Tax assignment MBA 3.

5 (6TH SEMESTER)
Submitted by:

S.Amber Naz Sonia Saed Kousar Shaheen Nimra Haseeb

1. What is the tax treatment of the reimbursement of ex en!iture ma!e b" the em #o"er$ Who##" Taxab#e Who##" exem t %art#" Taxab#e &ot mentione! in 'n(ome Tax )r!inan(e *++1

*. An" ob#i,ation of em #o"ee -ai.e! off b" em #o"er -i## not be a!!e! ba(/ to his taxab#e in(ome. True 0a#se

3. A,ri(u#tura# in(ome in(#u!es -hi(h one of the fo##o-in,$ 'n(ome from fisheries Ro"a#t" in(ome of mines Share of rofit of a artner from a firm en,a,e! in a,ri(u#tura# 1i.i!en! ai! b" a (om an" out of its a,ri(u#ture in(ome

2. *(53) of 'n(ome Tax )r!inan(e *++1 !efine!4 5shareho#!er6 in re#ation to a (om an"7 in(#u!es a mo!araba (ertifi(ate ho#!er7 a unit ho#!er of a unit trust an! a benefi(iar" of a trust. 'n -hi(h (riteria the abo.e !efinition fa##s$ Ex(#usi.e !efinition 'n(#usi.e !efinition Both Ex(#usi.e an! 'n(#usi.e !efinitions Statutor" !efinition

5. What is the resi!entia# status of %ro.in(ia# 8o.ernment of %a/istan$

Resi!ent 'n!i.i!ua# Resi!ent 9om an"

Resi!ent A)% Resi!ent H:0

6. A firm AB9 maintainin, its a((ount in a((rua# basis7 at ;une *<7 *++= it is entit#e! to re(ei.e Rs. 1+7+++ but a(tua# a"ments ma!e at +1 Au,ust *++=. 'n -hi(h "ear it is (har,e! to tax$

*++6 *++< *++= *++3

<. 'f an" other offi(e in.o#.e! in the mana,ement of a (om an" it is terme! as4 Em #o"ment Em #o"er Em #o"ee Business remises

=. Mr. A non>resi!ent erson em #o"e! in :? re(ei.e! Rs. 5++7+++ as sa#ar". Whi(h of the fo##o-in, statement true for Mr. A$

Rs. 5++7+++ -i## be a!!e! in 8ross tota# in(ome bein, non resi!ent erson Rs. 5++7+++ -i## be subtra(te! from 8ross tota# in(ome bein, non resi!ent erson Rs. 5++7+++ -i## be exem t from tax bein, non resi!ent erson &one of the ,i.en o tions

3. Whi(h one of the fo##o-in, rin(i #e of tax em hasi@e!7 that the taxation o#i(" shou#! be !esi,ne! in su(h a -a" to boost business atmos here an! the in.estment en.ironment in the (ountr"$ 9on.enien(e

;u!i(ious 9a a(it" to %a" Business frien!#"

1+. Tax rate for taxab#e in(ome for the tax "ear *+13 ex(ee!in, Rs 55+7+++ u to Rs 65+7+++ is 6.+A as ,i.en in the first s(he!u#e of 'n(ome Tax )r!inan(e *++1. True 0a#se

11. Whi(h of the fo##o-in, is the exam #e of !eem in(ome$ 9ash 8ift Sa#ar" Boan throu,h (ross (heCue 8o#!en han! sha/e

1*. Whi(h of the fo##o-in, is the Tax "ear a.ai#ab#e for sa#arie! in!i.i!ua#$ Se#e(t (orre(t o tion$

1st ;anuar" to 31st 1e(ember 1st ;u#" to 3+th ;une 1st )(tober to 3+th Se tember 1st Se tember to 31st Au,ust

13. Whi(h of the fo##o-in, is the rate of tax for ma#e sa#arie! 'n!i.i!ua#s for tax "ear *++37 -here the taxab#e in(ome ex(ee!s Rs. 1=+7+++ but !oes not ex(ee! Rs. *5+7+++$ Se#e(t (orre(t o tion4 +A +.*5A

+.5+A +.<5A

*+. Whi(h of the fo##o-in, is &)T the t" e of tax$ Se#e(t (orre(t o tion4 1ire(t taxes 'n!ire(t Taxes Da#ue A!!e! Taxes 0ees an! %ena#ties

*1. Miss SoniaEs tota# taxab#e in(ome for the "ear *++3 is Rs. 22+7+++. Whi(h of the fo##o-in, is the tax #iabi#it" of Miss Sonia$ Se#e(t (orre(t o tion4 &i# Rs. 5++ Rs. 17+++ Rs. *7+++

**. Whi(h of the fo##o-in, is the rate of tax for sa#arie! 'n!i.i!ua#s for tax "ear *+137 -here the taxab#e in(ome ex(ee!s Rs. 3++7+++ but !oes not ex(ee! Rs. 175+7+++$ Se#e(t (orre(t o tion4 3.++A 1+.++A 11.++A 1*.5+A

*=. Mr. AEs tota# taxab#e in(ome for the "ear *+13 is Rs. 6++7+++. Whi(h of the fo##o-in, is the tax #iabi#it" of Mr. A$ *<7+++

*3. Whi(h of the fo##o-in, is the rate of tax for sa#arie! 'n!i.i!ua#s for tax "ear *+137 -here the taxab#e in(ome ex(ee!s Rs. 55+7+++ but !oes not ex(ee! Rs. 65+7+++$

2.5+A

3+. 1efi(it 0inan(in, is one of the too#s of -hi(h of the fo##o-in, o#i("$

Monetar" o#i(" 0is(a# o#i(" Tra!e %o#i(" E(onomi( %o#i("

31. Whi(h of the fo##o-in, is a ,enera# (om u#sor" (ontribution of -ea#th b" the state7 to meet the ex enses in(urre! in ro.i!in, (ommon benefits u on the resi!ents$

0ee taxes 9har,es %ena#ties

3*. 9on.e"an(e ro.i!e! b" em #o"er for ersona# use of the em #o"ee is on#" taxe! F 5A of the (ost to the em #o"er for a(Cuirin, the .ehi(#e or the fair mar/et .a#ue of .ehi(#e.

True 0a#se

33. 'n the norma# (ir(umstan(es on -hi(h of the fo##o-in, tax is (har,e!$

Resi!ent 9om an" 8ross Re(ei t Tota# 'n(ome Taxab#e 'n(ome

32. &orma##" the sa#ar" in(ome is taxe! on (ash basis but there is one ex(e tion a.ai#ab#e in 'n(ome Tax )r!inan(e *++1 that sa#ar" in(ome (an be taxe! on !ue

basis if there are reasonab#e ,roun!s. Whi(h of the fo##o-in, se(tion !ea#s -ith this ex(e tion$

Se( 53 Se( 1+1 Se( 11+ Se( 111

35. Whi(h of the fo##o-in, is the tax treatment of free hos ita#i@ation ser.i(es ro.i!e! un!er the terms of em #o"ment$

Who##" exem t Exem t u to 1+A of MTS Exem t u to 1+A of MTS Taxab#e u to 1+A of MTS

36. Senior (iti@en>a,e 6+ "ears G abo.e -here taxab#e in(ome not ex(ee!in, ______ tax #iabi#it" re!u(e! b" 5+A un!er %art 3 of se(on! s(he!u#e.

3+++++ 2+++++ 5++++ 5+++++

3<. MHs AB9 an! 9o. an asso(iation of erson is a non>resi!ent A)% -hi(h of the fo##o-in, (on!ition must be satisfie!$

9ontro# an! mana,ement of affairs of A)% is situate! art#" in %a/istan. 9ontro# an! mana,ement of affairs of A)% is situate! -ho##" in %a/istan. 9ontro# an! mana,ement of affairs of A)% is situate! -ho##" or art#" in %a/istan none of abo.e

3=. Whi(h of the fo##o-in, is simi#ar to the (on(e t of (#ubbin, of 'n(omes$

:nifi(ation on#" t-o hea!s of 'n(ome Asso(iation of t-o or more hea!s of 'n(ome

S #ittin, u of on#" t-o hea!s of 'n(ome 1i.ision of t-o or more than t-o hea!s of 'n(ome

33. Whi(h of the fo##o-in, !a"s sha## be (ounte! as ha#f !a" for the (om utation of resi!entia# status of an in!i.i!ua#$

A %ub#i( Ho#i!a" A !a" of si(/ #ea.e An" stri/e &one of the ,i.en o tions

2+. Whi(h of the fo##o-in, tax is ai! from mone" "ou re(ei.e! from someone -ho has !ie!$

'n(ome tax inheritan(e tax %ro ert" tax Sa#es tax

21. Mrs. Sara re(ei.e! a basi( sa#ar" of Rs. *=+7+++ !urin, the "ear en!e! 3+.+6.*++3. She re(ei.e! ,ratuit" from the ,o.ernment of Sin!h of Rs. *176++. What -ou#! be her tax a"ab#e$ I Rs. 1733= I Rs. *7*6* I Rs. 12+ I Rs. 173=+

2*. Whi(h of the fo##o-in, (anon of taxation su,,ests that there shou#! not be an" arbitrariness or ambi,uit" in res e(t of amount of tax ai!$ I 9a a(it" to %a" 9ertaint" I Sim #i(it" I 9on.enien(e

23. An" 'n(ome entit#e! to be re(ei.e! b" a 9om an" then entr" of su(h amount -i## on#" be ma!e in the boo/s of a((ounts if4 I 9om an" maintainin, its boo/s of a((ount on 9ash basis 9om an" maintainin, its boo/s of a((ount on A((rua# basis I 9om an" maintainin, its boo/s of a((ount on Both A((rua# an! 9ash basis I &one of the ,i.en o tions

22. 'n(ome Tax is (har,e! on -hi(h of the fo##o-in,$ 'n(ome of the (urrent tax "ear I 'n(ome of the re.ious "ear I 'n(ome of the (omin, "ear I An" Re(ei t of mone"

25. %ension is !efine! in -hi(h of the fo##o-in, s(he!u#e of the 'n(ome Tax )r!inan(e *++1$ I *n! S(he!u#e %art 1 9#. (=) I *n! S(he!u#e %art 1 9#. (*2) I *n! S(he!u#e %art * 9#. (**) I 1st S(he!u#e of %art * 9#. (*+)

26. Resi!ent %erson (Se(tion =1) in(#u!es -hi(h of the fo##o-in,$ I Resi!ent 'n!i.i!ua# G Asso(iation of %ersons I Resi!ent 9om an" I 0e!era# 8o.ernment A## of the ,i.en o tions

2<. Whi(h art of in(ome is (har,e! to tax of resi!ent erson un!er the in(ome tax or!inan(e *++1$ I %a/istani sour(e of in(ome I 0orei,n sour(e of in(ome I Both %a/istan an! forei,n sour(e of in(ome I &one of the ,i.en o tion

2=. JJJJJJJJJJJJ means a fixe! #a(e of business throu,h -hi(h the business of an enter rise is -ho##" or art#" (arrie! on. I 0ran(hise %ermanent estab#ishment I Sma## Business :nits SB: I Denture

23. Whi(h of the fo##o-in, is the ,enera# !efinition of tax$ I 9om u#sor" (ontribution of -ea#th b" ersons I ) tiona# (ontribution of -ea#th b" ersons I 9om u#sor" (ontribution of -ea#th b" state I ) tiona# (ontribution of -ea#th b" state

5+. Whi(h one of the fo##o-in, se(tion !efines K'n(omeE un!er the hea! 'n(ome from Business se(tion 1=$ Se(tion *(3) I Se(tion *(*3) I Se(tion <5 I Se(tion *(15)

