INCOME TAX ORDINANCE PRACTICE QUESTIONS (SET-2)
- Date December 17, 2021
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Question 1 of 50
1. Question
Farewell gift received by At Ahsan Warraich at his retirement from his colleagues is:
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Question 2 of 50
2. Question
Director of a company with complete control outside Pakistan (registered under foreign law) remains in Pakistan for 30 days during financial year 2020. His income chargeable to tax in Pakistan for tax year 2021 is:
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Question 3 of 50
3. Question
Mr. Asim Naseer has shown loss in Salary Income:
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Question 4 of 50
4. Question
China Power Company Ltd registered under Chinese Law :
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Question 5 of 50
5. Question
Tax Liability of a person with rental income of Rs 200,000/- and Salary income of Rs400,000/- is
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Question 6 of 50
6. Question
If rent received from a property is Rs 300,000/- Un-adjusted advance received is Rs 500,000/- recouped expense is 100,000/- and no expense are incurred to claim deduction, income of the owner of the property for the tax year 2021 is :
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Question 7 of 50
7. Question
DCR means:
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Question 8 of 50
8. Question
Income Includes:
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Question 9 of 50
9. Question
Principle Officer with reference to a Company or AOP means
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Question 10 of 50
10. Question
Addition under 21(L) is not applicable in case of
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Question 11 of 50
11. Question
Depreciable asset includes:
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Question 12 of 50
12. Question
Structural improvement in relation to immoveable property, includes
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Question 13 of 50
13. Question
Eligible Depreciable Asset means a depreciable asset which is :
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Question 14 of 50
14. Question
Loss on sale of antique can be:
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Question 15 of 50
15. Question
Income from Subletting of an apartment is
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Question 16 of 50
16. Question
Notice calling for return u/s 114(4) can be issued upto:
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Question 17 of 50
17. Question
Wealth statement is mandatory part of individual’s declaration under section of the Income Tax Ordinance,2001
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Question 18 of 50
18. Question
A return is complete if:
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Question 19 of 50
19. Question
The maximum amount of charitable donation entitled for tax credit in the case of a Company is:
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Question 20 of 50
20. Question
Zakat Paid under Zakat and Usher. Ordinance 1980 •by a taxpayer in a tax year is entitled for
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Question 21 of 50
21. Question
Income of an individual from a business located in GB FATA is
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Question 22 of 50
22. Question
The maximum amount of charitable donation entitled for tax credit in the case of an individual is:
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Question 23 of 50
23. Question
Depreciation loss which cannot be set off against income during the relevant year can be carried forward for:
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Question 24 of 50
24. Question
Receipt of un-adjustable advance against rent by the owner is chargeable to tax in the hands of:
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Question 25 of 50
25. Question
Circulars issued by the Board are binding on:
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Question 26 of 50
26. Question
Which one of the following includes Agricultural Income:
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Question 27 of 50
27. Question
Which one of the does not constitute Agricultural Income:
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Question 28 of 50
28. Question
Income from the sale of tree of spontaneous growth is:
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Question 29 of 50
29. Question
Which of the following does not appear to be a company:
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Question 30 of 50
30. Question
As per Income Tax Ordinance 2001, a company does not include :
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Question 31 of 50
31. Question
Business income of a resident person shall be Pakistan source income:
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Question 32 of 50
32. Question
Personal medical expenditures incurred by individual are entitled for:
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Question 33 of 50
33. Question
Which one of the following person is included in Active Tax Payer’s List (ATL)
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Question 34 of 50
34. Question
Order of Commissioner Appeals received by the Commissioner or Taxpayer on 28-08-2020 is contestable in Appellate Tribunal on or before:
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Question 35 of 50
35. Question
A business in which a contract for the purchase and sale of any commodity (including stock and shares) is periodically or ultimately settled otherwise than actual delivery or transfer of the commodity is called:
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Question 36 of 50
36. Question
Which of the following does not appear to be a company as defined in the Income Tax Ordinance 2001?
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Question 37 of 50
37. Question
Mr Nawaz Sharif has made investment in PANAMA PVT LTD on 01-07-2020 of Rs 1000,000/- in equal proportions in debt and equity. He earned interest of Rs 50000/- from it as well as loss on sale of shares of Rs. 25000/- in the period related to tax year 2021. His taxable income for the year is:
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Question 38 of 50
38. Question
Income earned by Mr Left Hander, a professional cricketer from auction of bat is:
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Question 39 of 50
39. Question
The term assessment includes
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Question 40 of 50
40. Question
Dividend includes:
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Question 41 of 50
41. Question
Dividend income is chargeable to tax under the head:
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Question 42 of 50
42. Question
Income of an AOP is taxable at the rates applicable to which of the following:
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Question 43 of 50
43. Question
Encashment of leave received by the government employee during the service is :
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Question 44 of 50
44. Question
Under the Income Tax Ordinance 2001, tax includes:
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Question 45 of 50
45. Question
Mr Altaf Hussain spent more than 183 days in Karachi during the tax year 2020 and hence can be called:
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Question 46 of 50
46. Question
Normal Tax Year ends on 30th • June and begins on:
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Question 47 of 50
47. Question
Which one of the following cannot be called principle officer of the company?
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Question 48 of 50
48. Question
As per income Tax Ordinance 2001, person means:
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Question 49 of 50
49. Question
Special Tax Year is:
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Question 50 of 50
50. Question
Small company is a company which have:
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