SPECIAL MCQS-3
- Date December 17, 2021
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Question 1 of 26
1. Question
The monthly profit of a Coca Cola is Rs.78,000,000/-. It shall be chargeable to tax on the following basis:
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Question 2 of 26
2. Question
Income derived from sale of goods shall fall under the head:
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Question 3 of 26
3. Question
The gains made by any trade association by selling merchandise will be dealt under the head:
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Question 4 of 26
4. Question
Income derived from provision of services shall flie under the category
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Question 5 of 26
5. Question
Income derived by a professional association such as Bankers Association of Pakistan shall be dealt under the head:
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Question 6 of 26
6. Question
Income derived by a professional association such as Bankers Association of Pakistan from provision of services to its members will be treated under the head:
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Question 7 of 26
7. Question
Income from hire or lease of tangible moveable property is Income from
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Question 8 of 26
8. Question
A person gets a benefit of Rs.650,000/- from one of his partners for an investment made in the RLNG business in 2015 It shall be taxable under the head’
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Question 9 of 26
9. Question
The fair market value of any perquisite, not convertible into money, derived by a person due to a past business relationship shall be taxable under the head:
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Question 10 of 26
10. Question
Any management fee derived by a management company shall be income from:
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Question 11 of 26
11. Question
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:
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Question 12 of 26
12. Question
Where a lessor, being a scheduled bank or an investment bank or a development finance institution or a Modaraba or a leasing company has leased out any asset, whether owned by it or not, to another person, any amount paid or payable by the said person in connection with the lease of said asset shall be treated as the income of the said lessor and shall be chargeable to tax under the head:
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Question 13 of 26
13. Question
MCB bank has leased two generators owned by it to FBR. The amount paid by FBR to MCB shall be treated under the head:
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Question 14 of 26
14. Question
HBL bank has entered into an agreement with Bank Al Falah to use some of its Vehicles. HBL leases these vehicles to CM House, Lahore. The amount paid by CM House, Lahore to HBL bank will fall under the head:
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Question 15 of 26
15. Question
Orix Leasing Company has leased out six financial assets owned by it to Japan International Power Ltd. The amount received by Orix Leasing shall be chargeable to tax under the head:
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Question 16 of 26
16. Question
Any amount received by a banking company or a non-banking finance company, where such amount represents distribution by a mutual fund or a Private Equity and Venture Capital Fund out of its income from profit on debt, shall be chargeable to tax under the head:
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Question 17 of 26
17. Question
In a tax year, a deduction shall be allowed for any expenditure incurred by the person in the year if the expense is made:
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Question 18 of 26
18. Question
Expenditure incurred in acquiring a depreciable asset with a useful life of more than one year shall be in accordance with sections 22, 23, 24 and 25:
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Question 19 of 26
19. Question
Expenditure incurred in acquiring an intangible with a useful life of more than one year is amortized in accordance with section(s)
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Question 20 of 26
20. Question
A taxpayer acquires 3 buffaloes for use on its farms out of which 2 buffaloes die due to a certain disease. The expense incurred on the cost and the sale of the carcasses of the buffaloes shall be treated as follows:
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Question 21 of 26
21. Question
Pre-commencement expenditure shall be allowed as a deduction as an undersection 25:
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Question 22 of 26
22. Question
Rate of Amortization of pre-commencement expenditure is
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Question 23 of 26
23. Question
Which of the following deductions as prescribed in section 21 of the income tax ordinance 2001 is inadmissible:
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Question 24 of 26
24. Question
Business income of minor child is assessed as his income when:
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Question 25 of 26
25. Question
Admissible expense are those:
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Question 26 of 26
26. Question
A person earning an annual profit of Rs. 1,000,000/- by selling bicycles shall be paying tax on his income under the head:
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