Common Rules Chapter- 16
(c) fair market
(d) share marketQ.8. Fair Market Value shall be determined without any restriction on transfer or to the fact that it is not
convertible to __.
(a) capital
(b) Net Realisable Value
(c) cost
(d) cash
Q.9. Fair Market Value shall be determined by the _____where it is not ordinarily
ascertainable.
(a) Appellant Tribunal Inland Revenue
(b) Commissioner Inland Revenue
(c) Board
(d) None of above
Q.10. A person shall be treated as having received an amount, benefit, or perquisite if it is __.
(a) Actually received by him;
(b) applied on his behalf at his instruction or under any law;
(c) made available to him.
(d) all of aboveQ.11. Where a person has been allowed a deduction for any expenditure or loss incurred in a tax year and
subsequently he receives in cash or in kind any amount in respect of such expenditure or loss then
the amount so received shall be___.
(a) exempt
(b) ignored
(c) included in the income chargeable under that head for the tax year in which it is received
(d) none of above
Q.12. Every amount taken into account under this ordinance shall be in Rupees and if it is not in Pak
rupees then this amount shall be converted to the Rupee at the _____ rate applying between the
foreign currency and the Rupee on the date the amount is taken into account.
(a) State Bank of Pakistan
(b) KIBOR
(c) Exchange rate
(d) all of above
Q.13. Normal tax years means a period of 12 months from 1 July to 30 June denoted by the calendar year
in which the ___ ends.
(a) financial year
(b) tax year
(c) assessment year
(d) normal tax year
Q.14. The ____ has authority to prescribe any special tax year in respect of any particular class of
taxpayers.
(a) Board