Tax Book 2023

Banking Business Chapter- 27

(b) ignored

(c) excluded

(d) all of above

Q.8. Where the deduction allowed for any expenditure, remains unpaid for 3 years from the tax year in
which the deduction was allowed, shall be added in taxable income in the ___ tax year following the
end of above said years
(a) 4th

(b) 3rd

(c) 2nd

(d) 1st

Q.9. When the shares of listed company are disposed of within ___ from the date of acquisition and
results in loss then the loss can be adjusted against the “Business Income”
(a) 1 year
(b) 2 years
(c) 3 years
(d) 4 years

Q.10. Un-adjusted loss on disposal of shares of listed company within 1 year from date of acquisition shall
be carried forward to the following tax year and set off against ___.
(a) Capital gains
(b) income from business
(c) income from other sources
(d) all of above

Q.11. Un-adjusted loss on disposal of shares of listed company within 1 year from date of acquisition shall
be carried forward for maximum of ___.
(a) 5 years
(b) 6 years
(c) 3 years
(d) 10 years

Q.12. In case of foreign banks head office expenditure shall be allowed as deduction as per the following
formula:
Gross receipt of PE in Pakistan /_____ x Total Head Office expenditure.
(a) World gross payments
(b) World gross receipts
(c) World net payments
(d) Net receipts

Q.13. Banking company shall be required to pay advance tax for the year in ___ installments.

(a) 4

(b) 8

(c) 12

(d) 16