FINALTERM EXAMINATION
Spring 2009 FIN623- Taxation Management (Session - 1)
Marks: 81
Question No: 1 ( Marks: 1 ) - Please choose one
is a type of tax where the tax rate increases as the income to which
the rate is applied increases.
► Proportional tax
► Progressive tax
► Regressive tax
► Corporate tax
Question No: 2 ( Marks: 1 ) - Please choose one
If the accounting year of Mr. Aslam, a rice exporter is started from 01 January 2005 and ending on 31st December 2005 . What will be its tax year?
► Tax year 2003
► Tax year 2004
► Tax year 2005
► Tax year 2006
Question No: 3 ( Marks: 1 ) - Please choose one
In case of lump sum receipt of income like Golden hand shake the tax payer pays tax in which of the following way?
► Average of last 3 years tax rate
► Option to choose current or average of last 3 years tax rate
► Current tax rate
► Previous year tax rate
Question No: 4 ( Marks: 1 ) - Please choose one
Which of the following methods of accounting is to adopt for Sole-proprietorship?
► Accrual Basis
► Cash Basis
► Both Accrual and Cash Basis
► Free to choose any kind of base
Question No: 5 ( Marks: 1 ) - Please choose one
Suppose a Profit acquired by a cultiv produce after harvesting.
The profit of the cultivator will be tre
► Income from Business
► Agriculture Income PAGE 20
► Income from Property
► Capital Gain
Question No: 6 ( Marks: 1 ) - Please choose one
If person supplying water to the land for the purpose of growing r and he charged money from the cultivator against the water supp What will be the tax treatment of such income?
► Exempt as Agriculture Income
► Allowed Reduction in tax rate
► Allowed reduction in tax liability
► Taxable as Non-Agriculture Income
Question No: 7 ( Marks: 1 ) - Please choose one
Mr. Imran is an employee of Provincial years? What will be the residential st
► Resident Individual
► Non-Resident Individual
► Resident HUF
► Resident AOP
Question No: 8 ( Marks: 1 ) - Please choose one
For a non-resident AOP which of the following condition must be satisfied?
► Control and management of affairs of AOP is situated partly in Pakistan
► Control and management of affairs of AOP is situated wholly in Pakistan
► Control and management of affairs of AOP is situated wholly or partly in Pakistan
► None of the given options
Question No: 9 ( Marks: 1 ) - Please choose one
What is the tax treatment of the reimbursement of expenditure made by the employer
► Wholly Taxable PAGE 39
► Wholly exempt
► Partly Taxable
► Not mentioned in Income Tax Ordinance 2001
Question No: 10 ( Marks: 1 ) - Please choose one
What is the tax treatment of the leave encashment of the armed forces of Pakistan
► Wholly Taxable
► Wholly exempt
► Partly Taxable
► Not mention in Income Tax Ordinance 2001
Question No: 11 ( Marks: 1 ) - Please choose one
As part of remuneration package, a company p costs on actual basis to its employees in case th only, what are the tax consequences of this pol
► Treated as taxable
► No tax consequences
► Partially taxable
► Not discussed in Income Tax Ordinance
Question No: 12 ( Marks: 1 ) - Please choose one
MTS stands for which of the following?
► Minimum time scale
► Minimum transfer Salary
► Maximum time scale
► Maximum transfer Salary
Question No: 13 ( Marks: 1 ) - Please choose one
Condition for the approval of gratuity fund is based on
► Trust is irrevocable
► Trust is revocable
► Trust is established by Government
► Trust is approved by Officer of Income
Question No: 14 ( Marks: 1 ) - Please choose one
Clause (10) and (11) of Part 1 of second schedule relate of the following?
► Finance Ordinance 2004
► Finance Ordinance 2005
► Finance Bill 2006
► Finance Bill 2007
Question No: 15 ( Marks: 1 ) - Please choose one
Which of the following is the tax treatment for Income for the year 2007?
► 1 /4 of the rent is deduct able as repa By: Adeel Abbas, www.allvupastpapers.blogspot.com
► 1 /2 of the rent is deduct able as repairs allowance
► 1/5 of the rent is deduct able as repa
► No deduction is allowed
Question No: 16 ( Marks: 1 ) - Please choose one
A non adjustable advance is received from a building as income from propert will be spread in how many of the following years?
► 5 years
► 6years
► 8 years
► 10 years
Question No: 17 ( Marks: 1 ) - Please choose one
Under clause (93 A) of the Part 1 of second schedule of In which of the following business income is exempted from
► Income of a Text-Book Board
► University or Educational Institution
► Recognized Vocational Institute
► Income of Recognized Sports Board
Question No: 18 ( Marks: 1 ) - Please choose one
Head Income from property section 15 defines "land" as:
► Constructed building
► Block of brick
► Vacant plot
► None of the given options
Question No: 19 ( Marks: 1 ) - Please choose one
One of the following options doesn't come under the definition of Business income section 2 (9): By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Trade
► Commerce
► Profession
► Employment
Question No: 20 ( Marks: 1 ) - Please choose one
Which one of the following section defines 'Income' under the head Income from Business section 18?
► Section 2(9)
► Section 2(29)
► Section 75
► Section 2(15)
Question No: 21 ( Marks: 1 ) - Please choose one
Which of the following section deals with the deductions Not allowed to income from business?