51. L'n(ome is re(or!e! -hen re(ei.e! an! ex en!iture -hen ai!L7 -hi(h one of the fo##o-in, a((ountin, s"stems !es(ribe this statement$ I 9ash basis a((ountin, s"stem I A((rua# basis a((ountin, s"stem I Both (ash an! a((rua# basis I &one of the ,i.en o tions

5*. )n Bui#!in, (a## t" es) the !e re(iation rate s e(ifie! for the ur oses of se(tion ** sha## be4 10% I 1*A I 5A I *+A

53. Se(tion **(15) !efines !e re(iab#e asset means4 I An" tan,ib#e mo.ab#e ro ert" I An" tan,ib#e immo.ab#e ro ert" (other than unim ro.e! #an!) I Stru(tura# im ro.ement to immo.ab#e ro ert" I A## of the ,i.en o tions

52. The sa#ar" re(ei.e! from the :? 8o.ernment b" Mr. Amir resi!ent of %a/istan. Whi(h se(tion of the in(ome tax or!inan(e ex #ains his tax treatment of su(h sa#ar"$ I Se(tion 11+ I Se(tion 1+1 Se(tion 1+* I Se(tion 5+

55. Re.ision of return (an be ma!e on an a #i(ation ma!e b" the tax a"er re#atin, to issuan(e of an exem tion7 b" -hi(h of the fo##o-in, authorities$ I 'n(ome Tax )ffi(er I Assistant 9ontro##er of 'n(ome tax I 1e ut" 9ontro##er of 'n(ome tax Re,iona# 9ommissioner of 'n(ome tax

56. A

ea# to 9'T (a ea#s) sha## be fi#e! in -hi(h of the fo##o-in, manner$

)n res(ribe! form I )n #ane a er I )n stam e! a er I Be,a# !o(uments

5<. Whi(h of the fo##o-in, is in(#u!e! in the assessment or!er b" (ommissioner$ I Taxab#e 'n(ome I Tax 1ue I Amount of Tax %ai! A## of the ,i.en o tions

5=. 'n Sa#es Tax A(t MNero > rate! su #"M means a taxab#e su tax at the rate of @ero er (ent !efine un!er Se(tion 2 I Se(tion 5 I Se(tion 6 I Se(tion **

#" -hi(h is (har,e! to

53. Mr. ?ishan ?umar !urin, his "ear#" tour in %a/istan s en!s 155 -or/in, !a"s7 *6 off>-or/in, !a"s 1 stri/e !a" an! 1 %ub#i( Ho#i!a" in a tax "ear *++=>+3$ What -i## be the status of the in!i.i!ua#$ Resi!ent 'n!i.i!ua# I &on Resi!ent 'n!i.i!ua# I Resi!ent %erson I Resi!ent H:0

6+. Mr. ?ishan ?umar !urin, his "ear#" tour in %a/istan s en!s 156 -or/in, !a"s7 *6 off-or/in, !a"s an! 1 %ub#i( Ho#i!a" in a tax "ear *++3>*+1+$ Whi(h of the fo##o-in, is his resi!entia# status$ Se#e(t (orre(t o tion4 Resi!ent 'n!i.i!ua# &on Resi!ent 'n!i.i!ua# Resi!ent %erson Resi!ent H:0 61. Mr. Neeshan !urin, his "ear#" tour in %a/istan s en!s 1=+ -or/in, !a"s an! in a tax "ear *++=>+3$ What -i## be the status of in!i.i!ua#$ I Resi!ent 'n!i.i!ua# &on>Resi!ent 'n!i.i!ua# I Resi!ent %erson I Resi!ent H:0

6*. Whi(h of the fo##o-in, is the rate of tax for A)% for tax "ear *++37 -here the taxab#e in(ome ex(ee!s Rs. 1++7+++ but !oes not ex(ee! Rs. 11+7+++$ I +A I +.*5A I +.5+A I +.<5A

63. Whi(h of the fo##o-in, is the rate of tax for A)% for tax "ear *++37 -here the taxab#e in(ome ex(ee!s Rs. 1*57+++ but !oes not ex(ee! Rs. 15+7+++$ I +.5+A I +.<5A I 1.++A *.++A

62. Whi(h of the fo##o-in, is the Rate of Tax for !i.i!en! re(ei.e! from o-er 8eneration 9om an" for Tax Oear *++3$ I &i# I *.5A I 5A <.5A

65. Whi(h one of the fo##o-in, is not the feature of Sa#es Tax$ I 'n!ire(t tax I Broa! base! I E#asti(H 0#exib#e &one of the ,i.en o tions

66. Mr. A#i re(ei.e! a basi( sa#ar" of Rs. *+7+++ er month !urin, the "ear en!e! 3+.+6.*++3. 1urin, the "ear !omesti( bi##s of -ater7 te#e hone an! e#e(tri(it" amountin, to Rs. 67+++7 1*7+++7 an! 376++ -ere ai! b" his em #o"er res e(ti.e#". What -ou#! be his taxab#e in(ome$ I Rs. *2+7+++ Rs. *6<76++ I Rs. *<+7+++ I Rs. *=37=++

6<. Mr. Sa#eem re(ei.e! a basi( sa#ar" of Rs. 1+7+++ er month !urin, the "ear en!e! 3+.+6.*++3. 1urin, the "ear his em #o"er ro.i!e! the ser.i(es of a !ri.er an! a house/ee er. The (om an" ai! Rs. 27+++ er month to ea(h of these em #o"ees. What -ou#! be his taxab#e in(ome$ I Rs. 1*+7+++ Rs. 1=67+++ I Rs. *167+++ I Rs. *2275++

6=. The basi( sa#ar" of Mr. 8hauri (a sa#arie! erson) !urin, the "ear 3+.+6.*++3 is Rs. 2257+++. He ai! Na/at un!er Na/at )r!inan(e of Rs. =7+++ an! re(ei.e! (ommission of Rs. *27+++. What -i## be his taxab#e in(ome$ I Rs. 2*37+++ I Rs. 23<7+++ Rs. 2617+++ I Rs. 2637+++

Mr. Sadiq received a salary of Rs. 200,000 during the year ended 30.06.200 . !is MTS is "Rs. 200,000#$,000#300,000%. !e has received medical allo&ance and facility of interest free loan from his em'loyer of Rs. (0,000 'er month and Rs. 00,000 res'ectively. )hat &ould *e his tax 'aya*le+ Rs. (, ,-.$ Rs. 2,$3$ Rs. (0-,$00 Rs. (3.,200 Sol/ 0one of the a*ove as, Taxpayble of Mr.Sadiq: Basic salary Medical Allowance 200,000 120,000

Exemp !10" of 200,000#20,000$ !20,000$ (01 of loan is chargea*le to tax " 000002(01% 0000

100,000

3 0000 3ccording to tax la& 200 tax 'aya*le &ill *e/ 3 0000221 -,00 3ccording to tax la& 20(3 iicome under .00000 is exem't from tax deduction 4uestion 0o/ 3 " Mar5s/ ( % # 6lease choose one . . Mr. Shafqat received a *asic salary of Rs. 3$0,000 during the year ended 30.06.200 . !is com'any maintained car for 'ersonal and official use. The cost of the vehicle is Rs. ,,0,000.)hat &ould *e his tax 'aya*le+ Rs. (,030 Rs. $, (0 Rs. (0, $0 Rs. (3$,300 0ote/ according to 20(3 tax la& his income has not lia*le to 'ay tax as his income is under .00000

4uestion 0o/ 3. " Mar5s/ ( % # 6lease choose one $0. Mr. Shafqat received a *asic salary of Rs. 200,000 during the year ended 30.06.200 . !e has received lunch facility, cost of living allo&ance and adhoc relief of Rs. 6,000, $0,000, and -,,00 res'ectively. )hat &ould *e his tax 'aya*le+ Rs. (,030 Rs. (,03 Rs. (,06 Rs. (, -,.$ 7n 20(3 he is not lia*le for tax 'ayment *ecause his salary is less than .00000

4uestion 0o/ .0 " Mar5s/ ( % # 6lease choose one $(. 3 retailer &hose value of su''lies in any 'eriod during the last t&elve months ending any tax 'eriod exceeds8888888 are required to *e registered under the Sales Tax 3ct ( 09

 :orty million ru'ees T&enty million ru'ees Ten million ru'ees :ive million ru'ees 0ot included in course Ref/6g;((, $2. 3 retailer &hose value of su''lies in any 'eriod during the last t&elve months ending any tax 'eriod exceeds t&enty million ru'ees9 0ot included in course

4uestion 0o/ .2 " Mar5s/ ( % # 6lease choose one $3. Statutory 6rovident :und is governed *y &hich one of the follo&ing+

:inance 3ct 2006 7nsurance 3ct ( 6 6rovident :unds 3ct ( 2$ :inance <ill 200Statutory 6rovident :und, governed *y the 6rovident :unds 3ct, ( 2$ "=6 :und%.

4uestion 0o/ .. " Mar5s/ ( % # 6lease choose one $.. Mrs. )aseem has rented out her house at Rs. ($,000 'er month. 3s 'er rent deed she has received an amount of Rs. -$,000 as advance, &hich is non ad>usta*le against rent. )hat &ould *e the amount of rent chargea*le to tax &here the fair mar5et rent is Rs. (00,000+ Rs. 0,000 Rs. (,,-$00 Rs. 2,.00 Rs. (,200 0ot included in a course

4uestion 0o/ .$ " Mar5s/ ( % # 6lease choose one

$$. Mr. )aqas is a 'racticing chartered accountant. !e has received audit fees of Rs. 300,000 and the examiner?s fees of Rs. 2,000. @uring tax year 200 he has made mem*ershi' and certificate ex'enses of Rs. $00. )hat &ill *e his income from 'rofession+ Rs. ( ,,,3. Rs. 30(,$00 Rs. 2 -,$00 Rs. 2 ,,$00 300,000A2000#$00B30(,$00 0ot included in a course

4uestion 0o/ .6 " Mar5s/ ( % # 6lease choose one $6. MCs. RST filed tax return for tax year 200 , declaring taxa*le income as Rs. (,(3$,000 made 'ayments in execution of a contract for 'urchase of office a''liances Rs. 2$0,000. )hat &ill *e the tax 'aya*le of the com'any+ Rs. (00,000 Rs. ($0,000 Rs. 300,000 Rs. .,.,-$0 Dalculation/ Tax Eia*ility ((3$000A2$0,000B(,3,$00023$1B.,.,-$0

4uestion 0o/ .- " Mar5s/ ( % # 6lease choose one $-. Mr. 4asim received income from *usiness of Rs. (0-,000. !e has received gain on sale of residential house of Rs. (.0,000. )hat &ill *e his taxa*le income+ Rs. $0,000 Rs. 300,000 Rs. (0-,000 Rs. (00,000 4uestion 0o/ 3-( "Mar5s/ (% # 6lease choose one

$,. Mr. 4asim received income from *usiness of Rs. 6,(0-,000. !e has received gain on sale of residential house of Rs. (.0,000. )hat &ill *e his taxa*le income+ 2 Rs. $0,000 2 Rs. 300,000 # Rs. 6,(0-,000 2 Rs. (00,000

4uestion 0o/ ., " Mar5s/ ( % # 6lease choose one $ . Mr. Famil has received income from 'oultry farm of Rs. 6.$,000 and gain on sale of shares of 'rivate com'any Rs. (36,000 &here the shares &ere dis'osed off after (2 months. The ca'ital loss amounted to Rs. ($,000 &as re'orted. )hat &ill *e his taxa*le income+ Rs. $66,000 Rs. 6 .,000 Rs. -32,000 Rs. --6,000

4uestion ; ( of ($ " Start time/ 02/32/.$ 3M % Total Mar5s/ ( 60. 7f an em'loyee?s taxa*le income is Rs.-($, 000 and he 'aid donations amounting Rs.(0,000 to a charita*le institution, &hat &ill *e the value of GD? in calculating tax credit+ Select correct o'tion/ Rs.-($, 000 Rs.2(., $00 Rs.(0, 000 Rs.22., $00

