Tax Book 2023

Insurance Business Chapter- 25

Q.7. Any payment of insurance premium or reinsurance premium to an overseas insurance or re-
insurance company shall be allowed as a deduction if tax at the rate of _____% is withheld on the
gross amount of insurance or re-insurance premium.
(a) 4

(b) 5

(c) 6

(d) 7

Q.8. Capital Gain, derived up to tax year ending on the thirtieth day of June, ____, is exempt from tax
arising from the sale of modaraba certificate.
(a) 2013

(b) 2012

(c) 2011

(d) 2010

Q.9. Loss on disposal of securities shall be set off only against the gain from any other securities
chargeable to tax under Rule 6B and unadjusted loss shall ___.
(a) carried forward for 10 years

(b) carried forward for 6 years

(c) not be carried forward

(d) carried forward subject to certain conditions

Q.10. Investments include all forms of ____:

(a) shares

(b) debentures

(c) bonds

(d) all of above

ANSWERS

1 (a) 2 (b) 3 (a) 4 (b) 5 (c)

6 (c) 7 (b) 8 (d) 9 (b) 10 (d)