FIN623 - Taxation Management- Quiz No. 2

1. Agriculture income does not include which one of the following income?
Select correct option:

Rent or Revenue derived by a person from land
Income derived from land situated in Pakistan
The land is used for agricultural purposes
Income from spontaneous forest
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2. Which one of the following canons of taxation suggests easiness in time of payment and mode of collection of tax?
Select correct option:

Simplicity
Convenience
Certainty
Capacity to Pay
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3. The Chairman of CBR has the responsibility for which of the following measures?
Select correct option:

Formulation and administration of fiscal policies
Levy and collection of federal taxes
Quasi-judicial function of hearing of appeals
All of the given options
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4. Agricultural income includes which one of the following?
Select correct option:

Dividend paid by a company out of its agriculture income
Income from fisheries
Royalty income of mines
Share of profit of a partner from a firm engaged in agricultural
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5. An Individual will be termed as Short Term Resident under section 50 of the IT Ordinance 2001 provided:
Select correct option:

His period of stay equal to 183 days
The employee of Federal Government
The citizen of Pakistan
Resident solely by reason of the individual’s employment
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6. Which of the following section deal with tax treatment of person who is a cultivator or
receiver of agricultural produce as rent-in-kind in the business of cultivator?
Select correct option:

Rule 11 of the IT Rule 2002
Section 40 of the Income Tax Ordinance 2001
Section 41 of the Income Tax Ordinance 2001
Section 42 of the Income Tax Ordinance 2001
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7. Pride of performance awarded by President is exempt from tax. Under which section it is treated in Income Tax ordinance 2001?
Select correct option:
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Section 40
Section 41
Section 45
Section 46
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8. Which of the following tax is paid in relation to how much you earn?
Select correct option:

Income Tax
Inheritance Tax
Value added Tax
Sales Tax
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9. Which of the following is the important content for calculating tax on income?
Select correct option:

Taxable Income
Residential Status
Tax Year
All of the given options
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10. Which one of the following is main difference between the tax and fee?
Select correct option:

Imposing authority
Applied Rates
Entitlement of Counter benefit
Mode of payment
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11. The process of clubbing of income results in which of the following?
Select correct option:

Lower Bracket rate of tax is charged
Higher Bracket rate of tax is charged
Moderate Bracket rate of tax is charged
No change occur due to clubbing

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12. Which of the following is the External aid for the interpretation of tax laws?
Select correct option:

Preamble
Non-Obstinate clause
Title of a chapter
Finance Minister’s budget speech
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13. Non-Agricultural income includes which one of the following?
Select correct option:

Income from sale of wild grass
Income from fisheries
Royalty income of mines
All of the given options
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14. Which of the following is NOT the type of tax?
Select correct option:

Direct taxes
Indirect Taxes
Value Added Taxes
Fees and Penalties
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15. Special tax year is adopted after seeking approval from the ____________ under section 74(3).
Select correct option:

Commissioner
Tax Officer
Appellate Tribunal
Supreme Court
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