Income Tax Ordinance 2001 MCQS Questions Answers

Income Tax Ordinance 2001 MCQS Questions Answers download in pdf

1. Salary income is chargeable to tax on ?
Ans. Actual receipt basis or

2.House rent allowance provided by employer to his employees is?
Ans. taxable

3.Gross salary consists of ?
Ans. basic salary, perquisites and profit in lieu of or addition to salary

4. The property income is taxable?
Ans. Under SBI

5. The amount received for utilities is taxable under the head income from?
Ans. Other sources

6. Income from Business may be taxable under?
Ans. FTR and NTR

7. Depreciation is allowed as per?
Ans. Tax

8. An approved leasing company is the one approved by?
Ans. SECP

9. Expenditures for acquiring land is included in?
Ans. Cost of land

10. Amortization is allowed for?
Ans. Intangible fixed asset

11. The value of closing stock is computed on?
Ans. Lower of cost and NRV

12. A long term contract is a contract which is not completed in?
Ans. one year

13. ____________are capital assets?
Ans. Stock in trade and Immovable property

14. An option to buy a __________ is a derivative?
Ans. treasury bond

15. Prize on winning a quiz is taxable under the?
Ans. SBI under FTR

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