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Thread: FIN623 Taxation Management Spring 2009 Final Term Paper

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    28 FIN623 Taxation Management Spring 2009 Final Term Paper

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    FINALTERM EXAMINATION
    Spring 2009
    FIN623- Taxation Management

    Marks: 81

    Question No: 1 ( Marks: 1 ) - Please choose one
    __________ is a type of tax where the tax rate increases as the income to which
    the rate is applied increases.

    • Proportional tax
    • Progressive tax
    • Regressive tax
    • Corporate tax


    Question No: 2 ( Marks: 1 ) - Please choose one
    If the accounting year of Mr. Aslam, a rice exporter is started from 01 January
    2005 and ending on 31st December 2005. What will be its tax year?

    • Tax year 2003
    • Tax year 2004
    • Tax year 2005
    • Tax year 2006


    Question No: 3 ( Marks: 1 ) - Please choose one
    In case of lump sum receipt of income like Golden hand shake the tax payer pays
    tax in which of the following way?

    • Average of last 3 years tax rate
    • Option to choose current or average of last 3 years tax rate
    • Current tax rate
    • Previous year tax rate



    Question No: 4 ( Marks: 1 ) - Please choose one
    Which of the following methods of accounting is compulsory to adopt for Firm?

    • Accrual Basis
    • Cash Basis
    • Both Accrual and Cash Basis
    • Free to choose any kind of base


    Question No: 5 ( Marks: 1 ) - Please choose one
    Suppose a Profit acquired by a cultivator from the sale of standing crops or the
    produce after harvesting.
    The profit of the cultivator will be treated in which of the following way?

    • Income from Business
    • Agriculture Income
    • Income from Property
    • Capital Gain


    Question No: 6 ( Marks: 1 ) - Please choose one
    If person supplying water to the land for the purpose of growing rice in the field
    and he charged money from the cultivator against the water supplied.
    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 No: 7 ( Marks: 1 ) - Please choose one
    Mr. Imran is an employee of Provincial Government of Punjab posted in UK for two
    years? What will be the residential status of Mr. Imran?

    • Resident Individual
    • Non-Resident Individual
    • Resident HUF
    • Resident AOP


    Question No: 8 ( Marks: 1 ) - Please choose one
    For a non-resident AOP which of the following condition must be satisfied?

    • Control and management of affairs of AOP is situated partly in Pakistan
    • Control and management of affairs of AOP is situated wholly in Pakistan
    • Control and management of affairs of AOP is situated wholly or partly in
    • Pakistan
    • None of the given options


    Question No: 9 ( Marks: 1 ) - Please choose one
    What is the tax treatment of the reimbursement of expenditure made by the employer?

    • Wholly Taxable
    • Wholly exempt
    • Partly Taxable
    • Not mentioned in Income Tax Ordinance 2001


    Question No: 10 ( Marks: 1 ) - Please choose one
    What is the tax treatment of the leave encashment of the armed forces of Pakistan on
    retirement made by the employer?

    • Wholly Taxable
    • Wholly exempt
    • Partly Taxable
    • Not mention in Income Tax Ordinance 2001


    Question No: 11 ( Marks: 1 ) - Please choose one
    As part of remuneration package, a company provides for reimbursement of telephone
    costs on actual basis to its employees in case the facility is used for official purposes
    only, what are the tax consequences of this policy?

    • Treated as taxable
    • No tax consequences
    • Partially taxable
    • Not discussed in Income Tax Ordinance 2001


    Question No: 12 ( Marks: 1 ) - Please choose one
    MTS stands for which of the following?

    • Minimum time scale
    • Minimum transfer Salary
    • Maximum time scale
    • Maximum transfer Salary


    Question No: 13 ( Marks: 1 ) - Please choose one
    Condition for the approval of gratuity fund is based on which of the following?

    • Trust is irrevocable
    • Trust is revocable
    • Trust is established by Government
    • Trust is approved by Officer of Income Tax
    • Question No: 14 ( Marks: 1 ) - Please choose one


    Clause (10) and (11) of Part 1 of second schedule related to Pension are omitted by which
    of the following?

    • Finance Ordinance 2004
    • Finance Ordinance 2005
    • Finance Bill 2006
    • Finance Bill 2007


    Question No: 15 ( Marks: 1 ) - Please choose one
    Which of the following is the tax treatment for Income from property received as a rent
    for the year 2007?

    • 1 /4 of the rent is deduct able as repairs allowance
    • 1 /2 of the rent is deduct able as repairs allowance
    • 1 /5 of the rent is deduct able as repairs allowance
    • No deduction is allowed


    Question No: 16 ( Marks: 1 ) - Please choose one
    A non adjustable advance is received from a building as income from property. Such rent
    will be spread in how many of the following years?

