Tax Book 2023

Income From Business Chapter- 09

(c) donation to institution specified in clause 6 6

(d) none of above

Q. 32 In an AOP the members are allowed only to receive ___.

(a) salary

(b) commission

(c) profit on debt

(d) none of above

Q. 33 Depreciation is allowed as per _____ schedule of the Income Tax Ordinance, 2001

(a) 1 st

(b) 2 nd

(c) 3 rd

(d) 4 th

Q. 34 Expenses other than utility, postage and freight charges must be paid through cross cheques where
any of them under single head exceeds Rs.__.
(a) 8,000
(b) 10,000
(c) 250 , 000
(d) 6,000

Q. 35 Any expenditure is admissible if the same is wholly and exclusively __.

(a) for business

(b) for personal use

(c) for personal expenses of members in case of AOP or company

(d) all of above

Q. 36 Where the bad debts are recovered from the amount not allowed earlier then the same would be
___.
(a) included in taxable income
(b) ignored
(c) reversed from accounting profit
(d) all of above

Q. 37 Any amount received by a banking company or a non-Banking finance company out of profit on debt
is taxable under income from _____.
(a) salary
(b) property
(c) business
(d) other sources

Q. 38 Expenses on entertainment of foreign customers and suppliers are ____.

(a) admissible

(b) not admissible

(c) both ‘a’ and ‘b’

(d) none of above