FINALTERM EXAMINATION
Spring 2009 FIN623- Taxation Management (Session - 2)
Marks: 81
Question No: 1 ( Marks: 1 ) - Please choose one
Taxes are important instrument of which one of the following policy?
► Monetary policy
► Fiscal policy
► Trade Policy
► Economic Policy
Question No: 2 ( Marks: 1 ) - Please choose one
Which of the following is opposite to the literal meanings of Tax?
► Burden
► Strain
► Load
► Relieve
Question No: 3 ( Marks: 1 ) - Please choose one
Sec. (11A) of Income Tax Ordinance 2001 defined:
Charitable purpose includes relief of the poor, education, m edical relief and the advancement of any other object of general public utility.
In which criteria the above definition falls?
► Exclusive definition
► Inclusive definition
► Both Exclusive and Inclusive definitions
► Statutory definition
Question No: 4 ( Marks: 1 ) - Please choose one
Which of the following is the mutual example of both inclusive and exclusive definitions?
► Appellate Tribunal 2(2)
► Banking Company 2(7)
► Association of Person 2(6)
► Employment 2(22)
Question No: 5 ( Marks: 1 ) - Please choose one
Which of the following is the Special Accounting Year of Sugar Companies?
► 1st January to 31st December
► 1st July to 30th June
► 1st October to 30th September
► 1st September to 31st August
Question No: 6 ( Marks: 1 ) - Please choose one
Suppose a Profit acquired by a cultivator for produce after harvesting.
The profit of the cultivator will be treated in
► Income from Business
► Agriculture Income
► Income from Property
► Capital Gain
Question No: 7 ( Marks: 1 ) - Please choose one
Suppose due to hailstorm damages caused to crops that was insured against Insurance policy. The compensation received from an insurance company for damages caused by hailstorm. By: Adeel Abbas, www.allvupastpapers.blogspot.com
What will be the tax treatment of such amount received?
► Income from Business
► Exempt as Agriculture Income
► Income from Property
► Capital Gain
Question No: 8 ( Marks: 1 ) - Please choose one
What is the tax treatment of any profit on the US Dollar Bonds purchased by t resident person after December 1999 under Second Schedule?
► Wholly exempt
► Wholly taxable
► Tax @10% of profit paid
► Not mention in second schedule
Question No: 9 ( Marks: 1 ) - Please choose one
Salary income received by resident person from Federal Government of Pakis in UK
► Pakistani source of Income
► Foreign source of income
► Both Pakistan and foreign source of income
► None of the given option
Question No: 10 ( Marks: 1 ) - Please choose one
Mr. Khan resident of Pakistan UK
► Pakistan
► Foreign source income
► Both Pakistan and foreign source income
► None of the given options
Question No: 11 ( Marks: 1 ) - Please choose one
In which of the following heads of Income No deductions are allowed:
► Salary Income
► Income from Property
► Income from Business
► Capital Gains
Question No: 12 ( Marks: 1 ) - Please choose one
Utilities were exempted up to 10% of MTS or Basic salary till 30th June, 2006 , vide clause 38 of part 1 of Second Schedule. This clause has been omitted by:
► Finance Ordinance 2004
► Finance Ordinance 2005
► Finance Act 2006
► Finance Act 2007
Question No: 13 ( 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: 14 ( Marks: 1 ) - Please choose one
Which of the following is the tax treatment of free hospitalization services provided under the terms of employment?
► Wholly exempt
► Wholly taxable
► Taxable up to 10% of MTS
► Exempt up to 10% of MTS
Question No: 15 ( Marks: 1 ) - Please choose one
Which of the following may grant approval to any gratuity fund?
► Federal Tax Ombudsman
► Federal Government
► Superior judiciary
► Commissioner of Income Tax
Question No: 16 ( Marks: 1 ) - Please choose one
Rental income earned is taxable on a net income basis that is, after deduction of tax admissible expenditure and allowances from gross rent, for up to Tax year:
► 2007
► 2008
► 2006
► 2005
Question No: 17 ( Marks: 1 ) - Please choose one
Debt means "any amount owing", than which one of the following doesn't cover by the definition of Debt under section 2(15)? By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Accounts payable
► Promissory notes
► Bills of exchange
► None of the given options
Question No: 18 ( Marks: 1 ) - Please choose one
What is the tax treatment for any fine or penalty paid or payable by the person for the violation of any law, rule or regulation?