    • 5 years
    • 6years
    • 8 years
    • 10 years


    Question No: 17 ( Marks: 1 ) - Please choose one
    Under clause (93 A) of the Part 1 of second schedule of Income Tax Ordinance 2001,
    which of the following business income is exempted from tax?

    • Income of a Text-Book Board
    • University or Educational Institution established not for profit purpose
    • Recognized Vocational Institute
    • Income of Recognized Sports Board


    Question No: 18 ( Marks: 1 ) - Please choose one
    Head Income from property section 15 defines land as:

    • Constructed building
    • Block of brick
    • Vacant plot
    • None of the given options


    Question No: 19 ( Marks: 1 ) - Please choose one
    One of the following options doesn t come under the definition of Business income
    section 2 (9):

    • Trade
    • Commerce
    • Profession
    • Employment


    Question No: 20 ( Marks: 1 ) - Please choose one
    Which one of the following section defines Income under the head Income from
    Business section 18?

    • Section 2(9)
    • Section 2(29)
    • Section 75
    • Section 2(15)


    Question No: 21 ( Marks: 1 ) - Please choose one
    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 No: 22 ( Marks: 1 ) - Please choose one
    Gain on sale of depreciable asset, under section 31 of the Income Tax Ordinance 2001, is
    charged to tax under which of the following head of Income?

    • Income from Business
    • Income from Property
    • Income from Capital Gain
    • Income from Other sources


    Question No: 23 ( Marks: 1 ) - Please choose one
    Amount received after discontinuance of business, under section 31 of the Income Tax
    Ordinance 2001, is charged to tax under which of the following head of Income?

    • Income from Business
    • Income from Property
    • Income from Capital Gain
    • Income from Other sources


    Question No: 24 ( Marks: 1 ) - Please choose one
    Which of the following is the tax rate that a Resident Company is subjected to pay on its
    turnover for a tax year, even in cases where the company sustains loss?

    • 0.25%
    • 0.50%
    • 0.75%
    • 1.00%


    Question No: 25 ( Marks: 1 ) - Please choose one
    The amount of minimum tax liability is arrived at as follows:

    • (A x 0.5%) B
    • (A x B) 0.5%
    • (A + B) 0.5%
    • (A / 0.5%) B


    Question No: 26 ( Marks: 1 ) - Please choose one
    In case of disposal of asset between spouses under an agreement to live apart, what
    would be the tax treatment of such disposal of asset?

    • Charged to tax under the head Income from Business
    • Charged to tax under the head Income from Capital Gain
    • Exempt from tax under section 79 of the Income Tax Ordinance 2001
    • Charged to tax under the head Income from Property


    Question No: 27 ( Marks: 1 ) - Please choose one
    Which of the following is NOT required to file the return of Income Tax under section
    115?

    • Every Company
    • Every Firm
    • Every person with land 250 sq yards
    • Salaried individual having salary certificate in lieu


    Question No: 28 ( Marks: 1 ) - Please choose one
    A person may furnish Revised Return from the date when the original return was
    furnished up to which of the following time period?

    • 5 Days
    • 5 Months
    • 5 Years
    • 15 Months


    Question No: 29 ( Marks: 1 ) - Please choose one
    A person where taxable income for a tax year exceeds the maximum amount not
    chargeable to tax is required to file a return of income for the tax year, presently this
    amount is:

    • Rs.100, 000
    • Rs.300, 000
    • Rs.250, 000
    • Rs.500, 000


    Question No: 30 ( Marks: 1 ) - Please choose one
    Which of the following is NOT a liquidator under section 141 of the income tax
    ordinance 2001?

    • Receiver appointed by a Court
    • Trustee for a bankrupt
    • Mortgagee in possession
    • Tax payer


    Question No: 31 ( Marks: 1 ) - Please choose one
    Federal Tax Ombudsman has the same powers as _____________ to punish any person
    for
    its contempt..

    • Supreme court
    • High court
    • City court
    • Provincial Government


    Question No: 32 ( Marks: 1 ) - Please choose one
    The office of Superintendent of Sales Tax, or such other office as the Board may, by
    notification in the official Gazette, specify is called;

    • Income tax office
    • Registered office
    • Local Sales Tax Office
    • None of the given options


    Question No: 33 ( Marks: 1 ) - Please choose one
    Capital Value Tax was levied on the capital value of assets with effect from;

    • 1st July, 1989
    • 1st June 1990
    • 1st July 2000
    • 1st July 1999


    Question No: 34 ( Marks: 1 ) - Please choose one
    A directorship or any other office involved in the management of a company
    under section 2(22) of Income Tax Ordinance, 2001 is termed as:

    • Employment
    • Employer
    • Employee
    • Business premises


    Question No: 35 ( Marks: 1 ) - Please choose one
    Mr. X resident of Pakistan earned income from Property situated in London Rs.
    50,000 but received in India. Which one of the following option is right for this
    particular scenario?

