Quiz of Income Tax Ordinance

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Quiz of Income Tax Ordinance

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Question 1
Section 55 of Income Tax Ordinance discusses about __________?
A
Exemption and tax provision in other laws
B
Exemption and tax concessions
C
Limitation of exemption
D
AOT
Question 2
Which section of the Income Tax Ordinance allows exempting the support payments under an agreement to live apart?
A
42
B
44
C
46
D
48
Question 3
Non-adjustable amounts received in relation to building fall under which head of income?
A
Business
B
Property
C
Salary
D
Capital Gain
Question 4
When an agriculturist provides services under the federal department of Pakistan and he gets a decent income. This income will fall under _______ head?
A
Business
B
Property
C
Salary
D
Capital gain
Question 5
A non-resident person gains profit on the debt is ___________ income tax?
A
Exempt from
B
Chargeable to
C
Both a and b
D
NOT
Question 6
Exemption under international agreement is discussed under section ___________ of Income Tax Ordinance 2001?
A
39
B
41
C
42
D
44
Question 7
5th head of Income deals with _____________?
A
Property
B
Salary
C
Other sources
D
Business
Question 8
Income Tax Ordinance 2001 extends to __________?
A
Punjab
B
Sindh
C
Whole Pakistan
D
KPK
Question 9
Salary includes__________?
A
Pay
B
Wages
C
Remuneration
D
Pension
E
AOT
Question 10
When a person sells his immovable property and he gets income from it. This income will fall under__________ head?
A
Property
B
Business
C
Capital gains
D
AOT
Question 11
Speculation business is discussed under which section of Income Tax Ordinance 2001?
A
17
B
18
C
19
D
20
Question 12
Exemption and tax provision in other laws are discussed under section _________ of Income Tax Ordinance 2001?
A
51
B
53
C
54
D
55
Question 13
Deduction of losses are explained under _______ section of Income Tax Ordinance 2001?
A
35
B
36
C
37
D
38
Question 14
Income from property is discussed under section ________of Income Tax Ordinance 2001?
A
14
B
15
C
16
D
NOT
Question 15
Income from other sources is discussed under which section of Income Tax Ordinance 2001?
A
37
B
38
C
39
D
40
Question 16
According to section 49 of Income Tax Ordinance 2001, __________ are exempted from income tax?
A
Local government
B
Provincial government
C
Federal government
D
AOT
Question 17
Section 16 of Income tax ordinance 2001 explains about_________?
A
Income from property
B
Non-adjustable amount
C
Both a and b
D
NOT
Question 18
Under which section of the Income Tax Ordinance, Diplomatic and United Nations officials will be exempted from income tax?
A
41
B
42
C
43
D
44
Question 19
According to which section of Income Tax Ordinance the income tax on agriculture is exempted?
A
16
B
13
C
41
D
14
Question 20
How much period an individual is not asked to pay income tax if he returns to Pakistan from foreign for the rest of his life?
A
3 preceding years and 1 next year
B
4 preceding years and 1 next year
C
2 preceding years and 2 next years
D
3 preceding years and 3 next years
Question 21
The honor, award, or medal awarded to a person by the president of Pakistan shall be _______?
A
Payable to income tax
B
Exempt from income tax
C
Both a and b
D
NOT
Question 22
Employee share schemes are discussed under which section of Income Tax Ordinance 2001?
A
11
B
12
C
13
D
14
Question 23
Generally, the income of provincial and local governments are ________ in Pakistan?
A
Payable to income tax
B
Exempted from income tax
C
Both a and b
D
NOT
Question 24
Any income which is derived from the source of agriculture is ________?
A
Chargeable to income tax
B
Exempted from income tax
C
Both a and b
D
NOT
Question 25
There are _______ schedules in Income Tax Ordinance 2001?
A
4
B
13
C
7
D
14
Question 26
All foreign government officials are _________?
A
Required to pay income tax
B
Exempted from income tax
C
Both a and b
D
NOT
Question 27
Exemption and tax concessions in Income Tax Ordinance are discussed under chapter?
A
2nd
B
3rd
C
4th
D
NOT
Question 28
How many chapters are there in Income Tax Ordinance 2001?
A
6
B
10
C
11
D
13
Question 29
Section 11 of Income Tax Ordinance deals with ___________?
A
Total Income
B
Taxable Income
C
Heads of Income
D
NOT
Question 30
Value of Perquisites is discussed under ____ section of Income Tax Ordinance 2001?
A
12
B
13
C
14
D
15
Question 31
If the income of the provincial or local government is derived from business carried outside its jurisdiction shall be ___________?
A
Payable tax under salary income head
B
Payable tax under business income head
C
Not payable tax under Income Tax Ordinance
D
NOT
Question 32
Second head of income explains about________?
A
Business
B
Property
C
Capital Gain
D
Salary
E
Other sources
Question 33
Foreign government officials are exempted from income tax under section _____ of Income Tax Ordinance 2001?
A
41
B
42
C
43
D
44
Question 34
Deduction in computing income chargeable under the head of income from other sources is explained under_________?
A
38
B
39
C
40
D
NOT
Question 35
If a tax is exempted, reduced, or decreased the liability of tax is not effective until it is validated under______________?
A
Sales Tax Act
B
Income Tax Ordinance
C
Federal Excise Duty
D
NOT
Question 36
Scholarships are exempted from income tax under which section?
A
45
B
46
C
47
D
48
Question 37
Agricultural income under Income Tax Ordinance is discussed under section _____?