► Deducted as per section 20
► Not allowed to be deducted as per section 21
► Deducted as per section 21
► Not allowed to be deducted as per section 22
Question No: 19 ( Marks: 1 ) - Please choose one
Which section defines 'Speculation business' under head Income from business?
► Section 20
► Section 19
► Section 24
► Section 18
Question No: 20 ( Marks: 1 ) - Please choose one
Which of the following is the rate of amortization of pre-commencement expenditure under section 25 of the income tax ordinance 2001?
► 10%
► 20%
► 30%
► 50%
Question No: 21 ( Marks: 1 ) - Please choose one
A/B
The above formula is for the calculation of Amortization deduction allowed under secti 24. Which of the following is the value of A?
► Normal useful life of intangible
► Book value of intangible
► Cost of intangible
► Sale
Question No: 22 ( Marks: 1 ) - Please choose one
Turnover from all sources Rs.50, 000,000 By: Adeel Abbas, www.allvupastpapers.blogspot.com
Tax liability (due to loss or exemption from tax) = Nil
What will be the minimum tax to be paid at 0.5% of turnover?
► Rs.300, 000
► Rs.200, 000
► Rs.250, 000
► Rs.100, 000
Question No: 23 ( Marks: 1 ) - Please choose one
Section 22(15) defines depreciable asset means:
► Any tangible movable property
► Any tangible immovable property (other than unimproved land)
► Structural improvement to immovable property
► All of the given options
Question No: 24 ( Marks: 1 ) - Please choose one
Which section define this 'Income tax depreciation is admissible only in respect of depreciable assets'.
► Section 22(15)
► Section 22 (11)
► Section 23 A
► Section 24
Question No: 25 ( Marks: 1 ) - Please choose one
A-B
From the above formula the value 'B' represents which of the following?
► Consideration received on disposal of the capital asset
► Cost of the asset
► Amount of Depreciation
► Market value of the Capital asset
Question No: 26 ( Marks: 1 ) - Please choose one
Income from Dividends charged to tax under which of the following heads of Income?
► Income form Property
► Income from Business
► Income from Capital Gain
► Income from Other Sources
Question No: 27 ( Marks: 1 ) - Please choose one
Appeal to the collector of sales tax may be filed within which of the period?
► 60 days
► 90 days
► 180 days
► 30 days
Question No: 28 ( Marks: 1 ) - Please choose one
Members of income tax appellate tribunal are appointed by which of the following authorities? By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Income Tax Department
► Provincial Government
► Federal Government
► Judicial Commission
Question No: 29 ( Marks: 1 ) - Please choose one
The office of Superintendent of Sales Tax, or such other office as the Board may, by notification in the official Gazette, specify is called;
► Income tax office
► Registered office
► Local Sales Tax Office
► None of the given options
Question No: 30 ( Marks: 1 ) - Please choose one
In relation to any registered person means the tax charged under the Sales tax Act in respect of a supply of goods made by that person and shall include duties of excise chargeable under section 3 of the Central Excises Act, 1944 (I of 1944) is known as;
► Output tax
► Input tax
► Income tax
► Wealth tax
Question No: 31 ( Marks: 1 ) - Please choose one
Capital value tax is levied on which of the following?
► Capital gain
► Gross profits
► Capital value of asset
► Intangible assets
Question No: 32 ( Marks: 1 ) - Please choose one
Mr. X employed in Pakistan remittance from USA received Rs. 10,000 in Pakistan
► Mr. X being resident of Pakistan
► Mr. X being resident of Pakistan Rs. 10,000 will be Subtracted in Gross total income
► Mr. X being non-resident of Pakistan Rs. 10,000 will be added in Gross total income
► Remittance is not income hence it is not included
Question No: 33 ( Marks: 1 ) - Please choose one
Which of the following is the general formula for calculating tax credits?