4uestion ; 2 of ($ " Start time/ 02/33/0- 3M % Total Mar5s/ ( 6(. )hich one of the follo&ing section deals &ith intangi*les+

Select correct o'tion/ Section 22

Section 2. Section 222 Section 2.2

4uestion ; 3 of ($ " Start time/ 02/33/32 3M % Total Mar5s/ ( 62. Mr. 3 is an em'loyee of =overnment of the 6un>a*, his data for the year 20(0 is given *elo&. Salary/ Rs. 60,000 'er month =ratuity/ Rs. (,000,000 Dalculate his taxa*le income. Select correct o'tion/ --.,000 -20,000 (,060,000 (,-20,000

Sol/ 600002(2B-20000 4uestion ; . of ($ " Start time/ 02/3./03 3M % Total Mar5s/ ( 63. 3 firm 3<D maintaining its account in accrual *asis, at Fune 2-, 200, it is entitled to receive Rs. (0,000 *ut actual 'ayments made at 0( 3ugust 200,. 7n &hich year it is charged to tax+ Select correct o'tion/ 2006 200200, 200

4uestion ; $ of ($ " Start time/ 02/3./2 3M % Total Mar5s/ ( 6.. @eficit :inancing is one of the tools of &hich of the follo&ing 'olicy+

Select correct o'tion/ Monetary 'olicy :iscal 'olicy Trade 6olicy Hconomic 6olicy

4uestion ; 6 of ($ " Start time/ 02/3./3$ 3M % Total Mar5s/ ( 6$. :ollo&ing 'erson is required to file tax return/

Select correct o'tion/ )ido& @isa*led 'erson The 'erson has *ecome *an5ru't

Ir'han *elo& age of 2$ 4uestion ; - of ($ " Start time/ 02/36/0. 3M % Total Mar5s/ ( 66. The 'rocess of clu**ing of income results in &hich of the follo&ing+

Select correct o'tion/ Eo&er <rac5et rate of tax is charged !igher <rac5et rate of tax is charged Moderate <rac5et rate of tax is charged 0o change occur due to clu**ing of ($ " Start time/ 02/36/.0 3M % Total Mar5s/ (

4uestion ; 6-.

)hich of the follo&ing incomes are treated as agriculture income+

Select correct o'tion/ 3gro *ased industry S'ontaneous forests 7nterest received *y a farmer on lending 7ncome from land situated in6a5istanused for agriculture

4uestion ; (0 of ($ " Start time/ 02/36/$2 3M % Total Mar5s/ ( 6,. )hich of the follo&ing is the im'ortant content for calculating tax on income+ Select correct o'tion/ Taxa*le 7ncome Residential Status Tax Jear

3ll of the given o'tions

4uestion ; (( of ($ " Start time/ 02/36/$, 3M % Total Mar5s/ ( 6 . "3 C <% x D 7n the a*ove formula for calculating tax credit under section 6( of the 7ncome tax Irdinance 200(, D re'resents &hich of the follo&ing+ Select correct o'tion/ 3mount of =ross tax 6erson?s taxa*le income for the tax year 3mount of exem'tion as 'er Irdinance 0et 7ncome If the year

0ot included in course 4uestion ; (3 of ($ " Start time/ 02/3,/2- 3M % Total Mar5s/ ( -0. )hich of the follo&ing section deal &ith tax treatment of 'erson &ho is a cultivator or receiver of agricultural 'roduce as rent#in#5ind in the *usiness of cultivator+ Select correct o'tion/ Rule (( of the 7T Rule 2002 Section .0 of the 7ncome Tax Irdinance 200( Section .( of the 7ncome Tax Irdinance 200( Section .2 of the 7ncome Tax Irdinance 200(

4uestion ; (. of ($ " Start time/ 02/3,/.0 3M % Total Mar5s/ ( -(. 7n an association of 'erson, 2$1 tax rate is a''lied &here the taxa*le income exceeds/ Select correct o'tion/ Rs (,300,000 Rs (,000,000 Rs (,$00,000 Rs (,-00,000

4uestion ; ($ of ($ " Start time/ 02/3,/$, 3M % Total Mar5s/ (

-2. *y

@eductions not allo&ed under the head income from *usiness is defined

Select correct o'tion/ Section 20 Section 2( Section 2$ Section 2-

4uestion ; ( of ($ " Start time/ 02/../.3 3M % Total Mar5s/ ( -3. 3 de'recia*le asset has normal useful life of/

Select correct o'tion/ Six months Ine year or more Hleven months 0one of the given o'tions

4uestion ; 2 of ($ " Start time/ 02/../. 3M % Total Mar5s/ ( -.. Hx'enses entitled to *e 'aid *y a Dom'any, then entry of such ex'enses &ill *e made in the *oo5s of accounts if/ Select correct o'tion/ Dom'any maintaining its *oo5s of account on Dash *asi Dom'any maintaining its *oo5s of account on 3ccrual *asis Dom'any maintaining its *oo5s of account on <oth 3ccrual and Dash *asis 0one of the given o'tions

4uestion ; 3 of ($ " Start time/ 02/../$6 3M % Total Mar5s/ ( Hvery 'erson o&ns immova*le 'ro'erty, &ith a land area of 888888888 or more in munici'al limits, cantonment and D@3 is required to file return of income tax. Select correct o'tion/ ($0 Sq. yards 200 Sq. yards

2$0 Sq. yards 3$0 Sq. yards

0ot included in a course 4uestion ; 6 of ($ " Start time/ 02/.$/.2 3M % Total Mar5s/ ( -$. for9 :ormula to com'ute the tax rate a''lies on gratuity received, K<L stands

Select correct o'tion/ The total tax 'aid or 'aya*le *y the em'loyee for the three 'receding tax years The em'loyee?s total taxa*le income for the three 'receding tax years The gratuity received *y the em'loyee 0one of the given o'tions

4uestion ; - of ($ " Start time/ 02/.6/0( 3M % Total Mar5s/ ( -6. )hich of the follo&ing tax is 'aid in relation to ho& much you earn+

Select correct o'tion/ 7ncome Tax 7nheritance Tax Malue added Tax Sales Tax of ($ " Start time/ 02/.6/20 3M % Total Mar5s/ (

4uestion ;

--. 7n case of discontinuance of *usiness, &hat is the time 'eriod to file a return+ Select correct o'tion/ )ithin 0$days of discontinuance )ithin ($days of discontinuance )ithin 2$days of discontinuance )ithin 30days of discontinuance

4uestion ; (0 of ($ " Start time/ 02/.6/.. 3M % Total Mar5s/ (

-,.

The formula used in the com'utation of ca'ital gain is/

Select correct o'tion/ 3A< 3#<AD 3#< 3A<#D

4uestion ; (2 of ($ " Start time/ 02/.,/(, 3M % Total Mar5s/ ( - . )hat rate is a''lied in normal de'reciation of 'lant and machinery+

Select correct o'tion/ $1 (01 ($1 2$1

4uestion ; (3 of ($ " Start time/ 02/.,/3- 3M % Total Mar5s/ ( ,0. Mr. N resident of 6a5istan received dividend amounting Rs. (0,000 in OP from OP resident com'any. )hat is the tax treatment for calculating his gross total income+ Select correct o'tion/ 3dded in total income Su*tracted from the total income 0o treatment due to non#resident com'any Hxem't from tax

4uestion ; (. of ($ " Start time/ 02/.,/$6 3M % Total Mar5s/ ( ,(. )hich of the follo&ing days shall *e counted as half day for the com'utation of residential status of an individual+ Select correct o'tion/ 3 6u*lic !oliday 3 day of sic5 leave

3ny stri5e 0one of the given o'tions

4uestion ; ($ of ($ " Start time/ 02/. /0, 3M % Total Mar5s/ ( ,2. 6ension is exem't under Select correct o'tion/ Dlause "(2% 6art 7 of Second Schedule Dlause "(2(% 6art 7 of Second Schedule Dlause "(22% 6art 7 of Second Schedule Dlause "((2% 6art 7 of Second Schedule

S e(ia# tax "ear is a!o te! after see/in, a ro.a# from the JJJJJJJJJJJJ un!er sse(tion <2(3). Se#e(t (orre(t o tion4 9ommissioner Tax )ffi(er A e##ate Tribuna#

Su reme 9ourt

Puestion Q < of 15 ( Start time4 1142=422 %M ) Tota# Mar/s4 1 An" in(ome from a business (arrie! on outsi!e %a/istan throu,h ermanent Estab#ishment b" a resi!ent erson be#on,s to -hi(h of the fo##o-in,$ Se#e(t (orre(t o tion4 %a/istani sour(e of 'n(ome 0orei,n sour(e of in(ome Both%a/istanan! forei,n sour(e of in(ome &one of the ,i.en o tion

Puestion Q 3 of 15 ( Start time4 1142341= %M ) Tota# Mar/s4 1 A((rua# basis a((ountin, metho! is man!ator" for -hi(h one of the fo##o-in,4

Se#e(t (orre(t o tion4 Sa#arie! erson Asso(iation of erson 9om anies %ro rietorshi

Puestion Q 1+ of 15 ( Start time4 11423431 %M ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the main too# of 0is(a# %o#i("$ Se#e(t (orre(t o tion4 Taxes 1efi(it 0inan(in, Subsi!ies Transfer %a"ments

Puestion Q 11 of 15 ( Start time4 1142342= %M ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is ex(#u!e! from the !efinition of (a ita# asset$ Se#e(t (orre(t o tion4 A osta,e stam ;e-e#r" Sto(/>in>tra!e A aintin,

Puestion Q 1* of 15 ( Start time4 1145+426 %M ) Tota# Mar/s4 1 &on>a!Rustab#e amounts sha## be treate! as rent an! (har,eab#e to tax7 these amounts are s rea! o.er a erio! of Se#e(t (orre(t o tion4 +5 "ears 1+ "ears 15 "ears *+ "ears

Puestion Q 13 of 15 ( Start time4 114514+* %M ) Tota# Mar/s4 1

Whi(h of the fo##o-in, se(tion !ea#s -ith the resi!entia# status of Asso(iation of %erson$ Se#e(t (orre(t o tion4 Se(tion =1 Se(tion =* Se(tion =3 Se(tion =2

Puestion Q 12 of 15 ( Start time4 114514*+ %M ) Tota# Mar/s4 1 'f a (u#ti.ator use! its a,ri(u#tura# ro!u(e as ra- materia# in its business -hat -i## be the tax treatment of su(h a,ri(u#ture ro!u(e$ Se#e(t (orre(t o tion4 Mar/et ri(e of su(h ro!u(e -i## be !e!u(te! as business ex en!iture The ex enses of (u#ti.ation -i## be !e!u(te! as ex ense from business The #an! re.enue rent ai! -i## be !e!u(te! as ex ense from business A## of the ,i.en o tions

Puestion Q 15 of 15 ( Start time4 11451435 %M ) Tota# Mar/s4 1 JJJJJJJJJJ are a##o-ab#e !e!u(tions in (ase if the tax a"er is runnin, a business. Se#e(t (orre(t o tion4 Sa#aries ai! %ur(hases )ffi(e ex en!itures A## of the ,i.en o tions

Puestion Q 1 of 15 ( Start time4 1*4+*41* AM ) Tota# Mar/s4 1 Whi(h art of the 'n(ome Tax )r!inan(e *++1 !ea#s -ith Tax (re!its$ Se#e(t (orre(t o tion4 9ha ter ''' %art D'' 9ha ter ''' %art D''' 9ha ter ''' %art 'S

