Tax Book 2023

Income From Business Chapter- 09

Q. 39 Any expenditure (unless otherwise stated) under a single account head exceeding Rs. 2 50,000 is
admissible if the payment is made only through ___.
(a) cash
(b) cross cheque
(c) bearer cheque
(d) all of above

Q. 40 For tax purposes, business does not include ___.

(a) employment

(b) trading

(c) manufacturing

(d) service providing

Q. 41 Income from speculation business is kept separate from _____ business incomes.

(a) non-speculation business

(b) other speculation business

(c) trading business

(d) business of service providing

Q. 42 Arbitrage is a _____.

(a) speculation business

(b) non-speculation business

(c) illegal business

(d) none of above

Q. 43 Salary paid to sleeping partner of AOP is __.

(a) admissible

(b) not admissible

(c) none of above

Q. 44 Any amalgamated company is allowed a deduction against ____ in respect of all expenses
incurred by it.
(a) business income
(b) salary income
(c) property income
(d) all of above

Q. 45 The financial cost of securitization incurred by the ___ is allowed as an admissible deduction.

(a) APV

(b) SPV

(c) bank

(d) financial institution

Q. 46 Which of the following is allowed as deductible allowance against business income?

(a) WWF

(b) WPPF

(c) Zakat under Zakat and Usher Ordinance