Mega MCQ's Test IIRA

11/11/21, 5:40 PM Mega MCQ's Test IIRA
Mega MCQ's Test IIRA

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In the Operation of Bankruptcy, the Tax liability shall be considered as ? * 1 point
Current Expenditure
Tax Expenditure
Total Expenditure
Development Expenditure
in the Case of Recovery of Tax payer, The detention period of Taxpayer? * 1 point
Shall not Exceed Two years
Shall not Exceed one Year
shall not Exceed Three Months
Shall not Exceed Six Months
https://docs.google.com/forms/d/e/1FAIpQLSe6E8L0JNAty7GomCOC4_DdlnW1CMeuFEYg3tmap5eROC6eNg/viewform 1/22
Mode of Recovery of Tax? * 1 point
Attachment of Property
Appointment of Receiver
Arrest of Taxpayer
Any of Above
Number of Schedules in ITO 2001? * 1 point
11
12
15
14
First Schedule of ITO 2001 Relates to? * 1 point
Tax Rates
Tax Exemption
Capital Gains of Listed Securities
Depreciation Rates
Exemptions and Tax Reductions are available in which Schedule of ITO 1 point
2001? *
Fourth Schedule of ITO 2001
Second Schedule of ITO 2001
First Schedule of ITO 2001
Third Schedule of ITO 2001
The Third Schedule of ITO 2001 Deals with? * 1 point
Tax Rates
Capital Gains of Listed Securities
Depreciation Rates
Minimum Tax
A Company in which at least 50% shares are held by Federal Govt. is 1 point
called? *
Private Company
SME
Public Company
None Of the Above
Who makes the Amended Assessment Order? * 1 point
Commissioner IR
Taxpayer
The Chief Commissioner
Board
Finance Act 2021 deals with? * 1 point
Tax Year 2021
Tax Year 2022
Tax Year 2023
None of the Above
Liquidator shall notify the Commissioner for his appointment within? * 1 point
14 Days of his Appointment
Proceedings of Recovery under ITO 2001 may be started? * 1 point
After Approval from FBR
After The End of Tax Year
After Approval From Chairman
Can be Any Time
The Grant of an Extension of Time to pay Tax Shall not Preclude the Liability 1 point
of? *
Payable Tax
Default Surcharge
Penalty
None Of the Above
Where Total Deductions under a Head exceed amount derived under that 1 point
head, It Represents? *
Gain of that Head
Profit of that Head
Loss of that Head
None of The above
Capital Loss can be Set-off only against? * 1 point
Income from Speculation Business
Capital Gains
Income From Property
Income From Business
Business Loss can be Carried Forward to Immediate succeeding? * 1 point
Three Tax Years
Six Tax Years
Five Tax Years
All Of the Above
Where more than one Tax year losses are carried forward? * 1 point
The Loss of Immediate Preceding Tax Year shall be set off firstly
The Loss of Immediate Subsequent Tax year shall be set off Firstly
The Loss of Earliest Tax year shall be set off firstly
None of the Above
The loss Attributable to Deductions allowed under Section 22, 23 shall be 1 point
set off against Person's Income? *
Against Fifty Percent of Income
Against Hundred Percent of Income
Against Twenty Five Percent of Income
None of the Above
Resident Company engaged in Hotel business in Pakistan, From First July 1 point
2020 and onward can carried forward their Losses for Years? *
10 Years
5 Years
6 Years
8 Years
The Amalgamating Company should must continues the business for 1 point
______ Years? *
Five Years
Ten Years
Three Years
None Of the Above
In Case of Association of Persons shall be set off or carried forward their 1 point
losses only against the income of? *
Its Members
Non Resident members
Association income
None Of the Above
Holding Companies and Subsidiary Companies of ____ owned group may 1 point
be opt to be taxed as______? *
50% , One Fiscal Unit
100% , Business Unit
100% , One Fiscal Unit
None of the Above
Below Mentioned are Deductible Allowances except one? * 1 point
Zakat
Education Expenses
Charitable Donations
Workers Welfare Fund
Basic Threshold for Salaried Individual for the Tax Year 2022 is? * 1 point
Rs 500000
Rs 600000
Rs 300000
Rs 400000
Identify the case where Tax Credit is not allowed? * 1 point
Donation made in Cash Form
Loan For Repair of House
Investment in shares of Private Company
All of the Above
Where More than One tax Credit is allowed, Priority is given to? * 1 point
Investment in shares of Public Company
Foreign tax Credit
Contribution in Approved pension Fund
Credit on Donation
Tax Credit shall be Subtracted from? * 1 point
Tax Computed on Final Income
Tax Computed on Taxable income
Tax Computed on Separate Block
All of Above
Reduction in Tax liability for researcher is? * 1 point
75%
100%
25%
10%
Rate of Super Tax for banking Company? * 1 point
4%
2%
1%
0%
Depreciation deduction for Furniture? * 1 point
15%
20%
5%
None of the Above
Which one of the following is excluded from the definition of Capital 1 point