9ha ter ''' %art S

Puestion Q * of 15 ( Start time4 1*4+*4*2 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is a ,enera# (om u#sor" (ontribution of -ea#th b" the state7 to meet the ex enses in(urre! in ro.i!in, (ommon benefits u on the resi!ents$ Se#e(t (orre(t o tion4 0ee Taxes 9har,es %ena#ties

Puestion Q 3 of 15 ( Start time4 1*4+*431 AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is the main obRe(ti.e of 0is(a# %o#i("$ Se#e(t (orre(t o tion4 E(onomi( 1e.e#o ment %ri(e stabi#it" Remo.a# of !efi(it in Ba#an(e of %a"ment A## of the ,i.en o tions

Puestion Q 2 of 15 ( Start time4 1*4+*43= AM ) Tota# Mar/s4 1 Ben(h Mar/ rate for the tax "ear *+1+ is4 Se#e(t (orre(t o tion4 =A 1+A 1*A 13A

Puestion Q 5 of 15 ( Start time4 1*4+*455 AM ) Tota# Mar/s4 1 1e!u(tion is a##o-e! on ex en!iture on a(Cuirin, a !e re(iab#e asset -hose usefu# #ife is4 Se#e(t (orre(t o tion4

)ne "ear More than one "ear Three "ears 0i.e "ears

Puestion Q 6 of 15 ( Start time4 1*4+2411 AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, (anons of taxation su,,ests easiness in time of a"ment an! mo!e of (o##e(tion of tax$ Se#e(t (orre(t o tion4 Sim #i(it" 9on.enien(e 9ertaint" 9a a(it" to %a"

Puestion Q = of 15 ( Start time4 1*4+2431 AM ) Tota# Mar/s4 1 Who is #iab#e to a" tax in a artnershi form of business$ Se#e(t (orre(t o tion4 %artners %artnershi firm %artner -ith #ar,e share &one of the ,i.en o tions

Puestion Q 3 of 15 ( Start time4 1*4+243< AM ) Tota# Mar/s4 1 Mr. Af@a# -ou#! #i/e to (om ute the tax rate a #" on the ,ratuit" re(ei.e! the formu#a to (om ute the tax rate is. Se#e(t (orre(t o tion4 AxBH1++ Ax1++HB AHBx1++ 1++SBHA

Puestion Q 1+ of 15 ( Start time4 1*4+245+ AM ) Tota# Mar/s4 1

Whi(h of the fo##o-in, ma" ,rant a ro.a# to an" ,ratuit" fun!$ Se#e(t (orre(t o tion4 0e!era# Tax )mbu!sman 0e!era# 8o.ernment Su erior Ru!i(iar" 9ommissioner of 'n(ome Tax

Puestion Q 13 of 15 ( Start time4 1*4+543* AM ) Tota# Mar/s4 1 An 'n!i.i!ua# -i## be terme! as Short Term Resi!ent un!er se(tion 5+ of the 'T )r!inan(e *++1 ro.i!e!4 Se#e(t (orre(t o tion4 His erio! of sta" eCua# to 1=3 !a"s The em #o"ee of 0e!era# 8o.ernment The (iti@en of %a/istan Resi!ent so#e#" b" reason of the in!i.i!ua#Es em #o"ment

Puestion Q * of 15 ( Start time4 1*4+34+2 AM ) Tota# Mar/s4 1 An" ,ain arisin, on the !is osa# of shares in a resi!ent (om an" be#on,s to -hi(h of the fo##o-in,$ Se#e(t (orre(t o tion4 0orei,n sour(e of in(ome %a/istansour(e in(ome Both %a/istan an! forei,n sour(e of in(ome &one of the ,i.en o tion

Puestion Q 3 of 15 ( Start time4 1*4+3413 AM ) Tota# Mar/s4 1 'f the a((ountin, "ear of firm manufa(turin, sha-#s is starte! from 1st A ri# *++* an! en!in, on 31st Mar(h *++3. What -i## be its tax "ear$ Se#e(t (orre(t o tion4 Tax "ear *++* Tax "ear *++3

Tax "ear *++2 Tax "ear *++5

Puestion Q 2 of 15 ( Start time4 1*4+343* AM ) Tota# Mar/s4 1 9on(e t of se arate #e,a# entit" of a((ountin, a #ies on -hi(h of the fo##o-in, (on(e ts in taxation un!er se(tion 1+5 of the or!inan(e$ Se#e(t (orre(t o tion4 Resi!ent an! ermanent estab#ishment &on>resi!ent an! ermanent estab#ishment 9iti@enshi an! ermanent estab#ishment A## of the ,i.en o tions

Puestion Q 5 of 15 ( Start time4 1*4+3425 AM ) Tota# Mar/s4 1 A !efinition that in(#u!es the !i(tionar" meanin,s of the -or! is terme! as4 Se#e(t (orre(t o tion4 Ex(#usi.e !efinition 'n(#usi.e !efinition Both 'n(#usi.e G Ex(#usi.e !efinitions Statutor" !efinition

Puestion Q < of 15 ( Start time4 1*4+345= AM ) Tota# Mar/s4 1 An" amount sha## be forei,n>sour(e in(ome if it is ai! b"4 Se#e(t (orre(t o tion4 Resi!ent erson &on>resi!ent erson 9iti@en of %a/istan A## of the ,i.en o tions

Puestion Q 3 of 15 ( Start time4 1*41+4*6 AM ) Tota# Mar/s4 1 :ti#ities -ere exem te! u to 1+A of MTS or Basi( sa#ar" ti## 3+th ;une7 *++67 .i!e (#ause 3= of art 1 of Se(on! S(he!u#e. This (#ause has been omitte! b"4 Se#e(t (orre(t o tion4

0inan(e )r!inan(e *++2 0inan(e )r!inan(e *++5 0inan(e A(t *++6 0inan(e A(t *++<

Puestion Q 1+ of 15 ( Start time4 1*41+43* AM ) Tota# Mar/s4 1 1e re(iation rate a #ie! on a## t" es of bui#!in,s un!er se(tion ** is4 Se#e(t (orre(t o tion4 5A 1+A +.5A 3.5A

Puestion Q 3 of 15 ( Start time4 1*41=436 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, se(tion of 'n(ome Tax )r!inan(e *++1 !ea#s -ith erCuisites of 'n(ome from Sa#ar" an! its treatment$ Se#e(t (orre(t o tion4 Se(tion 11 Se(tion 1* Se(tion 13 Se(tion 12

Puestion Q 2 of 15 ( Start time4 1*41=455 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, tax is ai! from mone" "ou re(ei.e! from someone -ho has !ie!$ Se#e(t (orre(t o tion4 'n(ome tax 'nheritan(e tax %ro ert" tax Sa#es tax

Puestion Q 5 of 15 ( Start time4 1*4134+3 AM ) Tota# Mar/s4 1

Whi(h of the fo##o-in, is &)T treate! as transa(tions throu,h the ban/in, (hanne#$ Se#e(t (orre(t o tion4 )n#ine transfer of a"ment %a"ments throu,h (re!it (ar! %a"ment throu,h (ash &one of the ,i.en o tions

Puestion Q < of 15 ( Start time4 1*4*+42+ AM ) Tota# Mar/s4 1 'f MHs AB9 an! 9o. an asso(iation of erson is a non>resi!ent A)% -hi(h of the fo##o-in, (on!ition must be satisfie!$ Se#e(t (orre(t o tion4 9ontro# an! mana,ement of affairs of A)% is situate! art#" in %a/istan. 9ontro# an! mana,ement of affairs of A)% is situate! -ho##" in %a/istan. 9ontro# an! mana,ement of affairs of A)% is situate! -ho##" or art#" in %a/istan &one of the ,i.en o tions

Puestion Q 11 of 15 ( Start time4 1*4*143< AM ) Tota# Mar/s4 1 &on>A,ri(u#tura# in(ome !oes &ot in(#u!es -hi(h one of the fo##o-in,$ Se#e(t (orre(t o tion4 1i.i!en! ai! b" a (om an" out of its a,ri(u#ture in(ome Ro"a#t" in(ome of mines %rofit on sa#e of stan!in, (ro s 'n(ome from fisheries

Puestion Q 1* of 15 ( Start time4 1*4*1423 AM ) Tota# Mar/s4 1 Mr. ;ose h is an em #o"ee of 0orei,n 8o.ernment oste! in %a/istan$ What -i## be the resi!entia# status of Mr. ;ose h$ Se#e(t (orre(t o tion4 Resi!ent 'n!i.i!ua# &on> Resi!ent 'n!i.i!ua# Resi!ent H:0

Resi!ent A)%

Puestion Q 15 of 15 ( Start time4 1*4**435 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is &)T a 5%erson6 as !efine! in Se( * (2*) of the 'n(ome Tax )r!inan(e$ Se#e(t (orre(t o tion4 An 'n!i.i!ua# The 0e!era# 8o.ernment %ub#i( 'nternationa# )r,ani@ation &one of the ,i.en o tion

Puestion Q * of 15 ( Start time4 1*4*642= AM ) Tota# Mar/s4 1 A !efinition that ex(#u!es the !i(tionar" meanin,s of the -or! is terme! as4 Se#e(t (orre(t o tion4 Ex(#usi.e !efinition 'n(#usi.e !efinition Both 'n(#usi.e G Ex(#usi.e !efinitions Statutor" !efinition

Puestion Q 3 of 15 ( Start time4 1*4*6452 AM ) Tota# Mar/s4 1 Senior (iti@en>a,e 6+ "ears G abo.e -here taxab#e in(ome not ex(ee!in, JJJJJJJJ tax #iabi#it" re!u(e! b" 5+A un!er %art 3 of se(on! s(he!u#e. Se#e(t (orre(t o tion4 Rs. *++7+++ Rs. 3++7+++ Rs. 2++7+++ Rs. 17+++7+++

Puestion Q 2 of 15 ( Start time4 1*4*<415 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the rate of tax for ma#e sa#arie! 'n!i.i!ua#s for tax "ear *+1+7 -here the taxab#e in(ome ex(ee!s Rs. *++7+++ but !oes not ex(ee! Rs. *5+7+++$ Se#e(t (orre(t o tion4

+A +.*5A +.5+A +.<5A

Puestion Q 5 of 15 ( Start time4 1*4*<42= AM ) Tota# Mar/s4 1 Whi(h art of in(ome is (har,e! to tax of non>resi!ent erson un!er the in(ome tax or!inan(e *++1$ Se#e(t (orre(t o tion4 %a/istani sour(e of in(ome 0orei,n sour(e of in(ome Both %a/istan an! forei,n sour(e of in(ome &one of the ,i.en o tion

Puestion Q 6 of 15 ( Start time4 1*4*=416 AM ) Tota# Mar/s4 1 8ratuit" fun! -hi(h is fu##" exem t from tax is a ro.e! b"4 Se#e(t (orre(t o tion4 'n(ome tax offi(er 9ommissioner of in(ome tax Em #o"er 9BR

Puestion Q < of 15 ( Start time4 1*4*=42+ AM ) Tota# Mar/s4 1 BiCui!ator is referre! as4 Se#e(t (orre(t o tion4 A #iCui!ator of a (om an" A trustee for a ban/ru t A mort,a,ee in ossession A## of the ,i.en o tions

Puestion Q = of 15 ( Start time4 1*4*34++ AM ) Tota# Mar/s4 1 0#"in, a##o-an(e sha## be taxe! F4

Se#e(t (orre(t o tion4 1.5A of amount re(ei.e! as a se arate b#o(/ of in(ome *A of amount re(ei.e! as a se arate b#o(/ of in(ome *.5A of amount re(ei.e! as a se arate b#o(/ of in(ome 3.5A of amount re(ei.e! as a se arate b#o(/ of in(ome

Puestion Q 3 of 15 ( Start time4 1*4*341= AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is &)T a !e re(iab#e asset$ Se#e(t (orre(t o tion4 Tan,ib#e mo.ab#e ro ert" :nim ro.e! #an! Tan,ib#e immo.ab#e ro ert" Stru(tura# im ro.ement to immo.ab#e ro ert"

