Tax Book 2023

(Ben LeoJzBdje) #1

Oil, Natural Gas and Other Mineral Deposits Chapter- 26


Q.7. The depletion allowance shall be allowed up to the 15% of gross receipts, not exceeding ____% of
profits or gains before deduction of such allowance, for any year ending after the date on which
commercial production has commenced


(a) 25
(b) 10
(c) 50

(d) 75

Q.8. “Agreement” means an agreement entered into between the ____ and a taxpayer for the exploration
and production of petroleum in Pakistan.


(a) Provincial Government
(b) Federal Government

(c) Board
(d) None of above

Q.9. “Commercial Production” means production as determined by ____.


(a) Provincial Government

(b) Federal Government
(c) Board

(d) None of above

Q.10. “Petroleum” means _____ as defined in the Pakistan Petroleum (Production) Rules 1949


(a) crude oil

(b) natural gas
(c) case-head petroleum spirits

(d) all of above

Q.11. __ means the termination of rights with respect to an art including the expiration of rights
according to the terms of an agreement.


(a) surrender
(b) termination

(c) breach of contract
(d) all of above

Q.12. “Surrendered area” means an area with respect to which the rights of the person have terminated by
_____.
(a) surrender
(b) assignment


(c) termination of business
(d) all of above

Q.13. The profits and gains from exploration and production of mineral deposits shall be computed in the
manner applicable to income, profits and gains chargeable under the head ____
(a) Income from other sources


(b) Property income
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