► (A+B) x C
► (A-B) x C
► (A/B) x C
► (A/B) + C
Question No: 34 ( Marks: 1 ) - Please choose one
A woman taxpayer shall be charged to tax if taxable income is:
► Less than Rs. 100,000
► Less than Rs. 150,000
► More than Rs. 200,000
► More than Rs. 240,000
Question No: 35 ( Marks: 1 ) - Please choose one
Which of the following is the rate of tax for salaried Individuals for tax year 2009, wh the taxable income exceeds Rs. 250,000 but does not exceed Rs. 350,000?
► Nil
► 0.250%
► 0.50%
► 0.75%
Question No: 36 ( Marks: 1 ) - Please choose one
Mr. A is an employee of Government of the Punjab , his data for the year 2009 is given
below.
Salary Rs. 60,000 per month
Gratuity Rs. 1,000,000
Tax deducted at source Rs. 54,000
What will be the Mr. A's taxable income for tax year 2009?
► 774,000
► 720,000
► 1,060,000
► 1,720,000
Question No: 37 ( Marks: 1 ) - Please choose one
Statutory Provident Fund is governed by:
► Finance Act 2006
► Insurance Act 1969
► Provident Funds Act 1925
► None of the given options appetence
Question No: 38 ( Marks: 1 ) - Please choose one
What will be the tax liability of an individual under the head income from property
► Rs.17,750
► Rs. 23,500
► Rs. 47,000
► Rs. 70,500
Question No: 39 ( Marks: 1 ) - Please choose one
Any salary paid or payable exceeding paid other than by a crossed
cheque or direct transfer of funds to the employee's bank account is not allowed to deduct under section 21 of the ordinance.
► Five thousand rupees per month
► Ten thousand rupees per month
► Fifteen thousand rupees per year
► Two hundred thousand rupees per year
Question No: 40 ( Marks: 1 ) - Please choose one
Which of the following is the rate of tax for AOP for ta income exceeds Rs. 100,000 but does not exceed Rs. 180000
►0%
►0.25%
►0.50%
► 0.75%
Question No: 41 ( Marks: 1 ) - Please choose one
What is the tax rate of Banking companies for the
► 35%
► 44%
► 54%
► 42%
Question No: 42 ( Marks: 1 ) - Please choose one
Amount of Capital value tax for the year 2009 for a mo should be which of the following? By: Adeel Abbas, www.allvupastpapers.blogspot.com
► Rs. 3,500
► Rs. 7,500
► Rs. 8,500
► Nil
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 a 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 000.Calculate the taxable income of Mr.
Question No: 45 ( Marks: 3 )
What are the Penalties in case of failure to maintain record and non compliance with the notice under section 185 and 186 of Income Tax Ordinance 2001 respectively?
Question No: 46 ( Marks: 5 )
What are the exemptions available un Tax Ordinance 2001 related to Prope Income
By: Adeel Abbas, www.allvupastpapers.blogspot.com
Question No: 47 ( Marks: 5 )
What are the basic features of Sales T
Question No: 48 ( Marks: 10 )
Compute the taxable income and tax liability of M r. Jamil, a salaried individual. The data pertaining to tax year 2009 is given below:
1. Basic salary Rs 20,000p.m.
2. House rent allowance Rs 5,000 p.m.
3. Bonus Rs. 6,000p.m.
4. Medical Allowance Rs 5,100 p.m.
5. Free hospitalization services availed under terms of employment. Rs 40,000
6. Driver's salary paid by employer Rs 8,000 p.m.
7. Dearness Allowance Rs 6,000 p.m.
8. Utilities Rs. 40,000
Question No: 49 ( Marks: 10 )
For tax year 2009 in respect of Compute taxable income and tax thereon employee of Government of the Punjab . Relevant information/data is given below
Salary By: Adeel Abbas, www.allvupastpapers.blogspot.com
Utilities
Bonus
Dearness Allowance
Gratuity
Conveyance allowance (Partly for Person
Cost of vehicle to the employer was
Tax deducted at source
Concessional Loan of Rs 1 million provid
(bench mark rate for tax year 2009 is 11%
Rs. 500,000
Rs. 50,000
Rs. 72,000
Rs. 60,000
Rs. 1,000,000
y for office use)
Rs 1,000,000
Rs. 54,000
oyer @ of markup of 6% per anum
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