Puestion Q 1+ of 15 ( Start time4 1*43+433 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is a #itera# meanin, of tax$ Se#e(t (orre(t o tion4 Bur!en En!uran(e %atien(e 0ortitu!e

Puestion Q 11 of 15 ( Start time4 1*43+45< AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is &)T the t" e of tax$ Se#e(t (orre(t o tion4 1ire(t taxes 'n!ire(t Taxes Da#ue A!!e! Taxes 0ees an! %ena#ties

Puestion Q 1* of 15 ( Start time4 1*431415 AM ) Tota# Mar/s4 1

Whi(h of the fo##o-in, is the exam #e of !eem in(ome$ Se#e(t (orre(t o tion4 9ash 8ift Sa#ar" Boan throu,h (ross (heCue 8o#!en han! sha/e

Puestion Q 12 of 15 ( Start time4 1*431425 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is &)T an a!missib#e !e!u(tion un!er the hea! in(ome from ro ert"$ Se#e(t (orre(t o tion4 :n ai! rent %ro ert" tax %a"ment of remium 0air mar/et rent

Puestion Q 15 of 15 ( Start time4 1*43*41< AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, se(tions !ea#s -ith ri@es an! -innin,s$ Se#e(t (orre(t o tion4 Se(tion 11+ Se(tion 12+ Se(tion 156 Se(tion 115

Puestion Q 1 of 15 ( Start time4 1*43<433 AM ) Tota# Mar/s4 1 8enera# %ro.i!ent (8%) 0un! a.ai#ab#e in the 8o.ernment )r,ani@ation is a#so (a##e! as4 Se#e(t (orre(t o tion4 Statutor" %ro.i!ent 0un! Re(o,ni@e! %ro.i!ent :nre(o,ni@e! %ro.i!ent 0un!

&one of the ,i.en o tions

Puestion Q 3 of 15 ( Start time4 1*43<45< AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the tax -here the tax rate remaine! fixe! to the amount on -hi(h the rate is a #ie! in(reases$ Se#e(t (orre(t o tion4 %ro ortiona# tax %ro,ressi.e tax Re,ressi.e tax 9or orate tax

Puestion Q = of 15 ( Start time4 1*4334+6 AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is the ,enera# meanin, of Tax$ Se#e(t (orre(t o tion4 Re#ax Bi,hten Re#ie.e 0ati,ue

Puestion Q 11 of 15 ( Start time4 1*43343+ AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the Tax "ear a.ai#ab#e for sa#arie! in!i.i!ua#$ Se#e(t (orre(t o tion4 1st ;anuar" to 31st 1e(ember 1st ;u#" to 3+th ;une 1st )(tober to 3+th Se tember 1st Se tember to 31st Au,ust

Puestion Q 15 of 15 ( Start time4 1*421432 AM ) Tota# Mar/s4 1 'f an" other offi(e in.o#.e! in the mana,ement of a (om an" it is terme! as4 Se#e(t (orre(t o tion4 Em #o"ment

Em #o"er Em #o"ee Business remises

Puestion Q 1 of 15 ( Start time4 1*42<43* AM ) Tota# Mar/s4 1 Mr. A em #o"e! in %a/istan re(ei.e! !i.i!en! amountin, Rs. 1+7+++ in :? from %a/istani resi!ent (om an". What is the tax treatment for (a#(u#atin, his ,ross tota# in(ome$ Se#e(t (orre(t o tion4 A!!e! in tota# in(ome Subtra(te! from the tota# in(ome A!!e! in in(ome after tax Exem t from tax

Puestion Q 2 of 15 ( Start time4 1*42=41+ AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is &)T a #iCui!ator un!er se(tion 121 of the in(ome tax or!inan(e *++1$ Se#e(t (orre(t o tion4 Re(ei.er a ointe! b" a 9ourt Trustee for a ban/ru t Mort,a,ee in ossession Tax a"er

Puestion Q 5 of 15 ( Start time4 1*42341+ AM ) Tota# Mar/s4 1 A,ri(u#tura# in(ome !oes &)T in(#u!e -hi(h one of the fo##o-in,$ Se#e(t (orre(t o tion4 Rent or Re.enue !eri.e! b" a erson from #an! 'n(ome !eri.e! from #an! situate! in %a/istan The #an! is use! for a,ri(u#tura# ur oses 'n(ome from s ontaneous forest

Puestion Q 6 of 15 ( Start time4 1*4234*3 AM ) Tota# Mar/s4 1

Mr. AEs tota# taxab#e in(ome for the "ear *+1+ is Rs. 15+7+++. Whi(h of the fo##o-in, is the tax #iabi#it" of Mr. A$ Se#e(t (orre(t o tion4 &i# Rs. 3<5 Rs. <5+ Rs. 171*5

Puestion Q < of 15 ( Start time4 1*423452 AM ) Tota# Mar/s4 1 A return of in(ome as reCuire! to be furnishe! un!er se(tion 112 sha## be in the form s e(ifie! in4 Se#e(t (orre(t o tion4 %art ' of se(on! s(he!u#e %art '' of se(on! s(he!u#e %art ''' of se(on! s(he!u#e A## of the ,i.en o tions

Puestion Q = of 15 ( Start time4 1*45141= AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, se(tions !is(usses the (ash>basis a((ountin,$ Se#e(t (orre(t o tion4 Se(tion 3* Se(tion 33 Se(tion 32 Se(tion 36

Puestion Q 3 of 15 ( Start time4 1*451425 AM ) Tota# Mar/s4 1 %ension re(ei.e! b" an em #o"ee of the 8o.ernment or the arme! for(es is exem t from tax !efine in4 Se#e(t (orre(t o tion4

*n! S(he!u#e %art 1 9#.(=) *n! S(he!u#e %art 1 9#.(*5) *n! S(he!u#e %art 1 9#.(3)

&one of the ,i.en o tions

Puestion Q 11 of 15 ( Start time4 1*453432 AM ) Tota# Mar/s4 1 What is the rate of tax for a sma## (om an"$ Se#e(t (orre(t o tion4

1+A of taxab#e in(ome *+A of taxab#e in(ome *5A of taxab#e in(ome 3+A of taxab#e in(ome

Puestion Q 1* of 15 ( Start time4 1*453453 AM ) Tota# Mar/s4 1 Boss from s e(u#ation business (an be set off a,ainst

Se#e(t (orre(t o tion4 Business in(ome 'n(ome earne! from resi!ent (om an" S e(u#ation business in(ome

&one of the ,i.en o tions Puestion Q 15 of 15 ( Start time4 1*4554+= AM ) Tota# Mar/s4 1 'n(ome from bui#!in, #ease! out to,ether -ith %#ant G Ma(hiner" fa##s un!er Se#e(t (orre(t o tion4

'n(ome from ro ert" 'n(ome from sa#ar" 'n(ome from (a ita# ,ain 'n(ome from other sour(es

Puestion Q * of 15 ( Start time4 +14+3423 AM ) Tota# Mar/s4 1 The 0is(a# "ear is a erio! of JJJJJJ months arbitrari#" (hosen for tax ur oses. Se#e(t (orre(t o tion4

3 6

1* 1=

Puestion Q 2 of 15 ( Start time4 +14+3452 AM ) Tota# Mar/s4 1 A -oman tax a"er sha## be (har,e! to tax if taxab#e in(ome is4 Se#e(t (orre(t o tion4

Bess than Rs. 1++7+++ Bess than Rs. *++7+++ More than Rs. *++7+++ More than Rs. *6+7+++

Puestion Q 5 of 15 ( Start time4 +14+242= AM ) Tota# Mar/s4 1 What is the resi!entia# status of 0e!era# 8o.ernment of %a/istan$ Se#e(t (orre(t o tion4

Resi!ent %erson Resi!ent 9om an" Resi!ent A)% Resi!ent H:0

Puestion Q < of 15 ( Start time4 +14+541+ AM ) Tota# Mar/s4 1 'n the formu#a of (om utin, the (a ita# ,ains7 A !efines Se#e(t (orre(t o tion4

9ost of the asset 0MD of asset 9onsi!eration re(ei.e! on !is osa# &one of the ,i.en o tions

Puestion Q 1+ of 15 ( Start time4 +14+643* AM ) Tota# Mar/s4 1 %ro.i!ent fun! maintaine! b" a ri.ate or,ani@ation -hi(h has not been ,rante! re(o,nition b" the 'n(ome Tax Authorities7 is !is(usse! in -hi(h of the fo##o-in, t" e of ro.i!ent fun! Se#e(t (orre(t o tion4

8o.ernment ro.i!ent fun! Re(o,ni@e! ro.i!ent fun! :nre(o,ni@e! ro.i!ent fun! &one of the ,i.en o tions

&ot mentione! in 'n(ome Tax )r!inan(e *++1 Puestion Q 12 of 15 ( Start time4 +14+=42+ AM ) Tota# Mar/s4 1 'f (a ita# asset has been he#! for more than one "ear7 it is exem t from tax u to4 Se#e(t (orre(t o tion4

1+A of tota# (a ita# ,ain 15A of tota# (a ita# ,ain *5A of tota# (a ita# ,ain 3+A of tota# (a ita# ,ain

Puestion Q 2 of 15 ( Start time4 +*413435 AM ) Tota# Mar/s4 1 'f tax a"ab#e of a so#e ro rietorshi is Rs. 5357+++7 -hat -i## be the tax rate a #ie!$ Se#e(t (orre(t o tion4

1*.5+A 15.++A <.5+A 1+.5+A

Puestion Q 6 of 15 ( Start time4 +*4*+4*1 AM ) Tota# Mar/s4 1 Ban! re.enue rent (Ba,an) is re(ei.e! b" -hi(h of the fo##o-in, authorit"$ Se#e(t (orre(t o tion4

Hi,h 9ourt Su reme 9ourt 'n(ome Tax 1e artment %ro.in(ia# 8o.ernment

Puestion Q 13 of 15 ( Start time4 +*4*24++ AM ) Tota# Mar/s4 1

'f tax a"ab#e of a artnershi firm is Rs. 3++7+++7 -hat -i## be the tax rate a #ie!$ Se#e(t (orre(t o tion4

*1.5+A 15.++A 1<.5+A 1+.5+A

Puestion Q 3 of 15 ( Start time4 +*43+42< AM ) Tota# Mar/s4 1 Da#uation of sto(/ is (om utes b" the formu#a4 Se#e(t (orre(t o tion4

ATB>9 A>B>9 A>BT9 ATBT9

Puestion Q 2 of 15 ( Start time4 +*4314*2 AM ) Tota# Mar/s4 1 *(53) of 'n(ome Tax )r!inan(e *++1 !efine!4 5shareho#!er6 in re#ation to a (om an"7in(#u!es a mo!araba (ertifi(ate ho#!er7 a unit ho#!er of a unit trust an! a benefi(iar" of a trust. 'n -hi(h (riteria the abo.e !efinition fa##s$ Se#e(t (orre(t o tion4

Ex(#usi.e !efinition 'n(#usi.e !efinition Both Ex(#usi.e an! 'n(#usi.e !efinitions Statutor" !efinition

Puestion Q 5 of 15 ( Start time4 +*43142= AM ) Tota# Mar/s4 1 8ratuit" -i## be i,nore! in (om utin, taxab#e in(ome of Se#e(t (orre(t o tion4

Resi!ent erson &on>resi!ent erson 'n(ome tax offi(er 1e(ease! erson

Puestion Q 6 of 15 ( Start time4 +*43*4+= AM ) Tota# Mar/s4 1 A(hie.in, fu## em #o"ment #e.e# is one of the obRe(ti.es of -hi(h of the fo##o-in, o#i("$ Se#e(t (orre(t o tion4

Monetar" o#i(" 0is(a# o#i(" Tra!e %o#i(" E(onomi( %o#i("

Puestion Q = of 15 ( Start time4 +*43*435 AM ) Tota# Mar/s4 1 0or the "ear *++3 Mr. A#i has basi( sa#ar" Rs. 2+7+++ .m. -hat -i## be the sa#ar" of Mr. A#i for the tax "ear *+1+$ Se#e(t (orre(t o tion4

Rs. 2=+7+++ Rs. *2+7+++ Rs. 2+7+++ Rs. 62+7+++

Puestion Q 1+ of 15 ( Start time4 +*433413 AM ) Tota# Mar/s4 1 &orma##" the sa#ar" in(ome is taxe! on (ash basis but there is one ex(e tion a.ai#ab#e in 'n(ome Tax )r!inan(e *++1 that sa#ar" in(ome (an be taxe! on !ue basis if there are reasonab#e ,roun!s. Whi(h of the fo##o-in, se(tion !ea#s -ith this ex(e tion$ Se#e(t (orre(t o tion4

Se(tion 53 Se(tion 1+1 Se(tion 11+ Se(tion 111

Puestion Q 1* of 15 ( Start time4 +*43241* AM ) Tota# Mar/s4 1 Mr. S resi!ent of %a/istan earne! in(ome from %ro ert" situate! in Bon!on Rs. 5+7+++ but re(ei.e! in 'n!ia. Whi(h of the fo##o-in, is ri,ht for the abo.e s(enario$ Se#e(t (orre(t o tion4

Mr. S bein, resi!ent of%a/istanRs. 5+7+++ -i## be a!!e! in 8ross tota# in(ome Mr. S bein, resi!ent of %a/istan Rs. 5+7+++ -i## be subtra(te! in 8ross tota# in(ome Mr. S bein, resi!ent of %a/istan Rs. 5+7+++ -i## be (#aime! as a!missib#e !e!u(tion Mr. S bein, resi!ent of %a/istan Rs. 5+7+++ -i## be exem te!

Puestion Q 15 of 15 ( Start time4 +*435422 AM ) Tota# Mar/s4 1 Re(o,ni@e! ro.i!ent fun! is re(o,ni@e! b" Se#e(t (orre(t o tion4

'n(ome tax offi(er 9entra# boar! of re.enue 9ommissioner of in(ome tax Hi,h (ourt

Puestion Q 2 of 15 ( Start time4 +*425451 AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, is main !ifferen(e bet-een the tax an! fee$ Se#e(t (orre(t o tion4

'm osin, authorit" A #ie! Rates Entit#ement of 9ounter benefit Mo!e of a"ment

Puestion Q 5 of 15 ( Start time4 +*4264+= AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the Externa# ai! for the inter retation of tax #a-s$ Se#e(t (orre(t o tion4

%reamb#e &on>)bstinate (#ause Tit#e of a (ha ter 0inan(e MinisterEs bu!,et s ee(h

Puestion Q 1* of 15 ( Start time4 +*42=452 AM ) Tota# Mar/s4 1

Mr. A#i is an em #o"ee of AB9 9o. He has a.ai#e! an interest free #oan from his 9om an". What -i## be the treatment of 'nterest on #oan as er 'n(ome Tax )r!inan(e *++1$ Se#e(t (orre(t o tion4

Sa#ar" of A#i in(#u!es the 'nterest on #oan at ben(hmar/ rate Sa#ar" of A#i in(#u!es the 'nterest on #oan at #o-er than ben(hmar/ rate Sa#ar" of A#i in(#u!es the 'nterest on #oan at hi,her than ben(hmar/ rate Amount of 'nterest on #oan is exem te! from Tax

Puestion Q 1 of 15 ( Start time4 +2452412 AM ) Tota# Mar/s4 1 What -i## be the tax treatment of motor .ehi(#e ro.i!e! art#" for offi(ia# an! art#" for ersona# use$ Se#e(t (orre(t o tion4

5A of (ost (.ehi(#e) 1+A of (ost (.ehi(#e) 15A of (ost (.ehi(#e) *5A of (ost (.ehi(#e)

Puestion Q 3 of 15 ( Start time4 +2455411 AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, se(tions !efines minimum tax on resi!ent (om anies$ Se#e(t (orre(t o tion4

Se(tion 11+ Se(tion 111 Se(tion 113 Se(tion 115

Puestion Q 5 of 15 ( Start time4 +2455423 AM ) Tota# Mar/s4 1 Mr. A resi!ent of %a/istan re(ei.e! interest on Austra#ian Bon!s Rs. 1++7+++ (ha#f amount re(ei.e! in %a/istan). What is the treatment of this amount for (a#(u#atin, his ,ross tota# in(ome$ Se#e(t (orre(t o tion4

Rs. 1++7+++ a!!e! in his tota# in(ome Rs. 1++7+++ subtra(te! from his tota# in(ome

Rs. 5+7+++ a!!e! in his tota# in(ome Exem t from tax

Puestion Q = of 15 ( Start time4 +2456435 AM ) Tota# Mar/s4 1 9on(essiona# #oan of Rs 1 mi##ion ro.i!e! b" em #o"er F of mar/u of 6A er annum (ben(h mar/ rate for tax "ear *+1+ is 1*A er annum)7 -hat -i## be the amount a!!e! ba(/$ Se#e(t (orre(t o tion4

Rs.6+7+++ Rs.2+7+++ Rs.3+7+++ Rs.13+7+++

Puestion Q 3 of 15 ( Start time4 +2456453 AM ) Tota# Mar/s4 1 What is the time erio! ,i.en to a tax a"er to fi#e a re.ise! return$ Se#e(t (orre(t o tion4

* "ears 3 "ears 5 "ears 6 "ears

Puestion Q 11 of 15 ( Start time4 +245=432 AM ) Tota# Mar/s4 1 Members of in(ome tax a e##ate tribuna# are a ointe! b" -hi(h of the fo##o-in, authorities$ Se#e(t (orre(t o tion4

%ro.in(ia# 8o.ernment 'n(ome Tax 1e artment 0e!era# 8o.ernment ;u!i(ia# 9ommission

Puestion Q 1* of 15 ( Start time4 +24534*1 AM ) Tota# Mar/s4 1 The rate of in(ome tax for Mo!arba 9om an" is4 Se#e(t (orre(t o tion4

*+A *5A 3+A 35A

Puestion Q 12 of 15 ( Start time4 +245345= AM ) Tota# Mar/s4 1 Statutor" ro.i!ent fun! is a#so /no-n as4 Se#e(t (orre(t o tion4

Re(o,ni@e! ro.i!ent fun! :nre(o,ni@e! ro.i!ent fun! 8o.ernment ro.i!ent fun! &one of the ,i.en o tions

Puestion Q 1 of 15 ( Start time4 +54+243< AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, s e(ifies the rates of !e re(iation$ Se#e(t (orre(t o tion4

%art ' of 3r! s(he!u#e %art '' of 3r! s(he!u#e %art ''' of 3r! s(he!u#e &one of the ,i.en o tions

Puestion Q 13 of 15 ( Start time4 +54+<4+= AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, se(tion !ea#s -ith the resi!entia# status of 'n!i.i!ua#$ Se#e(t (orre(t o tion4

Se(tion =+ Se(tion =1 Se(tion =* Se(tion =3

Puestion Q 12 of 15 ( Start time4 +54+<433 AM ) Tota# Mar/s4 1 Mr. A non>resi!ent of %a/istan re(ei.e! interest on Austra#ian Bon!s Rs. 1++7+++ (ha#f amount re(ei.e! in %a/istan). What is the treatment of this amount for (a#(u#atin, his ,ross tota# in(ome$

Se#e(t (orre(t o tion4

Rs. 1++7+++ a!!e! in his tota# in(ome Rs. 1++7+++ subtra(te! from his tota# in(ome Rs. 5+7+++ a!!e! in his tota# in(ome Exem t from tax

Puestion Q 2 of 15 ( Start time4 +<4*5415 %M ) Tota# Mar/s4 1 %rofit an! ,ains arisin, out of s e(u#ation business is (har,eab#e to tax un!er Se#e(t (orre(t o tion4

'n(ome from sa#ar" 'n(ome from other sour(es 'n(ome from business 'n(ome from (a ita# ,ains

Puestion Q 3 of 15 ( Start time4 +<4*<411 %M ) Tota# Mar/s4 1 'f an in!i.i!ua# has taxab#e in(ome Rs. 3+7+++7 -hat -i## be the tax rate a #ie!$ Se#e(t (orre(t o tion4

+.5A 1A +.*5A &i#

Puestion Q 3 of 15 ( Start time4 +<42342+ %M ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the rate of tax for sa#arie! 'n!i.i!ua#s (ma#e) for tax "ear *+1+7 -here the taxab#e in(ome !oes not ex(ee! Rs. *++7+++$ Se#e(t (orre(t o tion4

+A +.*5A +.5+A +.<5A

Puestion Q 1* of 15 ( Start time4 +=4+=436 %M ) Tota# Mar/s4 1

)n -hi(h of the fo##o-in, !e!u(tion is a##o-e! from taxab#e in(ome un!er the hea! in(ome from business$ Se#e(t (orre(t o tion4

An" entertainment ex en!iture An" ersona# ex en!iture Bro/era,e Ex en!iture in(urre! b" an ama#,amate! (om an"

Puestion Q 6 of 15 ( Start time4 +=413432 %M ) Tota# Mar/s4 1 Whi(h of the fo##o-in, se(tion !efines !e!u(tions a##o-e! in (om utin, in(ome from business$ Se#e(t (orre(t o tion4

Se(tion *1 Se(tion *+ Se(tion 1*+ Se(tion 11*

Puestion Q 3 of 15 ( Start time4 +=4*=456 %M ) Tota# Mar/s4 1 JJJJJJJJJJJJJ is the a"ment to the ho#!er for the ri,ht to use ro ert" su(h as a atent7 (o "ri,hte! materia#7 or natura# resour(es. Se#e(t (orre(t o tion4

%ermanent Estab#ishment Ro"a#t" 1i.i!en! 8oo!-i##

Puestion Q 12 of 15 ( Start time4 +34+34+< %M ) Tota# Mar/s4 1 As er (#ause 13(iii) of the art 1 of se(on! s(he!u#e7 if ,ratuit" fun! is a ro.e! b" 9BR7 the amount of fun! exem te! u to Rs. *++7+++ an! an" amount ex(ee!in, it -i## be taxe! in -hi(h of the fo##o-in, -a"$ Se#e(t (orre(t o tion4

Sa#ar" 'n(ome 'n(ome from Business

9a ita# ,ain )ther 'n(ome

Puestion Q * of 15 ( Start time4 +34+642* %M ) Tota# Mar/s4 1 Whi(h of the fo##o-in, (ome un!er the ambit of Ro"a#t" un!er se(tion * (52)$ Se#e(t (orre(t o tion4

Ri,ht to use an" atent 9o " ri,ht of a #iterar" Ri,ht to use an" in!ustria# or s(ientifi( eCui ment A## of the ,i.en o tions

Puestion Q * of 15 ( Start time4 +34*1423 %M ) Tota# Mar/s4 1 %rofit earne! on !ebts is (har,eab#e un!er Se#e(t (orre(t o tion4

'n(ome from sa#ar" 'n(ome from other sour(es 'n(ome from business 'n(ome from (a ita# ,ains

Puestion Q 1 of 15 ( Start time4 +*41342< AM ) Tota# Mar/s4 1 Whi(h one of the fo##o-in, rin(i #e of tax em hasi@e!7 that the taxation o#i(" shou#! be !esi,ne! in su(h a -a" to boost business atmos here an! the in.estment en.ironment in the (ountr"$ Se#e(t (orre(t o tion4

9on.enien(e ;u!i(ious 9a a(it" to %a" Business frien!#"

Puestion Q 2 of 15 ( Start time4 +*4**433 AM ) Tota# Mar/s4 1 Miss SoniaEs tota# taxab#e in(ome for the "ear *+1+ is Rs. *6+7+++. Whi(h of the fo##o-in, is the tax #iabi#it" of Miss Sonia$

Se#e(t (orre(t o tion4

&i# Rs. 5++ Rs. 17+++ Rs. 175++

Puestion Q 5 of 15 ( Start time4 +*4*3423 AM ) Tota# Mar/s4 1 'n 'n(ome Tax )r!inan(e *++1 tax (on(essions meant for -hi(h of the fo##o-in,$ Se#e(t (orre(t o tion4

Re!u(tion in tax #iabi#it" Re!u(tion in tax rate Re!u(tion in taxab#e 'n(ome A## of the ,i.en o tions

Puestion Q 6 of 15 ( Start time4 +*4*241+ AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the !e!u(tib#e a##o-an(e from the in(ome of an in!i.i!ua#$ Se#e(t (orre(t o tion4

Na/at Wor/erEs We#fare 0un! Wor/Es %arti(i ation 0un! A## of the ,i.en o tions

Puestion Q 13 of 15 ( Start time4 +*4*3423 AM ) Tota# Mar/s4 1 'n -hi(h of the fo##o-in, hea!s of 'n(ome &o !e!u(tions are a##o-e!4 Se#e(t (orre(t o tion4

Sa#ar" 'n(ome from %ro ert" 'n(ome from Business 9a ita# 8ains

Puestion Q 3 of 15 ( Start time4 +*4534+* AM ) Tota# Mar/s4 1

Mr. A is an em #o"ee of AB9 9o. The (om an" has ro.i!e! a !ri.er an! a ,ar!ener to Mr. A. What -i## be the tax treatment of their sa#aries un!er se(tion 13 of 'n(ome Tax )r!inan(e *++1$ Se#e(t (orre(t o tion4

These sa#aries7 -i## be a!!e! in the sa#ar" of Mr. A These sa#aries -i## be subtra(te! from the sa#ar" of Mr. A These sa#aries ha.e no re#ation -ith the sa#ar" of Mr. A These Sa#aries -i## be exem te! from Tax

Puestion Q 1+ of 15 ( Start time4 +*45<4+3 AM ) Tota# Mar/s4 1 'n(ome tax or!inan(e7 *++1 be(ame effe(ti.e from -hi(h of the fo##o-in, !ate$ Se#e(t (orre(t o tion4

1st ;u#" *++1 13th Se tember *++1 1st ;u#" *++* 13th Se tember *++*

The age of senior citiQen &as 6$years and no& amended to 60years &hich of the follo&ing finance act su*stituted 6$ to 60years+ :inance 3ct 200$ :inance 3ct 2006 :inance 3ct 200:inance 3ct 200,

Mr. R resident of 6a5istan remittance from OP received Rs. 20,000 in 6a5istan from 'ast 'rofits. )hich of the follo&ing is right for the a*ove scenario+ Mr. R *eing resident of 6a5istan Rs. 20,000 &ill *e added in =ross total income Mr. R *eing resident of 6a5istan Rs. 20,000 &ill *e Su*tracted in =ross total income Mr. R *eing non#resident of 6a5istan Rs. 20,000 &ill *e added in =ross total income 0one of the given o'tions

)hich of the follo&ing tax is 'aya*le on merchandise im'orted or ex'orted from one country to another+ Dustom duty 7ncome tax Sales tax )ealth tax

)hich of the follo&ing is an exam'le of Eum' sum recei't+ 6ension =olden sha5e hand 6rovident fund 3ll of the given o'tions

7ncome from lease of tangi*le mova*le 'ro'erty is chargea*le to tax under 7ncome from 'ro'erty 7ncome from other sources 7ncome from *usiness 7ncome from ca'ital gains

)hich of the follo&ing is the general formula for calculating tax credits+ "3 A <% x D "3 # <% x D "3 C <% x D "3 C <% A D

7n the normal circumstances on &hich of the follo&ing tax is charged+ =ross Recei't Total 7ncome Taxa*le 7ncome =ross 7ncome

3''roval of =ratuity fund can *e &ithdra&n on &hich of the follo&ing grounds+ In the ex'iry of time 'eriod In the death of the em'loyee In the malfunctioning of the trust In the death of trustee

7n a tax 88888 you give information a*out &hat you earn every year. Return Statement Sheet Re'ort

)hat is the tax treatment of any 'rofit on the OS @ollar <onds 'urchased *y the non resident 'erson *efore @ecem*er ( under clause ,2 of the Second Schedule+ )holly taxa*le )holly exem't 6artly taxa*le 0ot mention in second schedule

Sec. 02 of 7ncome Tax Irdinance 200( defined/ K3''ellate Tri*unal means the 3''ellate Tri*unal esta*lished under section (30L 7n &hich criteria the a*ove definition falls+ Hxclusive definition 7nclusive definition <oth Hxclusive and 7nclusive definitions Statutory definition

Taxes are im'ortant instrument of &hich of the follo&ing 'olicy+ Monetary 'olicy :iscal 'olicy Trade 6olicy Hconomic 6olicy

)hich of the follo&ing income is chargea*le to tax+ =ross income from *usiness 7ncome com'uted in line &ith 'rovisions of Irdinance Inly *asic salary of salaried 'erson <asic salary excluding allo&ances of a salaried 'erson

)hich one of the follo&ing 'rinci'les of tax em'hasiQed, that the taxation 'olicy should *e designed in such a &ay to *oost *usiness atmos'here and the investment environment in the country+ Donvenience Fudicious Da'acity to 6ay <usiness friendly

)hich of the follo&ing is the S'ecial 3ccounting Jear of Dom'anies ex'orting rice+ (st Fanuary to 3(st @ecem*er (st Fuly to 30th Fune (st Icto*er to 30th Se'tem*er (st Se'tem*er to 3(st 3ugust

7t is mandatory for each Dom'any to maintain its *oo5s of accounts on &hich of the follo&ing methods+ Dash *asis 3ccrual *asis <oth cash and accrual *asis :ree to choose any 5ind of *ase

)hich one of the follo&ing is the general definition of tax+ Dom'ulsory contri*ution of &ealth *y 'ersons I'tional contri*ution of &ealth *y 'ersons Dom'ulsory contri*ution of &ealth *y state I'tional contri*ution of &ealth *y state

MCs 3<D S Do. has *een incor'orated under 6a5istan Dom'anies Irdinance ( ,..!o&ever its most of the *ranches are o'erated out of 6a5istan+ )hat &ill *e the residential status of MCs 3<D S Do.+ Resident Dom'any 0on# Resident Dom'any Resident 7ndividual Resident 3I6

8888888 are a form of excise levied &hen a commodity is sold to its final consumer. Dor'oration tax 6ro'erty tax Sales Tax Hxcise

:ederal government has *een em'o&ered vide section $3 "2% and "3% to ma5e 3mendments in the second schedule *y/ 3dding any clause or condition therein Imitting any clause or condition therein Ma5ing any change in any clause or condition therein 3ll of the given o'tions

3ny dividend is 6a5istan source income if it is 'aid *y &hich of the follo&ing+ <y resident Dom'any <y non resident Dom'any <y resident 7ndividual <y resident 3I6

)hich of the follo&ing section deals &ith the residential status of 6erson+ Section ,(

Section ,2 Section ,3 Section ,.

)hich of the follo&ing section deals &ith the residential status of Dom'any+ Section ,( Section ,2 Section ,3 Section ,.

)hich of the follo&ing methods of accounting is com'ulsory to ado't for Sole'ro'rietorshi'+ 3ccrual <asis Dash <asis <oth accrual and cash *ases :ree to choose any 5ind of *ase

)hich of the follo&ing is not included in *usiness+ Dommerce Manufacture 6rofession Hm'loyment

Tax year for the salaried individuals is called as/ S'ecial Tax Jear 0ormal Tax Jear

:iscal Jear :inancial Jear 3 firm 3<D maintaining its account in cash *asis, at Fune 2-, 200, it is entitled to receive Rs. (0,000 *ut actual 'ayments made at 0( 3ugust 200,. 7n &hich year it is charged to tax+ 2006 200200, 200

3ny amount received under 6art 3 of Second Schedule, as flying allo&ance *y 'ilots etc. and >unior commissioned officers or other ran5s shall *e taxed at the rate of 8888888888 as se'arate *loc5. 2.$1 $.$1 -.$1 .$1

Dondition for the a''roval of gratuity fund is *ased on &hich of the follo&ing+ Trust is irrevoca*le Trust is revoca*le Trust is esta*lished *y =overnment Trust is a''roved *y Ifficer of 7ncome Tax

)hich of the follo&ing is the rate of tax for salaried 7ndividuals for tax year 20(0, &here the taxa*le income exceeds Rs. $$0,000 *ut does not exceed Rs. 6$0,000+ (.$01 2.$01 3.$01 ..$01

)hich of the follo&ing is the rate of tax for salaried 7ndividuals for tax year 20(0, &here the taxa*le income exceeds Rs. 6$0,000 *ut does not exceed Rs. -$0,000+

3.$01 ..$01 6.001 -.$01

)hich of the follo&ing is the rate of tax for salaried 7ndividuals for tax year 20(0, &here the taxa*le income exceeds Rs. 00,000 *ut does not exceed Rs. (,0$0,000+ .001 (0.001 ((.001 (2.$01

MTS stands for &hich of the follo&ing+

Minimum time scale Minimum transfer Salary Maximum time scale Maximum transfer Salary

)hich of the follo&ing is tax, &here the tax rate decreases as the amount to &hich the rate is a''lied increases+ 6ro'ortional tax 6rogressive tax Regressive tax Dor'orate tax

Mr. R em'loyed in 6a5istan earned 'ension from 6a5istan =overnment *ut received in Eondon Rs. (00,000. )hich of the follo&ing is right for the a*ove scenario+ Mr. R *eing resident of6a5istanRs. (00,000 &ill *e added in =ross total income Mr. R *eing resident of 6a5istan Rs. (00,000 &ill *e su*tracted in =ross total income

Mr. R *eing resident of 6a5istan Rs. (00,000 &ill *e added in total income after tax Mr. R *eing non#resident of 6a5istan Rs. (00,000 &ill *e exem'ted

Doncessional loan 'rovided *y the em'loyer is taxa*le and added *ac5 to the income of em'loyee. <ut under &hich of the follo&ing condition there is no need to add *ac5 such loan+ Eoan used for the 'urchase of furniture Eoan used for the education of children Eoan used for the construction of house Eoan used for the 'urchase of shares

7f a *usiness carried on *y 0on#resident 'erson in 6a5istan through 'ermanent esta*lishment &hat &ill *e the tax treatment of the traveling ex'enditures *orn *y the non#resident for s'ending his holidays in his home land+ )holly taxa*le due to 6H )holly taxa*le as no concerned &ith 6H in 6a5istan 0ot 'ermissi*le as deduction from the income of 0on#resident 0one of the given o'tions

)hat is the tax treatment of the leave encashment on the retirement of the em'loyee+ )holly Taxa*le )holly exem't 6artly Taxa*le

7ncome chargea*le under the head K7ncome from <usinessL derived *y a 6rovincial =overnment or local authority from a *usiness carried on outside its >urisdictional area, &ill *e/ )holly taxa*le )holly exem't 6artially exem't Section is silent a*out it

)hich of the follo&ing is the Tax Treatment of utilities for the year 20(0+ )holly taxa*le )holly exem'ted Hxem't u' to (01 of MTS Hxem't u' to .$1 of MTS

