Tax Book 2023

Tax Credits Chapter- 15

Q.9. An individual making donation to a specified institution under 13 th Schedule is allowed tax credit
maximum up to __ of taxable income.
(a) 15%
(b) 30%
(c) 25%
(d) 0%

Q.10. Where any property is donated, then ___ of property is taken as value of donation.

(a) Cost

(b) Fair market value

(c) Any of these

(d) Higher of value recorded for capital value tax or Fair market value

Q.11. Donation to the Liaqat National Hospital Association, may be made up to__.

(a) 50% of taxable income

(b) 95% of taxable income

(c) Total taxable income

(d) none of (a) to (c)

Q.12. A Tax Credit equal to _____ for donation made to unapproved institutions.

(a) Full amount of donations is allowed

(b) Half amount of donations is allowed

(c) Calculated at average rate of tax is allowed

(d) Not allowed

Q.13. A tax credit____ is allowed to a person making investment in the shares of a listed company (not
being as first allottee). – omitted by FA, 2022
(a) Whole amount of donation
(b) At the average rate of tax
(c) Proportionate basis
(d) Not allowed

Q.14. A tax credit for investment in shares is made allowed for an investment which is,_____. –
omitted by FA, 2022
(a) Total cost of shares
(b) 20 % of taxable income
(c) Rs. 2 ,000,000
(d) Lesser of ‘a’, ‘b’ and ‘c’.

Q.15. Where a taxpayer disposes of the shares within __ of the purchase, the tax liability of the person
shall increase by an amount equal to tax credit allowed to him in the year of disposal. – omitted by
FA, 2022
(a) 24 months
(b) 6 months
(c) 12 months
(d) None of these