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FIN623 Taxation Management MCQs

FIN623-Taxation Management study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of FIN623-Taxation Management

Question :
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What is the tax treatment of the salary of an employee of foreign government but citizen of Pakistan?
  • Exempt from tax
  • Wholly Taxable
  • Partly Taxable
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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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(1) page 22Any Pakistan-source income which Pakistan is not permitted to tax under a tax treaty shall be   .
  • Wholly Taxable
  • Wholly Exempt
  • Partly Exempt
  • Not mention in Ordinance
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However its most of the branches are operated out of Pakistan? What will be the residential status of M/s ABC & Co.?
  • Resident Company
  • Non- Resident Company
  • Resident Individual
  • Resident AOP
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In Income Tax Ordinance 2001 tax concessions meant for which of the following? Select correct option:
  • Reduction in tax liability
  • Reduction in tax rate
  • Reduction in taxable Income
  • All of the given options
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Which of the following is the tax where the tax rate remained fixed to the amount on which the rate is applied increases?
  • Proportional tax
  • Progressive tax
  • Corporate tax
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Any Pakistan-source income which Pakistan is not permitted to tax under a tax treatyshall be
  • Wholly Taxable
  • Wholly Exempt
  • Partly Exempt
  • Not mention in Ordinance
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Which of the following methods of accounting is compulsory to adopt for Sole- proprietorship?
  • Accrual Basis
  • Cash Basis
  • Free to choose any kind of base
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Which one of the following is the general meaning of Tax?
  • Relax
  • Lighte
  • n Reli
  • eve
  • Fatigue
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In the normal circumstances on which of the following tax is charged?
  • Gross Receipt
  • Total Income
  • Taxable Income
  • Gross Income
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