=ratuity 'ertaining to government em'loyees received on retirementC death of the em'loyee. )hich of the follo&ing is the tax treatment of gratuity under the 7ncome Tax Irdinance 200(+ )holly exem't 6artially exem't )holly taxa*le 0one of the given o'tions

)hich of the follo&ing is the tax treatment of free hos'italiQation services 'rovided under the terms of em'loyment+ )holly exem't )holly taxa*le Hxem't u' to (01 of MTS Taxa*le u' to (01 of MTS

Puestion Q 1+ of 15 ( Start time4 +341+42+ AM ) Tota# Mar/s4 1 What is the tax treatment of the #ea.e en(ashment on the retirement of the em #o"ee$ Se#e(t (orre(t o tion4

Who##" Taxab#e Who##" exem t %art#" Taxab#e

Puestion Q = of 15 ( Start time4 +*45641+ AM ) Tota# Mar/s4 1 'n(ome (har,eab#e un!er the hea! 5'n(ome from Business6 !eri.e! b" a %ro.in(ia# 8o.ernment or #o(a# authorit" from a business (arrie! on outsi!e its Ruris!i(tiona# area7 -i## be4

Se#e(t (orre(t o tion4

Who##" taxab#e Who##" exem t %artia##" exem t

Se(tion is si#ent about it Puestion Q 15 of 15 ( Start time4 +*45+433 AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the Tax Treatment of uti#ities for the "ear *+1+$ Se#e(t (orre(t o tion4

Who##" taxab#e Who##" exem te! Exem t u to 1+A of MTS Exem t u to 25A of MTS

Puestion Q < of 15 ( Start time4 +*426436 AM ) Tota# Mar/s4 1 8ratuit" ertainin, to ,o.ernment em #o"ees re(ei.e! on retirementH !eath of the em #o"ee. Whi(h of the fo##o-in, is the tax treatment of ,ratuit" un!er the 'n(ome Tax )r!inan(e *++1$ Se#e(t (orre(t o tion4

Who##" exem t %artia##" exem t Who##" taxab#e &one of the ,i.en o tions

Puestion Q 3 of 15 ( Start time4 +*4224*= AM ) Tota# Mar/s4 1 Whi(h of the fo##o-in, is the tax treatment of free hos ita#i@ation ser.i(es ro.i!e! un!er the terms of em #o"ment$ Se#e(t (orre(t o tion4

Who##" exem t Who##" taxab#e Exem t u to 1+A of MTS Taxab#e u to 1+A of MTS

Puestion Q < of 15 ( Start time4 +*4*+43= AM ) Tota# Mar/s4 1 8ratuit" re(ei.e! b" a non>resi!ent erson is Se#e(t (orre(t o tion4

Who##" exem t Who##" taxab#e 5+A of amount re(ei.ab#e 5+ A of B.S

Puestion Q 13 of 15 ( Start time4 +14+=4*+ AM ) Tota# Mar/s4 1 8ratuit" A ro.e! b" 9entra# Boar! of Re.enue is

Se#e(t (orre(t o tion4

Who##" exem t Who##" taxab#e Exem t u to Rs. *++7+++ 5+A of amount re(ei.ab#e

Puestion Q 11 of 15 ( Start time4 1*411452 AM ) Tota# Mar/s4 1 'n(ome of the re(o,ni@e! .o(ationa# institution is Se#e(t (orre(t o tion4

Who##" taxab#e Exem t Exem t u to 5+A %artia##" taxab#e

Puestion Q = of 15 ( Start time4 +*4264+= AM ) Tota# Mar/s4 1 An" %a/istan>sour(e in(ome -hi(h %a/istan is not ermitte! to tax un!er a tax treat" sha## be JJJJJJJ. Se#e(t (orre(t o tion4

Who##" Taxab#e Who##" Exem t %art#" Exem t

&ot mention in )r!inan(e

Puestion Q 1* of 15 ( Start time4 +*43<41+ AM ) Tota# Mar/s4 1 What is the tax treatment of in(ome from the sa#e of Mu!arba 9ertifi(ates$ Se#e(t (orre(t o tion4

Who##" taxab#e Who##" exem t %artia##" taxab#e %artia##" exem t

Puestion &o4 21 ( Mar/s4 1 ) > %#ease (hoose one What is the tax treatment of re(o,ni@e! %ro.i!ent fun! un!er se(tion * (2=) of art ' of sixth s(he!u#e$

Who##" exem t %artia##" taxab#e Who##" taxab#e %artia##" exem t

Puestion &o4 < ( Mar/s4 1 ) > %#ease (hoose one What is the tax treatment of su a,reement to #i.e a art$

ort a"ment re(ei.e! b" s ouse ma!e un!er the

Who##" Taxab#e Who##" Exem t %art#" Exem t &ot mention in )r!inan(e

Puestion &o4 21 ( Mar/s4 1 ) > %#ease (hoose one Whi(h of the fo##o-in, is the Tax Treatment of uti#ities for the "ear *++3$

Who##" taxab#e Who##" exem te! Exem t u to 1+A of MTS Exem t u to 1A of MTS

Ref a,e 26) :ti#ities -ere exem t u to 1+A of MTS or Basi( sa#ar" ti## 3+th ;une7 *++67 .i!e (#ause 3= of art 1 of Se(on! S(he!u#e. This (#ause has been omitte! b" 0inan(e A(t7 *++6. Hen(e no exem tion is a.ai#ab#e for tax "ear *++3. Puestion &o4 1+ ( Mar/s4 1 ) > %#ease (hoose one What is the tax treatment of the #ea.e en(ashment of the arme! for(es of %a/istan on retirement ma!e b" the em #o"er$

Who##" Taxab#e Who##" exem t %art#" Taxab#e &ot mention in 'n(ome Tax )r!inan(e *++1

Ref4%,Q33 Bea.e Sa#ar"4 This is taxab#e -hene.er re(ei.e! or ri,ht to re(ei.e is exer(ise! b" the em #o"ee. Bea.e en(ashment on retirement fa##s in this (ate,or". The on#" exem tion a.ai#ab#e is for the members of the Arme! 0or(es of%a/istan7 em #o"ees of the 0e!era# 8o.ernment an! %ro.in(ia# 8o.ernments. Puestion Q 13 of 15 ( Start time4 +*45=453 AM ) Tota# Mar/s4 1 What is the tax treatment of the reimbursement of ex en!iture ma!e b" the em #o"er$ Se#e(t (orre(t o tion4

Who##" Taxab#e Who##" exem t %art#" Taxab#e &ot mentione! in 'n(ome Tax )r!inan(e *++1

Puestion Q 15 of 15 ( Start time4 +3453433 %M ) Tota# Mar/s4 1 'n(ome of a Text>Boo/ Boar! is Se#e(t (orre(t o tion4

Who##" taxab#e Exem t Exem t u to 5+A

&one of the ,i.en o tions

Puestion Q 2 of 15 ( Start time4 1+425411 %M ) Tota# Mar/s4 1 What is the tax treatment of the sa#ar" of an em #o"ee of forei,n ,o.ernment but (iti@en of %a/istan$ Se#e(t (orre(t o tion4

Exem t form tax Who##" Taxab#e %art#" Taxab#e &o Tax treatment ,i.en in 'T )r!inan(e *++1

Puestion Q 1+ of 15 ( Start time4 +64+343+ %M ) Tota# Mar/s4 1 Mr.;ohn a non>resi!ent re(ei.e! rofit in %a/istan on a se(urit" issue! b" a resi!ent erson7 ho- the rofit -i## be treate! un!er se( (26) of 'T )r!inan(e *++1$ Se#e(t (orre(t o tion4

Who##" Taxab#e Who##" Exem t %art#" Exem t &one of the ,i.en o tions

Puestion Q = of 15 ( Start time4 114234+3 %M ) Tota# Mar/s4 1 9on.e"an(e ro.i!e! b" em #o"er for ersona# use of the em #o"ee is on#" taxe! F 5A of the (ost to the em #o"er for a(Cuirin, the .ehi(#e or the fair mar/et .a#ue of .ehi(#e. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 5 of 15 ( Start time4 1142=4+< %M ) Tota# Mar/s4 1 A (ash amount ai! b" a erson as !onation sha## be ta/en into a((ount on#" if it -as ai! b" a (rosse! (heCue !ra-n on a ban/. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 15 of 15 ( Start time4 +64334+3 %M ) Tota# Mar/s4 1 Tax "ear for the sa#arie! in!i.i!ua#s is (a##e! as S e(ia# Tax Oear. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 3 of 15 ( Start time4 +34+3436 AM ) Tota# Mar/s4 1 %a"ment of Na/at is entit#e! to a !e!u(tib#e a##o-an(e a((or!in, to ro.isions of se(.6+. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q < of 15 ( Start time4 +=4364+1 %M ) Tota# Mar/s4 1 Bonuses are fu##" taxab#e un!er 'n(ome Tax )r!inan(e *++1. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 11 of 15 ( Start time4 +=4++41< %M ) Tota# Mar/s4 1 Tax rate for taxab#e in(ome for the tax "ear *+1+ ex(ee!in, Rs 55+7+++ u to Rs 65+7+++ is 6.+A as ,i.en in the first s(he!u#e of 'n(ome Tax )r!inan(e *++1. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q < of 15 ( Start time4 +2456413 AM ) Tota# Mar/s4 1 8ratuit" is on#" ,rante! in (ase of retirement. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 3 of 15 ( Start time4 +*4**456 AM ) Tota# Mar/s4 1

8ratuit" is re(ei.e! b" #e,a# heirs7 -here em #o"ee !ies before retirement the ,ratuit" -ou#! be exem te! in the han!s of #e,a# heirs of the !e(ease!. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 13 of 15 ( Start time4 1*4**4+5 AM ) Tota# Mar/s4 1 )ffi(er of 'n(ome Tax ma" ,rant a ro.a# to an" ,ratuit" fun!. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 12 of 15 ( Start time4 1*4**4*1 AM ) Tota# Mar/s4 1 8ratuit" -i## be i,nore! -hi#e (om utin, taxab#e in(ome an! tax #iabi#it" of a !e(ease! erson. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q 6 of 15 ( Start time4 1*4*+415 AM ) Tota# Mar/s4 1 An" ob#i,ation of em #o"ee -ai.e! off b" em #o"er -i## not be a!!e! ba(/ to his taxab#e in(ome. Se#e(t (orre(t o tion4

True 0a#se

Puestion Q = of 15 ( Start time4 +*43641= AM ) Tota# Mar/s4 1 8o.ernment ro.i!ent fun! is Se#e(t (orre(t o tion4

Tota##" taxab#e %artia##" taxab#e Tota##" exem t %artia##" exem t

Puestion Q < of 15 ( Start time4 +=4+1421 %M ) Tota# Mar/s4 1 :nre(o,ni@e! ro.i!ent fun! is Se#e(t (orre(t o tion4

Tota##" taxab#e %artia##" taxab#e Tota##" exem t %artia##" exem t

Puestion Q 11 of 15 ( Start time4 +*45<4*1 AM ) Tota# Mar/s4 1 %ension re(ei.e! b" a (iti@en of %a/istan is JJJJJJJJJJJJJfrom tax. Se#e(t (orre(t o tion4

%artia##" taxab#e 0u##" taxab#e Taxab#e *5A of the ension re(ei.e! Tota##" exem t

Puestion Q * of 15 ( Start time4 +*41<45* AM ) Tota# Mar/s4 1 %ension is treate! as Se#e(t (orre(t o tion4

Tota##" taxab#e %artia##" taxab#e Tota##" exem t %artia##" exem t

Puestion Q 6 of 15 ( Start time4 +34+<423 AM ) Tota# Mar/s4 1 %ension ,rante! to !isab#e! is treate! as Se#e(t (orre(t o tion4

Tota##" taxab#e %artia##" taxab#e Tota##" exem t %artia##" exem t

&ot mentione! in 'n(ome Tax )r!inan(e *++1