SPECIAL PROVISIONS REGARDING DEDUCTIONS FROM INCOME FROM BUSINESS
- Date December 16, 2021
Quiz Summary
0 of 90 Questions completed
Questions:
Information
You must fill out this field. |
|
You must fill out this field. |
|
You must fill out this field. |
|
You must fill out this field. |
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 90 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 81
- 82
- 83
- 84
- 85
- 86
- 87
- 88
- 89
- 90
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 90
1. Question
Depreciable assets mean any tangible moveable property, immovable property (other than unimproved land), or structural improvements to immovable property that has
CorrectIncorrect -
Question 2 of 90
2. Question
Deprecation is called a tax shield for the business
CorrectIncorrect -
Question 3 of 90
3. Question
Depreciation is allowed at
CorrectIncorrect -
Question 4 of 90
4. Question
Depreciable asset use in the business for the fist time in tax year commencing on or after 1st day of July 2020 the depreciation deduction shall be reduced by
CorrectIncorrect -
Question 5 of 90
5. Question
Depreciation for any asset used partly for business shall be allowed to the extent of
CorrectIncorrect -
Question 6 of 90
6. Question
Written down value of a depreciable asset acquired in the tax year shall be the cost of asset as reduced by:
CorrectIncorrect -
Question 7 of 90
7. Question
Written down value of a depreciable asset shall be cost of the asset reduced by
CorrectIncorrect -
Question 8 of 90
8. Question
Where income of any business is exempt depreciation deduction shall be given effect to
CorrectIncorrect -
Question 9 of 90
9. Question
Depreciation deduction cannot exceed
CorrectIncorrect -
Question 10 of 90
10. Question
Depreciation shall be allowed, where a depreciable asset is deposed
CorrectIncorrect -
Question 11 of 90
11. Question
Asset acquired on or after 1st July 2020, depreciation shall be allowed, where a depreciable asset is deposed
CorrectIncorrect -
Question 12 of 90
12. Question
Where consideration of disposal of depreciable asset is more than written down value the excess shall chargeable to tax under the head
CorrectIncorrect -
Question 13 of 90
13. Question
Where consideration on disposal of depreciable asset is less than written down value the difference shall be allowed as:
CorrectIncorrect -
Question 14 of 90
14. Question
Leasing company or any financial institution allowed depreciation deduction of leased depreciable assets from
CorrectIncorrect -
Question 15 of 90
15. Question
Cost of structural improvement to immovable property or immovable property shall not include
CorrectIncorrect -
Question 16 of 90
16. Question
Assets owned by leasing company or financial institutions are leased to another person is treated to have been used by:
CorrectIncorrect -
Question 17 of 90
17. Question
If the depreciable asset is jointly owned by a tax payer and licensed Islamic financial institution through Mushakrika financing asset shall be treated to be owned by
CorrectIncorrect -
Question 18 of 90
18. Question
Tangible moveable, immovable property or structural improvement to immovable property shall not be considered as depreciable asset where
CorrectIncorrect -
Question 19 of 90
19. Question
For the purpose of depreciation Cost of passenger transport vehicle not plying for hire shall not exceed
CorrectIncorrect -
Question 20 of 90
20. Question
Rate for depreciation for building is
CorrectIncorrect -
Question 21 of 90
21. Question
Rate for depreciation for furniture, plant and machinery, motor vehicles, ships and technical or professional books is:
CorrectIncorrect -
Question 22 of 90
22. Question
Rate of depreciation of computer hardware or equipment used in manufacture of IT products, air craft and aero engines is
CorrectIncorrect -
Question 23 of 90
23. Question
Rate of depreciation for below ground installation for mineral oil concern is
CorrectIncorrect -
Question 24 of 90
24. Question
Rate of depreciation for offshore platform and production installation for mineral oil concerns is
CorrectIncorrect -
Question 25 of 90
25. Question
100% depreciation is allowed for a ramp build to provide access to person with disabilities for amount not exceeding
CorrectIncorrect -
Question 26 of 90
26. Question
A person placing eligible depreciable asset into service in Pakistan for the first time in a tax year shall be allowed a deduction namely:
CorrectIncorrect -
Question 27 of 90
27. Question
