SPECIAL MCQS 1

As per Section 14, where, in a tax year, an employee is issued with shares under an employee share scheme including as a result of the exercise of an option or right to acquire the shares, the amount chargeable to tax to the employee under the head:

The cost acquisition of shares under the employee share scheme shall be:

As per section 14, the value of a right or option to acquire shares under an employee share scheme granted to an employee shall

As per section 21, a pharmaceutical company fined Rs.100,000/- by the drug inspector is  to claim the said payment as a deduction under the head Income from Business:

As per section 21, following are not allowed as a deduction if paid by an association of persons to a member of the association:

As per section 21, a penalty of Rs.10,000/-paid to Government is to be claimed as a deduction under the head Income from Business:

As per section 21, if a person spends Rs.10,000/- in the utilities of his home then it will be allowed as a deduction under the head Income from Business:

As per Section 21, any contribution made by the person to a fund that is not a/an  shall not be allowed as a deduction under the Head Income from Business:

As per Section 21, any contribution made by the person to a fund that is not a/an, shall not be allowed as a deduction under the Head Income from Business:

As per section 21, any amount carried to a reserve fund or capitalized in any way shall claimed as a deduction, under the Head Income from Business:

As per Section 21, contribution made by the person to a fund that is not a/an n shall not be allowed as a deduction under the Head Income from Business:

As per Section 21, any contribution made by the person to a fund that is not a/an shall not be allowed as a deduction under the Head Income from Business:

As per Section 21, any amount of tax deducted under Division III of Part V of Chapter X from an amount derived by the person shall allowed as a deduction under the Head Income from Business:

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:

A shall be allowed for any expenditure incurred by the person in the year wholly and exclusively for the purposes of business:

Where the expenditure is incurred in acquiring a depreciable asset or an intangible with a useful life of more than one year or is pre-commencement expenditure, the person must depreciate or amortize the expenditure in accordance with sections:

Deductions not allowed under the head “Income from Business” are dealt in detail under the section:

An expenditure of Rs.100,000/- in the head Electricity is made in cash. As per section 21 it is allowed as

NS per Section 21, any cess, rate or tax paid or payable by the person in Pakistan or a foreign country that is levied on the profits or gains of the business or assessed as a percentage or otherwise on the basis of such profits or gains is a/an

As per Section 11(5), the income of a resident person under a head of income shall be computed by taking into account amounts that are _income and amounts that an income: