:58:43 PM ) Total Marks: 1Which of the following tax is paid from money you received from someone who hasdied?Select correct option:

Income taxInheritance taxProperty taxSales tax



Question # 10 of 15 ( Start time: 10:00:22 PM ) Total Marks: 1Which of the following is similar to the concept of clubbing of Incomes?Select correct option:

Unification only two heads of IncomeAssociation of two or more heads of IncomeSplitting up of only two heads of IncomeDivision of two or more than two heads of Income

Question # 11 of 15 ( Start time: 10:01:48 PM ) Total Marks: 1Non-Agricultural income includes which one of the following?Select correct option:

Income from sale of wild grassIncome from fisheriesRoyalty income of minesAll of the given options

Question # 12 of 15 ( Start time: 10:02:23 PM ) Total Marks: 1It is mandatory for each Company to maintain its books of accounts on which of thefollowing methods?Select correct option:

Cash basisAccrual basisBoth cash and accrual basisFree to choose any kind of base

Question # 13 of 15 ( Start time: 10:02:43 PM ) Total Marks: 1Expenses entitled to be paid by a Company, then entry of such expenses will be made inthe books of accounts if:Select correct option:

Company maintaining its books of account on Cash basisCompany maintaining its books of account on Accrual basisCompany maintaining its books of account on Both Accrual and Cash basisNone of the given options

Question # 14 of 15 ( Start time: 10:03:57 PM ) Total Marks: 1Which one of the following is the main objective of Fiscal Policy?Select correct option:

Economic DevelopmentPrice stabilityRemoval of deficit in Balance of PaymentAll of the given options

Question # 15 of 15 ( Start time: 10:04:19 PM ) Total Marks: 1In a tax _____ you give information about what you earn every year.Select correct option:

ReturnStatementSheetReport

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Question # 2 of 15 ( Start time: 10:43:59 PM ) Total Marks: 1Which of the following methods of accounting is compulsory to adopt for Sole-proprietorship?Select correct option:

Accrual BasisCash BasisBoth accrual and cash basesFree to choose any kind of base

Question # 3 of 15 ( Start time: 10:44:47 PM ) Total Marks: 1The Fiscal year is a period of ______ months arbitrarily chosen for tax purposes.Select correct option:

361218

Question # 4 of 15 ( Start time: 10:45:11 PM ) Total Marks: 1What is the tax treatment of the salary of an employee of foreign government but citizenof Pakistan?Select correct option:

Exempt form taxWholly TaxablePartly TaxableNo Tax treatment given in IT Ordinance 2001

Question # 5 of 15 ( Start time: 10:46:23 PM ) Total Marks: 1A definition that excludes the dictionary meanings of the word is termed as:Select correct option:

BY sadia ali

Exclusive definitionInclusive definitionBoth Inclusive & Exclusive definitionsStatutory definition

Question # 6 of 15 ( Start time: 10:47:48 PM ) Total Marks: 1Which of the following is a literal meaning of tax?Select correct option:

BurdenEndurancePatienceFortitude



Question # 8 of 15 ( Start time: 10:49:23 PM ) Total Marks: 1Which of the following incomes are treated as agriculture income?Select correct option:

Agro based industrySpontaneous forestsInterest received by a farmer on lendingIncome from land situated in Pakistan used for agriculture



Question # 10 of 15 ( Start time: 10:51:31 PM ) Total Marks: 1

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Which one of the following principle of tax emphasized, that the taxation policy shouldbe designed in such a way to boost business atmosphere and the investment environmentin the country?Select correct option:


Question # 11 of 15 ( Start time: 10:52:03 PM ) Total Marks: 1If a cultivator used its agricultural produce as raw material in its business what will be thetax treatment of such agriculture produce?Select correct option:

Market price of such produce will be deducted as business expenditureThe expenses of cultivation will be deducted as expense from businessThe land revenue rent paid will be deducted as expense from businessAll of the given options

Question # 12 of 15 ( Start time: 10:53:27 PM ) Total Marks: 1Which of the following is NOT the type of tax?Select correct option:

Direct taxesIndirect TaxesValue Added TaxesFees and Penalties

Question # 13 of 15 ( Start time: 10:54:03 PM ) Total Marks: 1Which of the following section deal with tax treatment of person who is a cultivator orreceiver of agricultural produce as rent-in-kind in the business of cultivator?Select correct option:

Rule 11 of the IT Rule 2002Section 40 of the Income Tax Ordinance 2001Section 41 of the Income Tax Ordinance 2001Section 42 of the Income Tax Ordinance 2001

Question # 14 of 15 ( Start time: 10:55:05 PM ) Total Marks: 1Which of the following is the External aid for the interpretation of tax laws?Select correct option:

PreambleNon-Obstinate clauseTitle of a chapterFinance Minister’s budget speech



Question # 1 of 15 ( Start time: 11:04:05 PM ) Total Marks: 1The process of clubbing of income results in which of the following?Select correct option:

Lower Bracket rate of tax is chargedHigher Bracket rate of tax is chargedModerate Bracket rate of tax is chargedNo change occur due to clubbing

Question # 2 of 15 ( Start time: 11:05:36 PM ) Total Marks: 1Which of the following is the example of deem income?Select correct option:

Cash GiftSalaryLoan through cross chequeGolden hand shake



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Question # 4 of 15 ( Start time: 11:07:36 PM ) Total Marks: 1Which of the following tax is payable on merchandise imported or exported from onecountry to another?Select correct option:

Custom dutyIncome taxSales taxWealth tax





Question # 7 of 15 ( Start time: 11:09:08 PM ) Total Marks: 1Income chargeable under the head “Income from Business” derived by a ProvincialGovernment or local authority from a business carried on outside its jurisdictional area,will be:Select correct option:

Wholly taxableWholly exemptPartially exemptSection is silent about it


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Question # 9 of 15 ( Start time: 11:10:58 PM ) Total Marks: 1Income tax ordinance, 2001 became effective from which of the following date?Select correct option:

1st July 200113th September 20011st July 200213th September 2002



Question # 11 of 15 ( Start time: 11:12:37 PM ) Total Marks: 1Which of the following is included in the Scheme of the Income Tax Ordinance 2001?Select correct option:

ChaptersSectionsSchedulesAll of the given options




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2(59) of Income Tax Ordinance 2001 defined: “shareholder” in relation to a company,includes a modaraba certificate holder, a unit holder of a unit trust and a beneficiary of atrust. In which criteria the above definition falls?Select correct option:


Question # 14 of 15 ( Start time: 11:15:41 PM ) Total Marks: 1Which of the following is a general compulsory contribution of wealth by the state, tomeet the expenses incurred in providing common benefits upon the residents?Select correct option:

FeeTaxesChargesPenalties

Question # 15 of 15 ( Start time: 11:16:42 PM ) Total Marks: 1Which of the following income is chargeable to tax?Select correct option:

Gross income from businessIncome computed in line with provisions of OrdinanceOnly basic salary of salaried personBasic salary excluding allowances of a salaried person

Question # 1 of 15 ( Start time: 05:32:06 PM ) Total Marks: 1Which of the following is an example of Lump sum receipt?Select correct option:

PensionGolden shake handProvident fundAll of the given options


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Question # 3 of 15 ( Start time: 05:33:55 PM ) Total Marks: 1Which of the following is NOT a “Person” as defined in Sec 2 (42) of the Income TaxOrdinance?Select correct option:

An IndividualThe Federal GovernmentPublic International OrganizationNone of the given option






Cash GiftSalaryLoan through cross chequeGolden hand shake

BY sadia ali







Question # 10 of 15 ( Start time: 05:37:10 PM ) Total Marks: 1Which one of the following principle of tax emphasized, that the taxation policy shouldbe designed in such a way to boost business atmosphere and the investment environmentin the country?Select correct option:



BY sadia ali




Question # 13 of 15 ( Start time: 05:38:03 PM ) Total Marks: 1Pride of performance awarded by President is exempt from tax. Under which section it istreated in Income Tax ordinance 2001?Select correct option:




Question # 15 of 15 ( Start time: 05:39:44 PM ) Total Marks: 1A definition that includes the dictionary meanings of the word is termed as:Select correct option:


BY sadia ali



Question # 2 of 15 ( Start time: 05:44:52 PM ) Total Marks: 1Land revenue rent (Lagan) is received by which of the following authority?Select correct option:

