Oil, Natural Gas and Other Mineral Deposits Chapter- 26
Q.20. Where an undertaking along-with Part I of 5th Schedule is also engaged in the business of refining or
concentrating in Pakistan the mineral deposits extracted by it in Pakistan, so much of the profits and
gains derived from such business as does not exceed 10% of the capital employed in such business
shall be ____.
(a) taxable at 10%
(b) taxable at 20%
(c) no more exempt from tax(d) exempt from taxQ.21. Where the profits and gains of refining and concentrating business computed for any tax year cover a
period which is less or more than one year, the amount of profits and gains exempt shall be the
amount which bears the same proportion to the said amount of profits as the said period bears to a
period of ____.
(a) one year
(b) two years(c) last three years
(d) six monthsANSWERS
1 (a) 2 (a) 3 (d) 4 (a) 5 (b)
6 (a) 7 (c) 8 (b) 9 (b) 10 (d)
11 (a) 12 (d) 13 (c) 14 (b) 15 (a)
16 (b) 17 (a) 18 (a) 19 (c) 20 (c)
21 (a)