FIN623 Final Term Solved Subjective Mega File

Taxation Management – FIN 623 · MEGA File MCQ’s · MUHAMMAD FAISAL

Which of the following is the tax rate that a Resident Company is subjected to pay on its turnover for a tax year, even in cases where the company sustains loss?

1. 25%

0.50%

1. 75%
2. 00%

Ref:Pg#73

Minimum Tax on Resident Companies Sec 113

Resident Company is subjected to minimum tax 0.50% of its turnover for a tax year, even in cases where the company sustains loss.

The amount of minimum tax liability is arrived at as follows: (A x 0.5%) B (A x B) 0.5%

(A + B) 0.5%

(A / 0.5%) B

In case of disposal of asset between spouses under an agreement to live apart, what would be the tax treatment of such disposal of asset?

Charged to tax under the head Income from Business Charged to tax under the head Income from Capital Gain

Exempt from tax under section 79 of the Income Tax Ordinance 2001

Charged to tax under the head Income from Property

Ref:Pg#81

Disposals Not Chargeable To Tax Under Sec.79 Non Recognition Rules No gain or loss shall be taken to arise on the disposal of an asset: ƒBetween spouses under an agreement to live apart; Which of the following is NOT required to file the return of Income Tax under section 115? Every Company Every Firm Every person with land 250 sq yards

Salaried individual having salary certificate in lieu

Which of the following is NOT required to file the return of Income Tax under section 115?

1. Every Company
2. Every Firm
3. Every person with land 250 sq yards
4. Orphan with age below 25

Correct answer: Orphan with age below 25

Which of the following is NOT required to file the return of Income Tax under section 115?

1. Every Company
2. Every Firm
3. Every person with land 250 sq yards
4. Widow

Correct answer: Widow

A person may furnish Revised Return from the date when the original return was furnished up to which of the following time period?

5 Days 5 Months

5 Years

15 Months

Ref:Pg#99

Provision of Revised Tax Return:

A person may furnish Revised Return within five years of the date when the original return was furnished.

A person where taxable income for a tax year exceeds the maximum amount not chargeable to tax is required to file a return of income for the tax year, presently this amount is: Rs.100, 000 Rs.300, 000 Rs.250, 000

Rs.500, 000

Which of the following is NOT a liquidator under section 141 of the income tax ordinance 2001? Receiver appointed by a Court Trustee for a bankrupt Mortgagee in possession

Tax payer

Federal Tax Ombudsman has the same powers as _____________ to punish any person for its contempt.

Supreme

High court City court Provincial Government

Ref:Pg#111

The Federal Tax Ombudsman has the same powers as the Supreme Court has to punish any person for its contempt.

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

Capital Value Tax was levied on the capital value of assets with effect from;

1st July, 1989

1st June 1990 1st July 2000 1st July 1999

Ref:

Capital Value Tax was levied with effect from 1st July, 1989 on the capital value of assets.

A directorship or any other office involved in the management of a company under section 2(22) of Income Tax Ordinance, 2001 is termed as:

Employer Employee Business premises

Which of the following is the example of inclusive definition?

* Debt 2(15)