Business Taxation Important Questions for

B.com (part 2)
Q1

Define and explain the following terms with reference to the income
tax ordinance 2001? Accumulated Profit, Approved gratuity fund,
Approved superannuation fund, Assessment, Assessment year,
Business, Capital Assets, Debt, Depreciable assets, Dividend, Income,
Industrial undertaking, Nonprofit Organization, Officer of inland
revenue, Pakistan source of income, Person, Principle officer, profit on
debt, public company, Royalty, Small company, Tax payer, Tax year,
Pension

Q2

Define agricultural income? What are the various types of agricultural

income? Example of agricultural and nonagricultural income? Is
agricultural income taxable?
What are the legal provision governing the residential status of the
following?
AOP, Individual, Company
What are different types of perquisites enjoyed by the salaried person
under the head salary?
What are the various types of relief and allowance which can be
claimed as tax created by an individual?
Define provident fund? What are the various type of provident fund?
Income tax authorities: 1) FBR 2) Chief commission of inland
revenue 3) Commission of inland revenue 4) Appellate tribunal inland
revenue
Appeals: 1) Commissioner appeal 2) Appeal to appellate tribunal
What are the legal provision governing the filing of return of total
income under the income tax ordinance 2001?
What are the various types of assessment made by commissioner of
inland revenue?
What are the different types of losses? How can these losses be set
off and carry forward?
Why it is necessary to differentiate capital and revenue receipts and
expenditure. Explain differentiate between capital and revenue
receipt and expenditure?
What are different types of penalties imposed by commissioner of
inland revenue?
What are allowable and not allowable deduction under the head
income from business and profession under the income tax ordinance
2001?
Sales tax: Definition, Appellate tribunal, arrear, Defaulter, Goods,
Input tax, Output tax, Manufacturer, Register person, Tax invoice,

Q3

Q4
Q5
Q6
Q7

Q8
Q9
Q1
0
Q1
1
Q1
2
Q1
3
Q1
4
Q1
5

Q1
6
Q1
7
Q1
8

Supply tax, taxable supply, Time of supply, Value of supply,

Wholesaler, zero rated supply, Exempted supply, Tax credit,
Deregistration, Compulsory registration
What is the procedure of registration of firm under the sale tax act?
Numerical of income tax 1 to 25
Sales tax practical problem 1 to 15

M.Naveed

(MS Finance) 0336-0703032