Tax Book 2023

Preliminary Chapter- 04

Q.58 Which of the following is not a royalty income?

(a) the supply of any technical, industrial, commercial or scientific knowledge, experience or skill;

(b) the use of or right to use any industrial, commercial or scientific equipment;

(c) the supply of any assistance that is ancillary and subsidiary to, and is furnished as a means of

enabling the application or enjoyment of, any such property or right; and

(d) the disposal of any property or right.

(e) None of the above

Q.59 In relation to company, “share” includes:

(a) Modaraba certificate

(b) Interest of a beneficiary in a trust

(c) Units in a trust

(d) All of the above

Q.60 In relation to company, “shareholder” includes:

(a) Modaraba certificate holder

(b) Beneficiary of a trust

(c) Unit holder of a unit trust

(d) All of the above

Q.61 A small company has paid up capital plus undistributed reserves:

(a) Not exceeding Rs.50 million

(b) Exceeding Rs. 25 million

(c) Rs. 10 million

(d) Not exceeding Rs. 10 million

Q.62 The taxable income under NTR of a small company shall be charged to tax @ ___.

(a) 20%

(b) 21 %

(c) 32%

(d) 35%

Q.63 A small company has turnover:

(a) Not exceeding Rs.250 million

(b) Exceeding Rs. 250 million

(c) Rs. 10 million

(d) Not exceeding Rs. 10 million

Q.64 Speculation business does not include a business in which:

(a) a contract in respect of raw materials or merchandise is entered into by a person in the course

of a manufacturing or mercantile business to guard against loss through future price

fluctuations for the purpose of fulfilling the person's other contracts for the actual delivery of the

goods to be manufactured or merchandise to be sold;

(b) a contract in respect of stocks and shares is entered into by a dealer or investor therein to

guard against loss in the person's holding of stocks and shares through price fluctuations; or