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Tuesday 28 December 2010

Complete Solved Spring 2009 FIN623- Taxation Management Final Term Paper

FINALTERM EXAMINATION
Spring 2009 FIN623- Taxation Management (Session - 1)
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 to adopt for Sole-proprietorship?  
        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 cultiv produce after harvesting.
The profit of the cultivator will be tre
        Income from Business
        Agriculture Income PAGE 20
        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 r and he charged money from the cultivator against the water supp 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 years? What will be the residential st
        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 PAGE 39
        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 p costs on actual basis to its employees in case th only, what are the tax consequences of this pol
        Treated as taxable
        No tax consequences
        Partially taxable
        Not discussed in Income Tax Ordinance

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
► Trust is irrevocable
► Trust is revocable
► Trust is established by Government
► Trust is approved by Officer of Income

Question No: 14      ( Marks: 1 ) - Please choose one
Clause (10) and (11) of Part 1 of second schedule relate 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 for the year 2007?
► 1 /4 of the rent is deduct able as repa By: Adeel Abbas, www.allvupastpapers.blogspot.com
► 1 /2 of the rent is deduct able as repairs allowance
► 1/5 of the rent is deduct able as repa
► No deduction is allowed

Question No: 16      ( Marks: 1 ) - Please choose one
A non adjustable advance is received from a building as income from propert 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 In which of the following business income is exempted from
► Income of a Text-Book Board
► University or Educational Institution
► 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): By: Adeel Abbas, www.allvupastpapers.blogspot.com
        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 PAGE 67
► Section 21
► Section 22

Question No: 22      ( Marks: 1 ) - Please choose one
Gain on sale of depreciable asset, under section 31 of t charged to tax under which of the following head of In
► Income from Business PAGE 69
► 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, und Ordinance 2001, is charged to tax under which of the f
► Income from Business PAGE 69
► 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 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? By: Adeel Abbas, www.allvupastpapers.blogspot.com
        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 115?
        Every Company
        Every Firm
        Every person with land 250 sq yards
        Salaried individual having salary cer

Question No: 28      ( Marks: 1 ) - Please choose one
A person may furnish Revised Return from the date w 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 chargeable to tax is required to file a return of income 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 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 ____ 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 o 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 effe
1st July, 1989
1   June 1990
► st 1  July 2000
1    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 R 50,000 but received in India. Which one of the fol particular scenario?
Pted By: Adeel Abbas, www.allvupastpapers.blogspot.com
        Mr. X being resident of Pakistan Rs. 50,000 income
        Mr. X being resident of Pakistan Rs. 50,000 total income
        Mr. X being resident of Pakistan Rs. 50,000 deduction
        Mr. X being resident of Pakistan Rs. 50,000

Question No: 36      ( Marks: 1 ) - Please choose one
Mr. X non-resident of Pakistan earned income fro Rs. 70,000 but received in Pakistan. Which one of for this particlar scenario?
        Mr. X being non-resident of Pakistan Rs. 70,000 will be added in G total income
        Mr. X being non-resident of Pakistan Rs. 70,000 will be subtracted Gross total income By: Adeel Abbas, www.allvupastpapers.blogspot.com
        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. A's total taxable income for the year 2009 is Rs. 600,000 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 utilitie
       Wholly taxable By: Adeel Abbas, www.allvupastpapers.blogspot.com
        Wholly exempted
        Exempt up to 10% of MTS
        Exempt up to 1% of MTS

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 inco Ordinance 2001.

Question No: 46      ( Marks: 5 )
Under what conditions a commission by notice?

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

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