vu fin623 Final Term - Quiz No.8
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 9 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.
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Question 1: Mr. X employed in Pakistan received share of profit Rs. 60,000 in India from a business situated in Dubai but controlled through PE in Pakistan. Which of the following is right for the above scenario?
Mr. X being resident of Pakistan Rs. 60,000 will be added in Gross total income
Mr. X being resident of Pakistan Rs. 60,000 will be subtracted in Gross total income
Mr. X being non-resident of Pakistan Rs. 60,000 will be added in Gross total income
Mr. X being non-resident of Pakistan Rs. 60,000 will be subtracted in Gross total income
Question 2: Income of Federal Government exempt from tax under which of the following section of IT Ordinance 2001?
Section 41
Section 43
Section 47
Section 49
Question 3: Mr. X employed in Pakistan remittance from USA received Rs. 10,000 in Pakistan from past profits. Which of the following is right for the above scenario?
Mr. X being resident of Pakistan Rs. 10,000 will be added in Gross total income
Mr. X being resident of Pakistan Rs. 10,000 will be Subtracted in Gross total income
Mr. X being non-resident of Pakistan Rs. 10,000 will be added in Gross total income
Remittance is not income hence it is not included
Question 4: An Individual will be termed as Short Term Resident under section 50 of the IT Ordinance 2001 on which of the following condition?
His period of stay in Pakistan equal to 183 days
The employee of Foreign Government
The citizen of Pakistan
His period of stay in Pakistan not exceeding 3 years
Question 5: Mr. X resident of Pakistan remittance from UK received Rs. 20,000 in Pakistan from past profits. Which of the following is right for the above scenario?
Mr. X being resident of Pakistan Rs. 20,000 will be added in Gross total income
Mr. X being resident of Pakistan Rs. 20,000 will be Subtracted in Gross total income
Mr. X being non-resident of Pakistan Rs. 20,000 will be added in Gross total income
None of the given options
Question 6: Which of the following section deals with the deductions Not allowed to income from business?
Section 2 (9)
Section 20
Section 21
Section 22
Question 8: Condition for the approval of gratuity fund is based on
Trust is irrevocable
Trust is revocable
Trust is established by Government
Trust is approved by Officer of Income
Question 9: Clause (10) and (11) of Part 1 of second schedule relate of the following?
Finance Ordinance 2004
Finance Ordinance 2005
Finance Bill 2006 INCOME TAX ORDINANCE
Finance Bill 2007
