FIN623 Current Quiz

MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 61
sec(s)


Question # 1 of 20 ( Start time: 03:48:34 PM ) Total Marks: 1
Which of the following tax is payable on merchandise imported or exported from one country to another?
Select correct option:

Custom duty ---------
Income tax
Sales tax
Wealth tax




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 21
sec(s)


Question # 2 of 20 ( Start time: 03:49:17 PM ) Total Marks: 1
Which part of Income Tax Ordinance 2001 deals with the Exemptions and Tax Concessions?
Select correct option:

Part IV----------n.c

Part V

Part VI

Part VII



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 58
sec(s)


Question # 3 of 20 ( Start time: 03:50:39 PM ) Total Marks: 1
Which of the following section deals with the residential status of Individual?
Select correct option:

Section 80

Section 81----------

Section 82
Section 83



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 36
sec(s)


Question # 5 of 20 ( Start time: 03:52:50 PM ) Total Marks: 1
Bonuses are fully taxable under Income Tax Ordinance 2001.
Select correct option:

True
False----




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 32
sec(s)


Question # 6 of 20 ( Start time: 03:54:02 PM ) Total Marks: 1
Mr. Joseph is an employee of Foreign Government posted in Pakistan? What will be the residential status of Mr. Joseph?
Select correct option:

Resident Individual---------

Non- Resident Individual

Resident HUF

Resident AOP



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 10
sec(s)


Question # 7 of 20 ( Start time: 03:55:11 PM ) Total Marks: 1
Pride of performance awarded by President is exempt from tax. Under which section it is treated in Income Tax ordinance 2001?
Select correct option:

Section 40

Section 41

Section 45---

Section 46




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 38
sec(s)


Question # 8 of 20 ( Start time: 03:56:35 PM ) Total Marks: 1
Which of the following come under the ambit of Royalty under section 2 (54)?
Select correct option:

Right to use any patent
Copy right of a literary
Right to use any industrial or scientific equipment
All of the given options --------




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 22
sec(s)


Question # 9 of 20 ( Start time: 03:57:37 PM ) Total Marks: 1
If an employee’s taxable income is Rs.715, 000 and he paid donations amounting Rs. 10,000 to a charitable institution, what will be the value of ‘C’ in calculating tax credit?
Select correct option:

Rs.715, 000
Rs.214, 500
Rs.10, 000
Rs.224, 500



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 62
sec(s)


Question # 10 of 20 ( Start time: 03:59:02 PM ) Total Marks: 1
Deductions not allowed under the head income from business is defined by
Select correct option:

Section 20
Section 21 ---
Section 25
Section 27



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 4
sec(s)


Question # 11 of 20 ( Start time: 03:59:56 PM ) Total Marks: 1
Income of the recognized vocational institution is
Select correct option:

Wholly taxable
Exempt ------- n.c
Exempt up to 50%
Partially taxable






MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 36
sec(s)


Question # 12 of 20 ( Start time: 04:01:25 PM ) Total Marks: 1
Which one of the following is the main objective of Fiscal Policy?
Select correct option:

Economic Development

Price stability

Removal of deficit in Balance of Payment

All of the given options -----



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 5
sec(s)


Question # 13 of 20 ( Start time: 04:02:29 PM ) Total Marks: 1
What is the tax treatment of any profit on the US Dollar Bonds purchased by the non resident person before December 1999 under clause 82 of the Second Schedule?
Select correct option:

Wholly taxable
Wholly exempt
Partly taxable

Not mention in second schedule



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 63
sec(s)


Question # 14 of 20 ( Start time: 04:03:57 PM ) Total Marks: 1
Achieving full employment level is one of the objectives of which of the following policy?
Select correct option:

Monetary policy

Fiscal policy--------

Trade Policy

Economic Policy



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 6
sec(s)


Question # 15 of 20 ( Start time: 04:04:38 PM ) Total Marks: 1
Which of the following income is chargeable to tax?
Select correct option:

Gross income from business

Income computed in line with provisions of Ordinance

Only basic salary of salaried person

Basic salary excluding allowances of a salaried person




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 62
sec(s)


Question # 16 of 20 ( Start time: 04:06:08 PM ) Total Marks: 1
Which of the following tax is paid from money you received from someone who has died?
Select correct option:

Income tax
Inheritance tax-----
Property tax
Sales tax



MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 21
sec(s)


Question # 17 of 20 ( Start time: 04:06:44 PM ) Total Marks: 1
Which of the following is the tax treatment of free hospitalization services provided under the terms of employment?
Select correct option:

Wholly exempt -------
Wholly taxable
Exempt up to 10% of MTS
Taxable up to 10% of MTS




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 29
sec(s)


Question # 18 of 20 ( Start time: 04:08:06 PM ) Total Marks: 1
Concessional loan provided by the employer is taxable and added back to the income of employee. But under which of the following condition there is no need to add back such loan?
Select correct option:

Loan used for the purchase of furniture
Loan used for the education of children
Loan used for the construction of house -------
Loan used for the purchase of shares





MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 8
sec(s)


Question # 19 of 20 ( Start time: 04:09:30 PM ) Total Marks: 1
Any income from a business carried on outside Pakistan through permanent establishment by a resident person belongs to which of the following?
Select correct option:

Pakistani source of Income
Foreign source of income
Both Pakistan and foreign source of income
None of the given option




MC090201423 : Zoya Abbas



Quiz Start Time: 03:48 PM Time Left 56
sec(s)


Question # 20 of 20 ( Start time: 04:10:56 PM ) Total Marks: 1
Gratuity is received by legal heirs, where employee dies before retirement the gratuity would be exempted in the hands of legal heirs of the deceased.
Select correct option:

True ---
False