Taxation System Chapter- 04
(c) a contract is entered into by a member of a forward market or stock exchange in the course of
any transaction in the nature of jobbing arbitrage to guard against any loss which may arise in
the ordinary course of the person's business as such member.
(d) All of the aboveQ.65 Which of the following is not included in “stock in trade”?
(a) Raw material to be used in manufacturing
(b) Work in process
(c) Shares
(d) Finished goods manufactured or acquiredQ.66 “Taxpayer” means any person who derives an amount chargeable to tax under this Ordinance, and
includes-
(a) any representative of a person who derives an amount chargeable to tax
(b) any person who is required to deduct or collect tax
(c) any person required to furnish a return of income or pay tax
(d) All of the above
Q.67 Normal tax year shall be a period of twelve months ending on:
(a) 1st day of July
(b) 30th day of June
(c) 31st day of December
(d) None of the aboveQ.68 Tax year which is different from normal tax year is called:
(a) Special tax year
(b) Transitional tax year
(c) Assessment year
(d) Financial yearQ.69 Where a person changes his tax year from special to normal or normal to special tax year the period
between the end of the last tax year prior to change and the date on which the changed tax year
commences shall be treated as:
(a) Special tax year
(b) Transitional tax year
(c) Assessment year
(d) Financial year
Q.70 "Turnover" means:
(a) the gross receipts from sales of goods less sales tax, Federal Excise duty, trade discounts
shown on invoices, or bills and income assessed under final tax regime;
(b) the gross fees for the rendering of services for giving benefits including commissions except
covered under final tax regime;
(c) the gross receipts from the execution of contracts except covered by final tax regime; and
(d) the company's share of the amounts stated above of any association of persons of which the
company is a member.
(e) All of the above