Tax Book 2023

Preliminary Chapter- 04

MULTIPLE CHOICE QUESTIONS

Q.1 Accumulated profits include

(a) any reserve made up wholly or partly of any allowance, deduction, or exemption admissible

under ITO, 2001.

(b) all profits of the company including income and gains of a trust up to the date of payment of

dividend.

(c) includes all profits of the company including income and gains of a trust up to the date of its

liquidation.

(d) All of the above.

Q.2 Approved gratuity fund means a gratuity fund approved by the Commissioner Inland Revenue in
accordance with Part III of:
(a) Sixth Schedule.
(b) Second Schedule.
(c) Third Schedule.
(d) First Schedule.

Q.3 Approved superannuation fund means a superannuation fund, or any part of a superannuation fund,
approved by the Commissioner Inland Revenue in accordance with Part II of:
(a) Sixth Schedule.
(b) First Schedule.
(c) Second Schedule.
(d) None of the above

Q.4 An asset management company means a company as defined:

(a) In Banking Companies Ordinance, 1962.

(b) In Companies Act, 2017

(c) In Non-Banking Finance Companies and Notified Entities Regulations, 2007

(d) In Income Tax Ordinance, 2001

Q.5 AOP does not include:

(a) Firm.

(b) Company.

(c) Hindu undivided family.

(d) Artificial juridical person.

Q.6 Business includes:

(a) Trade.

(b) Commerce.

(c) Manufacture.

(d) All of the above.

Q.7 Which of the following is not a capital asset?

(a) Painting.

(b) Stock in trade.

(c) Shares of private company.

(d) Book.