High CourtSupreme CourtIncome Tax DepartmentProvincial Government





Question # 5 of 15 ( Start time: 05:46:41 PM ) Total Marks: 1Which of the following is tax, where the tax rate decreases as the amount to which therate is applied increases?Select correct option:

BY sadia ali


Question # 6 of 15 ( Start time: 05:47:56 PM ) Total Marks: 1Achieving full employment level is one of the objectives of which of the followingpolicy?Select correct option:

Monetary policyFiscal policyTrade PolicyEconomic Policy



Question # 8 of 15 ( Start time: 05:48:39 PM ) Total Marks: 1Income chargeable under the head “Income from Business” derived by a ProvincialGovernment or local authority from a business carried on outside its jurisdictional area,will be:Select correct option:

Wholly taxableWholly exemptPartially exemptSection is silent about it

Question # 9 of 15 ( Start time: 05:50:02 PM ) Total Marks: 1Which of the following is an example of Lump sum receipt?Select correct option:

PensionGolden shake handProvident fundAll of the given options










Cash Gift

SalaryLoan through cross chequeGolden hand shake


1st January to 31st December1st July to 30th June1st October to 30th September1st September to 31st August

Question # 1 of 15 ( Start time: 05:59:00 PM ) Total Marks: 1__________ are allowable deductions in case if the tax payer is running a business.Select correct option:

Salaries paidPurchasesOffice expendituresAll of the given options





Question # 4 of 15 ( Start time: 06:01:09 PM ) Total Marks: 1Which of the following incomes are treated as agriculture income?

BY sadia ali

Select correct option:




Question # 6 of 15 ( Start time: 06:01:57 PM ) Total Marks: 1Pride of performance awarded by President is exempt from tax. Under which section it istreated in Income Tax ordinance 2001?Select correct option:




Question # 8 of 15 ( Start time: 06:02:36 PM ) Total Marks: 1Which of the following is tax, where the tax rate decreases as the amount to which therate is applied increases?Select correct option:

Proportional taxProgressive tax

Regressive taxCorporate tax

Question # 9 of 15 ( Start time: 06:02:51 PM ) Total Marks: 1Special tax year is adopted after seeking approval from the ____________ under section74(3).Select correct option:

CommissionerTax OfficerAppellate TribunalSupreme Court

Question # 10 of 15 ( Start time: 06:03:30 PM ) Total Marks: 1Mr.John a non-resident received profit in Pakistan on a security issued by a residentperson, how the profit will be treated under sec (46) of IT Ordinance 2001?Select correct option:

Wholly TaxableWholly ExemptPartly ExemptNone of the given options






BY sadia ali

If the accounting year of firm manufacturing shawls is started from 1st April 2002 andending on 31st March 2003. What will be its tax year?Select correct option:

Tax year 2002Tax year 2003Tax year 2004Tax year 2005

Question # 14 of 15 ( Start time: 06:07:21 PM ) Total Marks: 1Which of the following is the deductible allowance from the income of an individual?Select correct option:

ZakatWorker’s Welfare FundWork’s Participation FundAll of the given options



Question # 1 of 15 ( Start time: 06:14:45 PM ) Total Marks: 1Non-Agricultural income does Not includes which one of the following?Select correct option:

Dividend paid by a company out of its agriculture incomeRoyalty income of minesProfit on sale of standing cropsIncome from fisheries


Cash basisAccrual basis

BY sadia ali

Both cash and accrual basisFree to choose any kind of base

Question # 3 of 15 ( Start time: 06:16:29 PM ) Total Marks: 12(59) of Income Tax Ordinance 2001 defined: “shareholder” in relation to a company,includes a modaraba certificate holder, a unit holder of a unit trust and a beneficiary of atrust. In which criteria the above definition falls?Select correct option:






Question # 6 of 15 ( Start time: 06:18:46 PM ) Total Marks: 1An Individual will be termed as Short Term Resident under section 50 of the ITOrdinance 2001 provided:Select correct option:

His period of stay equal to 183 daysThe employee of Federal GovernmentThe citizen of PakistanResident solely by reason of the individual’s employment

BY sadia ali



Question # 8 of 15 ( Start time: 06:19:57 PM ) Total Marks: 1Which of the following is the deductible allowance from the income of an individual?Select correct option:

ZakatWorker’s Welfare FundWork’s Participation FundAll of the given options



Question # 10 of 15 ( Start time: 06:20:18 PM ) Total Marks: 1Total income of a person for a tax year shall be the sum of the person’s income underwhich of the following head?Select correct option:

Only Income from salaryOnly Income from BusinessOnly Income from PropertyAll of the given options





Question # 13 of 15 ( Start time: 06:21:48 PM ) Total Marks: 1Which of the following tax is paid in relation to how much you earn?Select correct option:

Income TaxInheritance TaxValue added TaxSales Tax






BY sadia ali

Sec. 02 of Income Tax Ordinance 2001 defined: “Appellate Tribunal means the AppellateTribunal established under section 130” In which criteria the above definition falls?Select correct option:






Question # 4 of 15 ( Start time: 06:33:53 PM ) Total Marks: 1Suppose a money lender give loan to a farmer of Rs. 100,000. After the due time thefarmer pay back the loan in shape of agriculture produce amounting Rs. 110,000 tomoney lender. What will be the tax treatment of Rs. 110,000?Select correct option:

Tax will be charged only on Rs. 100,000Tax will be charged only on Rs. 10,000Tax will be charged only on Rs. 110,000Exempt as Agriculture Income









Question # 9 of 15 ( Start time: 06:36:43 PM ) Total Marks: 1Which of the following incomes are treated as agriculture income?Select correct option:






Question # 12 of 15 ( Start time: 06:37:26 PM ) Total Marks: 1Mr.John a non-resident received profit in Pakistan on a security issued by a residentperson, how the profit will be treated under sec (46) of IT Ordinance 2001?Select correct option:

Wholly TaxableWholly ExemptPartly ExemptNone of the given options



Question # 14 of 15 ( Start time: 06:38:05 PM ) Total Marks: 1The Chairman of CBR has the responsibility for which of the following measures?Select correct option:

Formulation and administration of fiscal policies

Levy and collection of federal taxesQuasi-judicial function of hearing of appealsAll of the given options



Question # 1 of 15 ( Start time: 06:46:18 PM ) Total Marks: 1Which of the following is NOT a “Person” as defined in Sec 2 (42) of the Income TaxOrdinance?Select correct option:

An IndividualThe Federal GovernmentPublic International OrganizationNone of the given option



Question # 3 of 15 ( Start time: 06:46:43 PM ) Total Marks: 12(59) of Income Tax Ordinance 2001 defined: “shareholder” in relation to a company,includes a modaraba certificate holder, a unit holder of a unit trust and a beneficiary of atrust. In which criteria the above definition falls?Select correct option:








Question # 7 of 15 ( Start time: 06:48:28 PM ) Total Marks: 1Deficit Financing is one of the tools of which of the following policy?Select correct option:


Question # 8 of 15 ( Start time: 06:48:51 PM ) Total Marks: 1A firm ABC maintaining its account in accrual basis, at June 27, 2008 it is entitled toreceive Rs. 10,000 but actual payments made at 01 August 2008. In which year it ischarged to tax?Select correct option:

2006200720082009









BY sadia ali













Question # 4 of 15 ( Start time: 06:58:28 PM ) Total Marks: 1A firm ABC maintaining its account in accrual basis, at June 27, 2008 it is entitled toreceive Rs. 10,000 but actual payments made at 01 August 2008. In which year it ischarged to tax?Select correct option:

2006200720082009

Question # 5 of 15 ( Start time: 06:58:38 PM ) Total Marks: 1The process of clubbing of income results in which of the following?Select correct option:

Lower Bracket rate of tax is chargedHigher Bracket rate of tax is chargedModerate Bracket rate of tax is chargedNo change occur due to clubbing

Question # 6 of 15 ( Start time: 06:58:49 PM ) Total Marks: 1Achieving full employment level is one of the objectives of which of the followingpolicy?Select correct option:


BY sadia ali



Question # 8 of 15 ( Start time: 06:59:27 PM ) Total Marks: 1Deficit Financing is one of the tools of which of the following policy?Select correct option:




Question # 10 of 15 ( Start time: 06:59:45 PM ) Total Marks: 1Which of the following tax is paid in relation to how much you earn?Select correct option:

