SOLUTION TEST – 12

Q.No.1 What are the requirements of NTN in the case of a ‘Firm/AOP’?

Answer: NTN stands for ‘National Tax Number’. The person who obtains an

NTN from the tax department i.e. FBR, is called a registered taxpayer.

There are a number of NTN requirements in the case of an

Individual, Firm/AOP and in the case of Company. Here we list down the

number of requirements of NTN in the case of a Firm/AOP;

i) Copy of valid CNICs of all partners

ii) NTNos. Of all partners
iii) Copy of Firm Registration Certificate
iv) Attested copy of Partnership Deed
v) Property / Rent agreement
vi) Nature of business
vii) Blank letter head

Q.No.2 Who are required to file Income Tax Return?

Answer: Income tax return is filed by the registered taxpayer to declare

their income, expenditure, assets, liabilities etc. once in a year i.e. 30th

September of every year. Following persons are necessarily be required to file

income tax return;

i) Every company
ii) Every person who has taxable income for the tax year
exceeding Below Taxable Limit (BTL)
iii) Every Non Profit Organization
iv) Any person who has been charged to tax in any of the two
preceding tax years.
v) Any person who claims loss carry forward
Cont…P/2
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vi) A person owns immovable property with a land area of 500
Square Yards or more in Municipal limits
vii) A person owns immovable property with a land area of 500
Square Yards or more in a rating area
viii) A person who owns a flat of 2000 Square Feet or more in a
rating area.
ix) A person who owns a motor vehicle having engine capacity
above 1000 cc
x) A person who is a holder of industrial or commercial
connection of electric and the amount of the annual bill
exceeding 500,000/-
xi) A person who is registered with any Chamber of Commerce
and Industry or any trade body
xii) Every person who has obtained NTN

Q.No.3 Multiple Choice / (T/F):

I BTL (Below Taxable Limit) for salaried person is:
(a) 300,000
(b) 400,000
(c) 500,000
(d) None of the above √

II The return of income is NOT required from a person who

holds immovable property and;
(a) A widow
(b) Non-Resident
(c) Salaried person
(d) (a) & (b) √

III Companies are required to be registered with the following:

(a) Pakistan Engineering Counsel (PEC)
(b) Association of Builders And Developers of Pakistan (ABAD)
(c) State Bank of Pakistan (SBP)
(d) Securities and Exchange Commission of Pakistan (SECP)√

Cont…P/3
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IV NTN stands for ‘National Tax Number’. ( T / F )

V PTR stands for ‘Presumptive Tax Regime’. ( T / F )

VI The person who has electricity bill of Rs.500,000/- & above ( T / F )

in a year is required to file income tax return.

VII Every NTN holder is not required to file tax return. ( T / F )

VIII There are less withholding tax rates for filer of the tax return. ( T / F )

IX Return of income is to be filed by the companies before 30th ( T / F )

September of every year.

X Salaried person is not required to file the return if he derives ( T / F )

salary income upto Rs.400,000/-.

*** Good Luck ***