Leasing company or any financial institution allowed initial allowance of leased depreciable assets as a deduction from
CorrectIncorrect -
Question 28 of 90
28. Question
Deduction of initial allowance for any plant or machinery that has been previously used in Pakistan is:
CorrectIncorrect -
Question 29 of 90
29. Question
Any plant or machinery shall not be considered as eligible depreciable asset were
CorrectIncorrect -
Question 30 of 90
30. Question
Eligible depreciable asset means a depreciable asset other than
CorrectIncorrect -
Question 31 of 90
31. Question
Rate of initial allowance for plant and machinery is:
CorrectIncorrect -
Question 32 of 90
32. Question
A deduction namely first year allowance shall be allowed for installation of plant, machinery and equipment installed by industrial undertaking for
CorrectIncorrect -
Question 33 of 90
33. Question
Rate of first year allowance for plant and machinery is
CorrectIncorrect -
Question 34 of 90
34. Question
A deduction namely accelerated depreciation to alternate energy projects is allowed for installation of plant, machinery and equipment installed to generate alternate energy where the tax payer is
CorrectIncorrect -
Question 35 of 90
35. Question
A deduction namely accelerated depreciation to alternate energy projects is allowed for installation of plant, machinery and equipment installed to generate alternate energy where the eligible depreciation assets put to use after
CorrectIncorrect -
Question 36 of 90
36. Question
A deduction namely accelerated depreciation to alternate energy projects is allowed for installation of plant, machinery and equipment installed to generate alternate energy in lieu of
CorrectIncorrect -
Question 37 of 90
37. Question
A deduction namely first year allowance shall be allowed for installation of plant, machinery and equipment installed by industrial undertaking in lieu of
CorrectIncorrect -
Question 38 of 90
38. Question
Rate of accelerated depreciation to alternate energy projects is
CorrectIncorrect -
Question 39 of 90
39. Question
Deduction allowed for intangibles used in deriving business income namely
CorrectIncorrect -
Question 40 of 90
40. Question
Amortization deduction for intangible is allowed were
CorrectIncorrect -
Question 41 of 90
41. Question
Rate of amortization deduction for intangible is computed as A/B where A is the cost of intangible and B is
CorrectIncorrect -
Question 42 of 90
42. Question
Whree life of the intangible is not ascertainable its useful life shall be treated
CorrectIncorrect -
Question 43 of 90
43. Question
Amortization for any intangible used partly for business hall be allowed to the extent of
CorrectIncorrect -
Question 44 of 90
44. Question
Where intangible is not in use for the whole year the amount of amortization shall be calculated as A*B/C where A is the amount of amortization for the whole year. B is number of days in a tax year the tangible is used in deriving income form business and C is
CorrectIncorrect -
Question 45 of 90
45. Question
Amortization shall be allowed where an intangible is dispose:
CorrectIncorrect -
Question 46 of 90
46. Question
Where consideration on disposal of intangible is more than written down value the excess shall chargeable to tax under the head
CorrectIncorrect -
Question 47 of 90
47. Question
Where consideration on disposal of intangible is less than written down value the difference shall be allowed as:
CorrectIncorrect -
Question 48 of 90
48. Question
Written down value of the intangible at the time of disposal shall be cost of the intangible reduced by
CorrectIncorrect -
Question 49 of 90
49. Question
Expenditure of renewing the intangible is
CorrectIncorrect -
Question 50 of 90
50. Question
Intangible available on a non-working day is treated
CorrectIncorrect -
Question 51 of 90
51. Question
Any expenditure incurred before the commencement of a business wholly and exclusively to derive income chargeable to tax is called
CorrectIncorrect -
Question 52 of 90
52. Question
Pre-commencement expenditure includes
CorrectIncorrect -
Question 53 of 90
53. Question
Pre-commencement expenditure shall be amortized on
CorrectIncorrect -
Question 54 of 90
54. Question
Total deduction allowed for pre-commencement expenditure shall not exceed
CorrectIncorrect -
Question 55 of 90
55. Question
Rate of amortization for pre-commencement expenditure is
CorrectIncorrect -
Question 56 of 90
56. Question
A person shall be allowed a deduction for scientific research expenditure incurred in Pakistan in a tax year wholly and exclusively for the purpose of deriving.
CorrectIncorrect -
Question 57 of 90
57. Question
For the purpose of section 26 scientific undertaken in Pakistan in the field of natural or applied science for the development of human knowledge for the purpose of:
CorrectIncorrect -
Question 58 of 90
58. Question
Deduction for scientific expenditure includes
CorrectIncorrect -
Question 59 of 90
59. Question
Research for the purpose of ascertain the existence, existence, location, extent or quality of a natural deposit qualifies for:
CorrectIncorrect -
Question 60 of 90
60. Question
Deduction of expenditure other than capital expenditure is allowed for expenditure on
CorrectIncorrect -
Question 61 of 90
61. Question
Deduction from income form business is allowed for
CorrectIncorrect -
Question 62 of 90
62. Question
For determining deduction on account of lease rental the cost of a passenger transport vehicle not playing for hire the extent of principal amount shall not exceed.
CorrectIncorrect -
Question 63 of 90
63. Question
For bad debts in a tax year a person shall be allowed.
CorrectIncorrect -
Question 64 of 90
64. Question
In there are reasonable grounds of believing that the debt is irrecoverable it can be treated as deduction as bad debt provided
CorrectIncorrect -
Question 65 of 90
65. Question
A non-banking financial company or house building finance corporation shall be allowed a deduction for creation of a reserve to off-set bad debts arising out of consumer loans not exceeding
CorrectIncorrect -
Question 66 of 90
66. Question
A banking or non-banking financial institution shall be allowed a deduction for
CorrectIncorrect -
Question 67 of 90
67. Question
If non-performing debt is subsequently recovered it shall be included in the income of the banking or non-banking financial institution for the income chargeable to tax under the head
CorrectIncorrect -
Question 68 of 90
68. Question
A deduction for participatory redeemable capital against an agreement relating to participatory redeemable capital between a company and a banking company is limited to
CorrectIncorrect -
Question 69 of 90
69. Question
Following is/ are accounting methods as per Income Tax Ordinance, 2001.
CorrectIncorrect -
Question 70 of 90
70. Question
A company shall account for income chargeable to tax under the head income form business on
CorrectIncorrect -
Question 71 of 90
71. Question
A person may apply in writing for a change in accounts method to
CorrectIncorrect -
Question 72 of 90
72. Question
Commissioner may approve the application for change of accounting method if he is satisfied that
CorrectIncorrect -
Question 73 of 90
73. Question
Accounting for income chargeable to tax under the head income from business on the method that derive income when it is received and shall incur expenditure when it is paid is
CorrectIncorrect -
Question 74 of 90
74. Question
Income when it is due to the person and expenditure when it is payable by the person is the
CorrectIncorrect -
Question 75 of 90
75. Question
Absorption cost is
CorrectIncorrect -
Question 76 of 90
76. Question
Average-cost method of stock in trade is
CorrectIncorrect -
Question 77 of 90
77. Question
Direct labour cost is
CorrectIncorrect -
Question 78 of 90
78. Question
Direct material cost
CorrectIncorrect -
Question 79 of 90
79. Question
First in first out method is:
CorrectIncorrect -
Question 80 of 90
80. Question
Stock in trade means
CorrectIncorrect -
Question 81 of 90
81. Question
Prime cost includes
CorrectIncorrect -
Question 82 of 90
82. Question
Stock in trade disposed is computed with the formula (A+B)-C where A is opening value of stock in trade B is cost of stock in trade acquired by the person in the year and C is
CorrectIncorrect -
Question 83 of 90
83. Question
Opening value of stock in trade of a person for a tax year shall be
CorrectIncorrect -
Question 84 of 90
84. Question
Closing value of stock in trade shall be lower of
CorrectIncorrect -
Question 85 of 90
85. Question
a person accounting for income from business under cash basis of accounting may compute the cost of stock in trade on
CorrectIncorrect -
Question 86 of 90
86. Question
A person accounting for income derived under the head Income from business on accrual basis may compute the cost of stock in trade
CorrectIncorrect -
Question 87 of 90
87. Question
Stock valuation method can be changed
CorrectIncorrect -
Question 88 of 90
88. Question
As per section 36 long term contracts are chargeable to tax under the head Income from business on:
CorrectIncorrect -
Question 89 of 90
89. Question
The percentage of completion of a long-term contract in a tax year shall be determined by comparing
CorrectIncorrect -
Question 90 of 90
90. Question
Long term contract is contract for manufacture, installation, or construction where the performance is not completed within the tax year other than a contract
CorrectIncorrect