Income TaxInheritance TaxValue added TaxSales Tax

Question # 11 of 15 ( Start time: 06:59:55 PM ) Total Marks: 1Which of the following person fulfilled the criteria of a Taxpayer?Select correct option:

BY sadia ali

Any representative of a person who derives an amount chargeable to taxAny person who is required to deduct or collect taxAny person required to furnish a return of incomeAll of the given options








ConvenienceJudiciousCapacity to Pay

Business friendly

Question # 1 of 15 ( Start time: 07:05:18 PM ) Total Marks: 1In the normal circumstances on which of the following tax is charged?Select correct option:

Gross ReceiptTotal IncomeTaxable IncomeGross Income









Question # 6 of 15 ( Start time: 07:06:10 PM ) Total Marks: 1Non-Agricultural income does Not includes which one of the following?Select correct option:

Dividend paid by a company out of its agriculture incomeRoyalty income of minesProfit on sale of standing cropsIncome from fisheries






Exclusive definitionInclusive definition

Both Exclusive and Inclusive definitionsStatutory definition



Question # 11 of 15 ( Start time: 07:06:43 PM ) Total Marks: 1An Individual will be termed as Short Term Resident under section 50 of the ITOrdinance 2001 provided:Select correct option:

His period of stay equal to 183 daysThe employee of Federal GovernmentThe citizen of PakistanResident solely by reason of the individual’s employment







Question # 15 of 15 ( Start time: 07:07:18 PM ) Total Marks: 1Taxes are important instrument of which of the following policy?Select correct option:


Question # 1 of 15 ( Start time: 07:11:19 PM ) Total Marks: 1Land revenue rent (Lagan) is received by which of the following authority?Select correct option:

High CourtSupreme CourtIncome Tax DepartmentProvincial Government



Question # 3 of 15 ( Start time: 07:11:44 PM ) Total Marks: 1Total income of a person for a tax year shall be the sum of the person’s income underwhich of the following head?Select correct option:

Only Income from salaryOnly Income from BusinessOnly Income from PropertyAll of the given options







Question # 7 of 15 ( Start time: 07:12:32 PM ) Total Marks: 1Which of the following is a general compulsory contribution of wealth by the state, tomeet the expenses incurred in providing common benefits upon the residents?Select correct option:

FeeTaxesChargesPenalties

Question # 8 of 15 ( Start time: 07:12:57 PM ) Total Marks: 1Which of the following is the External aid for the interpretation of tax laws?Select correct option:

BY sadia ali

PreambleNon-Obstinate clauseTitle of a chapterFinance Minister’s budget speech

Question # 9 of 15 ( Start time: 07:13:14 PM ) Total Marks: 1Taxes are important instrument of which of the following policy?Select correct option:




Question # 11 of 15 ( Start time: 07:13:37 PM ) Total Marks: 1Which one of the following is the general definition of tax?Select correct option:

Compulsory contribution of wealth by personsOptional contribution of wealth by personsCompulsory contribution of wealth by stateOptional contribution of wealth by state

Question # 12 of 15 ( Start time: 07:14:17 PM ) Total Marks: 1Which one of the following is main difference between the tax and fee?Select correct option:

Imposing authorityApplied RatesEntitlement of Counter benefitMode of payment


BY sadia ali

Special tax year is adopted after seeking approval from the ____________ under section74(3).Select correct option:




Question # 15 of 15 ( Start time: 07:16:21 PM ) Total Marks: 1What is the tax treatment of the salary of an employee of foreign government but citizenof Pakistan?Select correct option:

Exempt form taxWholly TaxablePartly TaxableNo Tax treatment given in IT Ordinance 2001

BY sadia aliBY sadia ali

BY sadia ali

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FIN623 Online Quiz#2..Lecture# 1 to 15 Solved By BY sadia aliapi.ning.com/files/PS*e*xZUAHnikrt7I6mXPn-dmrZaB4dG-Zli1saRJ2... · BY sadia ali. Question # 11 of 15 ( Start time: 01:55:52

FIN623 Online Quiz#2..Lecture# 1 to 15 Solved By BY sadia aliapi.ning.com/files/PSexZUAHnikrt7I6mXPn-dmrZaB4dG-Zli1saRJ2... · BY sadia ali. Question # 11 of 15 ( Start time: 01:55:52