vu fin623 Final Term - Quiz No.2
vu fin623 Taxation Management Quiz
This quiz belongs to book/course code vu fin623 Taxation Management of vu organization. We have 8 quizzes available related to the book/course Taxation Management. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
NVAEducation also facilitates users to contribute in online competitions with other students to make a challenging situation to learn in a creative way. You can create one to one, and group competition on an topic of a book/course code. Also on NVAEducation you can get certifications by passing the online quiz test.
Question 1: Which of the following is the general definition of tax?
Compulsory contribution of wealth by persons
Optional contribution of wealth by persons
Compulsory contribution of wealth by state
Optional contribution of wealth by state
Question 2: The salary received from the UK Government by Mr. Amir resident of Pakistan. Which section of the income tax ordinance explains his tax treatment of such salary?
Section 110
Section 101
Section 102
Section 50
Question 4: A definition also includes the dictionary meanings of the word are termed as which of the following?
Exclusive definition
Inclusive definition
Both Exclusive definition and Inclusive definitions
Statutory definition
Question 5: If person supplying water to the land for the purpose of growing r and he charged money from the cultivator against the water supp What will be the tax treatment of such income?
Exempt as Agriculture Income
Allowed Reduction in tax rate
Allowed reduction in tax liability
Taxable as Non-Agriculture Income
Question 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?
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
Question 7: Under which of the following conditions a tax payer can adopt a special tax year? Whenever he decides so
After seeking approval from Tax Office
After seeking approval from Commissioner of income tax
After seeking approval from High Court
None of the given options
Question 8: It is mandatory for each Company to maintain its books of accounts on which of the following methods?
Cash basis
Accrual basis
Both cash and accrual basis
Free to choose any kind of base
Question 9: Mr. A non-resident person employed in UK received Rs. 500,000 as salary. Which of the following statement true for Mr. A?
Rs. 500,000 will be added in Gross total income being non resident person
Rs. 500,000 will be subtracted from Gross total income being non resident person
Rs. 500,000 will be exempt from tax being non resident person
None of the given options