► Section 2 (9)
► Section 20 PAGE 67
► Section 21
► Section 22
Question No: 22 ( Marks: 1 ) - Please choose one
Gain on sale of depreciable asset, under section 31 of t charged to tax under which of the following head of In
► Income from Business PAGE 69
► Income from Property
► Income from Capital Gain
► Income from Other sources
Question No: 23 ( Marks: 1 ) - Please choose one
Amount received after discontinuance of business, und Ordinance 2001, is charged to tax under which of the f
► Income from Business PAGE 69
► Income from Property
►Income from Capital Gain
►Income from Other sources
Question No: 24 ( Marks: 1 ) - Please choose one
Which of the following is the tax rate that a Resident Company is subjected to pay on turnover for a tax year, even in cases where the company sustains loss?
► 0.25%
► 0.50%
► 0.75%
► 1.00%
Question No: 25 ( Marks: 1 ) - Please choose one
The amount of 'minimum tax' liability is arrived at as follows:
► (A x 0.5%) -B
► (A x B)- 0.5%
► (A + B) — 0.5%
► (A / 0.5%) –B
Question No: 26 ( Marks: 1 ) - Please choose one
In case of disposal of asset between spouses under an agreement to live apart, what would be the tax treatment of such disposal of asset? By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Charged to tax under the head Income from Business
► Charged to tax under the head Income from Capital Gain
► Exempt from tax under section 79 of the Income Tax Ordinance 2001
► Charged to tax under the head Income from Property
Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following is NOT required to file the return of Income 115?
► Every Company
► Every Firm
► Every person with land 250 sq yards
► Salaried individual having salary cer
Question No: 28 ( Marks: 1 ) - Please choose one
A person may furnish Revised Return from the date w furnished up to which of the following time period?
►5 Days
►5 Months
► 5 Years
► 15 Months
Question No: 29 ( Marks: 1 ) - Please choose one
A person where taxable income for a tax year exceeds chargeable to tax is required to file a return of income amount is:
► Rs.100, 000
► Rs.300, 000
► Rs.250, 000
► Rs.500, 000
Question No: 30 ( Marks: 1 ) - Please choose one
Which of the following is NOT a liquidator under section 141 of the ordinance 2001?
► Receiver appointed by a Court
► Trustee for a bankrupt
► Mortgagee in possession
► Tax payer
Question No: 31 ( Marks: 1 ) - Please choose one
Federal Tax Ombudsman has the same powers as ____ for its contempt..
► Supreme court
►High court
►City court
►Provincial Government
Question No: 32 ( Marks: 1 ) - Please choose one
The office of Superintendent of Sales Tax, or such o notification in the official Gazette, specify is called;
► Income tax office
► Registered office
► Local Sales Tax Office
► None of the given options
Question No: 33 ( Marks: 1 ) - Please choose one
Capital Value Tax was levied on the capital value of assets with effe
► 1st July, 1989
1 June 1990
► st 1 July 2000
1 July 1999
Question No: 34 ( Marks: 1 ) - Please choose one
A directorship or any other office involved in the management of a company under section 2(22) of Income Tax Ordinance, 2001 is termed as:
► Employment
► Employer
► Employee
► Business premises
Question No: 35 ( Marks: 1 ) - Please choose one
Mr. X resident of Pakistan India
Pted By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Mr. X being resident of Pakistan Rs. 50,000 income
► Mr. X being resident of Pakistan
► Mr. X being resident of Pakistan Rs. 50,000 deduction
► Mr. X being resident of Pakistan Rs. 50,000
Question No: 36 ( Marks: 1 ) - Please choose one
Mr. X non-resident of Pakistan Pakistan
► Mr. X being non-resident of Pakistan
► Mr. X being non-resident of Pakistan Rs. 70,000 will be subtracted Gross total income By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Mr. X being non-resident of Pakistan Rs. 70,000 will be claimed as admissible deduction
► Mr. X being non-resident of Pakistan
Question No: 37 ( Marks: 1 ) - Please choose one
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 250,000 but does not exceed Rs. 350,000?
► Nil
► 0.250%
► 0.50%
► 0.75%
Question No: 38 ( Marks: 1 ) - Please choose one
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 450,000?
► 0.25%
► 1.50%
► 2.50%
► 3.50%
Question No: 39 ( Marks: 1 ) - Please choose one
Miss Sonia's total taxable income for the year 2009 is Rs. 240,000. Which of the following is the tax liability of Miss Sonia?
► Nil
► Rs. 500
► Rs. 1,000
► Rs. 1,500
Question No: 40 ( Marks: 1 ) - Please choose one
Mr. A's total taxable income for the year 2009 is Rs. 600,000 the tax liability of Mr. A?
► Rs. 15,000
► Rs. 21,000
► Rs. 27,000
► Rs. 36,000
Question No: 41 ( Marks: 1 ) - Please choose one
Which of the following is the Tax Treatment of utilitie
► Wholly taxable By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Wholly exempted
► Exempt up to 10% of MTS
► Exempt up to 1% of MTS
Question No: 43 ( Marks: 3 )
What is the main purpose of Gratuity?
Question No: 44 ( Marks: 3 )
Mr. Farooq's salary is Rs.22, 000 per month. He received commission during the year amounting to Rs.33, 000. He is provided a jeep by his employer for personal as well as official use. The employer took this jeep from a leasing company at an annual lease of Rs.80, 000. The fair market value of the jeep at commencement of lease was Rs.800, 000.Calculate the taxable income of Mr.Farooq.
Question No: 45 ( Marks: 3 )
Briefly explain the unexplained inco Ordinance 2001.
Question No: 46 ( Marks: 5 )
Under what conditions a commission by notice?
Question No: 47 ( Marks: 5 )
Mr. Ghaus is employed in a company after his retirement from army. Deta income for the year ended 30th June 2009 are as under;
Basic salary from company Rs.20, 000 per month
Entertainment allowance Rs. 1,000 per month
Pension received from army Rs. 48,000 per annum
Calculate the total taxable income of Mr.Ghaus.
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