    • Mr. X being resident of Pakistan Rs. 50,000 will be added in Gross total
    • income
    • Mr. X being resident of Pakistan Rs. 50,000 will be subtracted in Gross
    • total income
    • Mr. X being resident of Pakistan Rs. 50,000 will be claimed as admissible
    • deduction
    • Mr. X being resident of Pakistan Rs. 50,000 will be exempted


    Question No: 36 ( Marks: 1 ) - Please choose one
    Mr. X non-resident of Pakistan earned income from property situated in Dubai
    Rs. 70,000 but received in Pakistan. Which one of the following option is right
    for this particlar scenario?

    • Mr. X being non-resident of Pakistan Rs. 70,000 will be added in Gross
    • total income
    • Mr. X being non-resident of Pakistan Rs. 70,000 will be subtracted in
    • Gross total income
    • Mr. X being non-resident of Pakistan Rs. 70,000 will be claimed as
    • admissible deduction
    • Mr. X being non-resident of Pakistan Rs. 70,000 will be exempted


    Question No: 37 ( Marks: 1 ) - Please choose one
    Which of the following is the rate of tax for salaried Individuals for tax year 2009, where
    the taxable income exceeds Rs. 250,000 but does not exceed Rs. 350,000?

    • Nil
    • 0.250%
    • 0.50%
    • 0.75%


    Question No: 38 ( Marks: 1 ) - Please choose one
    Which of the following is the rate of tax for salaried Individuals for tax year 2009, where
    the taxable income exceeds Rs. 400,000 but does not exceed Rs. 450,000?

    • 0.25%
    • 1.50%
    • 2.50%
    • 3.50%


    Question No: 39 ( Marks: 1 ) - Please choose one
    Miss Sonia s total taxable income for the year 2009 is Rs. 240,000. Which of the
    following is the tax liability of Miss Sonia?

    • Nil
    • Rs. 500
    • Rs. 1,000
    • Rs. 1,500


    Question No: 40 ( Marks: 1 ) - Please choose one
    Mr. As total taxable income for the year 2009 is Rs. 600,000. Which of the following is
    the tax liability of Mr. A?

    • Rs. 15,000
    • Rs. 21,000
    • Rs. 27,000
    • Rs. 36,000


    Question No: 41 ( Marks: 1 ) - Please choose one
    Which of the following is the Tax Treatment of utilities for the year 2009?

    • Wholly taxable
    • Wholly exempted
    • Exempt up to 10% of MTS
    • Exempt up to 1% of MTS


    Question No: 42 ( Marks: 1 ) - Please choose one
    A firm ABC maintaining its account in cash basis, at June 27, 2008 it incurred
    expenses for Rs. 10,000 but actual payments made at 01 August 2008. It would
    be charge to tax into the tax year:

    • 2006
    • 2007
    • 2008
    • 2009


    Question No: 43 ( Marks: 3 )
    What is the main purpose of Gratuity?

    Question No: 44 ( Marks: 3 )
    Mr. Farooq s salary is Rs.22, 000 per month. He received commission during the year
    amounting to Rs.33, 000. He is provided a jeep by his employer for personal as well as
    official use. The employer took this jeep from a leasing company at an annual lease of
    Rs.80, 000. The fair market value of the jeep at commencement of lease was Rs.800,
    000.Calculate the taxable income of Mr.Farooq.

    Question No: 45 ( Marks: 3 )
    Briefly explain the unexplained income or assets under section 111 of Income Tax
    Ordinance 2001.

    Question No: 46 ( Marks: 5 )
    Under what conditions a commissioner of Income Tax may ask for the filing of returns
    by notice?


    Question No: 47 ( Marks: 5 )
    Mr. Ghaus is employed in a company after his retirement from army. Details of his
    income for the year ended 30th June 2009 are as under;


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    Basic salary from company Rs.20, 000 per month
    Entertainment allowance Rs. 1,000 per month
    Pension received from army Rs. 48,000 per annum
    Calculate the total taxable income of Mr.Ghaus.

    Question No: 48 ( Marks: 10 )
    Mr. Irfan is 62 years of age. At present he is working as General Manager of a private
    organization. His particulars for the year ended 30th June 2009 are as follows.


    fin623 1.jpg


    Further information provided:
    1. Mr. Irfan has been provided a car for personal purposes. The cost of the car is Rs.
    780,000.
    2. He has been provided a rent - free accommodation. He was entitled to a house
    allowance of Rs. 8,000 per month.
    3. The medical expenditures incurred during the year are verifiable.
    4. Tax rate prevail 9%.
    Compute the taxable income and tax payable on it.

    Question No: 49 ( Marks: 10 )
    From the following particulars, calculate the tax payable by Mr.Gauhar employed in a
    private limited company for the year ended 30th June 2009 @ 0.5 %. Mr Gauhar is 62
    years of age;



    fin623 2.jpg

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    Last edited by viki; 07-16-2010 at 10:20 PM.
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    good work... keep it up

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