A
40
B
41
C
42
D
43
Question 38
Any Pakistan source income which Pakistan is not permitted to tax under a tax treaty shall be exempt from tax under section _________ of Income Tax Ordinance 2001?
A
43
B
44
C
45
D
46
Question 39
Heads of income are discussed in which chapter of Income Tax Ordinance 2001?
A
1st
B
2nd
C
3rd
D
4th
Question 40
The income in shape of scholarship is ___________ under Income Tax Ordinance 2001?
A
Exempted for income tax
B
Chargeable to income tax
C
Optional
D
NOT
Question 41
Ali gives his car on rent to a person. The income he gets from renting a car falls under which head of income?
A
Salary
B
Property
C
Business
D
Capital gain
Question 42
The exemption of income tax is limited to ____________?
A
Any person receiving payment from the government
B
Original recipient
C
Both a and b
D
NOT
Question 43
According to ____________act a diplomatic officials are exempted from income tax?
A
Diplomatic and Consular Privileges Act 1969
B
UN Privileges and Immunities Act 1948
C
Diplomatic and Consular Privileges Act 1972
D
NOT
Question 44
__________ sections in Income Tax Ordinance 2001?
A
49
B
76
C
24
D
242
Question 45
Foreign source income of returning expatriates is discussed under which section of Income Tax Ordinance 2001?
A
50
B
51
C
52
D
53
Question 46
President’s honors are exempted from the income tax according to ________ section Income Tax Ordinance 2001?
A
43
B
44
C
45
D
46
Question 47
Capital gains are discussed under which section of Income Tax Ordinance 2001?
A
17
B
37
C
38
D
18
Question 48
Income from dividends and royalty fall under which head of income?
A
Property
B
Salary
C
Business
D
Other sources
Question 49
Income Tax Ordinance 2001 was promulgated on __________?
A
1st July
B
13 September
C
1st June
D
31st July
Question 50
Salary is discussed under section _______ of Income Tax Ordinance 2001?
A
11
B
12
C
13
D
14
Question 51
When Ali sells his services in a shop then he gets income that falls under______ head; however, if he sells the whole shop and gets income fall under _______ head.
A
Property, business
B
Business, property
C
Business, capital gains
D
Capital gains, business
Question 52
First head of income is ___________?
A
Property
B
Salary
C
Business
D
Capital gain
Question 53
Chapter third of Income Tax Ordinance discusses about_________?
A
Tax on taxable income
B
Charge of tax
C
Common rules
D
NOT
Question 54
When an agriculturist opens a store of agricultural medicine and he earns a fair income from it. This income will fall under___________ head?
A
Salary
B
Business
C
Property
D
NOT
Question 55
In which section of Income Tax Ordinance of 2001 tax concession is discussed?
A
51
B
52
C
53
D
54
Question 56
There are __________ heads of Income?
A
3
B
4
C
5
D
6
Question 57
Tax concession and exemptions are discussed under ____ schedule of Income Tax Ordinance 2001?
A
1st
B
2nd
C
3rd
D
4th
Question 58
The income of the Federal Government shall be exempt from tax under section _____ of Income Tax Ordinance 2001?
A
49
B
47
C
45
D
43
Question 59
Income from property means__________?
A
Income from rent
B
Income from selling a house
C
Both a and b
D
NOT
Question 60
Income from business includes______?
A
Trade
B
Profession
C
Hire or lease of immoveable property
D
AOT
Question 61
4th head of Income discusses about _____________?
A
Salary
B
Property
C
Business
D
Capital gains
E
NOT
Question 62
Which act exempted income tax from UN Officials?
A
UN Privileges and Immunities Act 1928
B
Diplomatic and Consular Privileges Act 1972
C
UN Privileges and Immunities Act 1948
D
AOT
Question 63
Chapter one of Income Tax Ordinance deals with _____?
A
Miscellaneous
B
Preliminary
C
Tax on taxable income
D
NOT
Question 64
Income from moveable property falls under which head of income?
A
Business
B
Property
C
Salary
D
NOT
Question 65
Income Tax Ordinance 2001 became effective from ___________?
A
1st July 2001
B
13 September 2001
C
1st July 2002
D
1st June 2001
Question 66
If a person comes to Pakistan and does service not more than three years then he is _______ income tax?
A
Required to pay
B
Exempted from
C
Both a and b
D
NOT
Question 67
If a person gains income from immovable property, then it falls under _______ head of Income?
A
Salary
B
Business
C
Property
D
NOT
Question 68
Ali and Alina are husband and wife. If they get separated, then the support payment given by Ali to Alina is ____________?
A
Exempted from income tax
B
Chargeable to pay income tax
C
Optional
D
NOT
Question 69
Salary as the head of income is discussed under ______ part of chapter third of Income Tax Ordinance 2001?
A
Second
B
Third
C
Fourth
D
NOT
Question 70
What is the period mentioned for the short-term resident individual under section 50 of the Income Tax Ordinance 2001?
A
2 years
B
3 years
C
4 years
D
NOT
Question 71
If Ali gets an owner by the president of Pakistan, these allowance attached to Ali’s salary as the honor of president is ___________ income tax.
A
Chargeable to
B
Exempted from
C
Optional
D
NOT
Question 72
Third head of Income deals with _____________?
A
Salary
B
Business
C
Property
D
Capital gain
Question 73
Employee share schemes are ______ in salary head of income.
A
Chargeable to tax
B
Not chargeable to tax
C
Optional
D
NOT
Question 74
Under which section a non-resident person receiving profit on the security which is issued by the resident person is exempted from income tax?
A
44
B
45
C
46
D
47
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