Asset? *
Stock in Trade
Postage Stamp
Jewelry
A Painting
Which one of the following Sections deals with the Intangibles? * 1 point
25
24
23B
22
Gratuity Fund which is fully _______ from Tax is approved by 1 point
Commissioner? *
Taxable
Exempt
Partly Taxable
None of the above
Which One of the Following Sections Deals with Cash-Basis Accounting? * 1 point
33
32
34
None
The Rate of Tax on Arrears of Salary may be? * 1 point
The Current rate
Rate for the Period Arrears belong to
Average Rate
None
PTA Sold the Spectrum Licenses on Behalf of? * 1 point
The Provincial Govt
The Local Govt
The Federal Govt
None of the Above
Unadjusted Advance Rent is included in Rented value of Property upto? * 1 point
1/10th
1/5th
1/9th
None
Limit of Taxable Income for deductible allowance for education expenses 1 point
is? *
Rs 500000
Rs 1000000
Rs 1500000
None
FTR stands for? * 1 point
Final Tax Revenue
Fixed Tax Revenue
Final Tax Regime
None
Gain on disposal of Securities Acquired after First day of July 2016 and 1 point
disposed off in 2021? what would be the Rate Non Filer? *
15%
10%
20%
None
The Federal Govt. Shall place before the National Assembly all 1 point
Amendments made it to the ______ in a financial year? *
First Schedule
Third Scheule
Second Schedule
None
Gift received in Cash from Relative would be? * 1 point
Exempt
Taxable
Partly Exempt
Partly Taxable
Perquisites comes under Section? * 1 point
14
13
16
None
Income From Other Sources dealt under Section? * 1 point
40
38
37
39
Income from Hire or lease of Tangible moveable property comes under 1 point
head? *
Business
Property
Other Sources
Capital Gain
Speculation Business can be set off only against? * 1 point
Income from Property
Income from Business
Income from Speculation Business
None
MTS is stands for? * 1 point
Maximum of Time Scale
Minimum Of Time Scale
Annual Increment
None
Basic Salary Rs 120,000 and employer provided Honda Civic for Business 1 point
use. Taxable income is? *
600,000
120,000
100,000
None
Employer Paid obligation of employee? * 1 point
Taxable
Exempt
Partly Taxable
None
Basic Salary Rs 30,000 per month and employer provided loan of Rs 1 point
1100,000 at the Rate of 12%. his Taxable income is? *
Rs 132,000
Rs 360,000
Rs 520,000
None
Annual Basic Salary Rs 30,000 and employer provide Loan Rs 1200,000 at 1 point
the Rate of 8%. His taxable income is? *
Rs 384,000
Rs 1230,000
Rs 480,000
360,000
Medical Allowance is exempt upto ____ of MTS/Basic Salary? * 1 point
15%
10%
8%
None
Support Payment received by a Spouse to live apart is? * 1 point
Taxable
Exempt
Partly Exempt
None
Income From Property Related to which Section? * 1 point
14
16
15
18
The Rate of Amortization of Pre-Commencement Expenditure Under 1 point
Section 25 Shall be? *
10%
15%
20%
25%
Rent chargeable to Tax is 300,000, amount of repair allowance shall be? * 1 point
75000
5000
100000
60000
Which one of the following is inadmissible deduction under the Head 1 point
income from Business? *
Contribution to any unrecognized fund
Salary of 50,000 given to employee in Cash
Income Tax paid In respect of Income from Business
All of Above
Identify the Capital Asset whose loss is not recognized under ITO 2001? * 1 point
Antique
Painting
Old Currency
All of Above
In Group taxation, where none of the Companies in the Group is a listed 1 point
company, The holding Company shall must hold ______ of the shares of
Subsidiary company? *
Fifty Five% or More
Sixty Five% or More
Seventy Five% or More
None
Persons engaged in Coal Mining Projects in Sindh Supplying Coal 1 point
Exclusively to Power Generation Projects shall be allowed a tax credit equal

to ____ of the Tax payable? *
50%
100%
75%
None
Where an employee agrees to pay the Tax chargeable on an employee's 1 point
Salary, The amount of the Employee's income chargeable under the head
Salary shall be Grossed up by the amount of Tax payable by the Employer.
this Scenario shall be termed as? *
Net Tax
FInal Tax
Tax on Tax
None of the Above
Any forfeited deposit paid under a contract for the sale of Land or a 1 point
building shall be taxable under the Head? *
Income From Business
Income From Other Sources
Income From Capital Gains
Income From Property
Capital Loss can be carried forward for? * 1 point
Three Years
Two Years
Five Years
Six Years
The Term Assessment includes? * 1 point
Provisional Assessment
Re-Assessment
Amended Assessment
All of the Above
The Maximum amount of Charitable donations entitled for Tax Credit in the 1 point
Case of a Company is? *
10%
20%
30%
15%
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11/11/21, 5:40 PM Mega MCQ's Test IIRA