Tax Book 2023

Common Rules Chapter- 16

MULTIPLE CHOICE QUESTIONS

Q.1. In case of co-ownership in property and the share of each partner is determinable then share
received by each partner from property shall be ____ his total income.
(a) excluded from
(b) included in
(c) divided by
(d) none of above

Q.2. Signing amount from the tenant is taxable under the head ____.

(a) property income

(b) income from other sources

(c) income from salary

(d) income from business

Q.3. If expenditure relates to derivation of incomes chargeable to tax under more than one head of income
then such expenditure shall be ___ on any reasonable basis taking account of the relevant
nature and size of the activities to which it relates.
(a) charged to tax
(b) excluded from taxable income
(c) apportioned
(d) none of above

Q.4. ___ means expenditure that is not clearly allocable to any particular class or classes of income,
such as general administrative and other such allocable expenditures.
(a) total expenditure
(b) capital expenditure
(c) overall expenditure
(d) common expenditure

Q.5. “Export sales" means the _____ price of the goods exported

(a) C.I.F

(b) F.O.B

(c) Net

(d) Gross

Q.6. “Total sales” means ____.

(a) export sales

(b) ex-factory price of goods sold in Pakistan, where the goods exported out of Pakistan were

manufactured by the exporter

(c) ex-godown price of goods sold in Pakistan, in other cases

(d) all of above

Q.7. FMV of any property, rent, asset, service, benefit or perquisite at a particular time shall be the price
which such property, rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply
in the__ at that time.
(a) money market
(b) open market