Tax Book 2023

Taxation System Chapter- 04

Q.8 Charitable purpose includes:

(a) Relief of the poor.

(b) Education.

(c) Medical.

(d) All of the above

Q.9 Company includes:

(a) Firm.

(b) Hindu undivided family.

(c) Artificial juridical person.

(d) None of the above.

Q.10 Contribution to an Approved Pension Fund means contribution as defined in:

(a) Voluntary Pension System Rules, 2005.

(b) Income Tax Rules.

(c) Companies Ordinance, 1984.

(d) Sales Tax Act, 1990.

Q.11 Co-operative society means a co-operative society registered under

(a) the Co-operative Societies Act, 1925.

(b) any other law for the time being in force in Pakistan for the registration of co-operative

societies.

(c) the Companies Ordinance, 1984.

(d) Both (a) and (b).

Q.12 “Debt” includes:

(a) Accounts payable.

(b) Promissory note.

(c) Bill of exchange.

(d) All of the above.

Q.13 Which of the following is not a deductible allowance:

(a) Donation to charitable institution.

(b) Zakat.

(c) WWF

(d) WPPF

Q.14 Depreciable asset has a useful life of:

(a) Less than 5 years.

(b) Exceeding one year.

(c) 12 months.

(d) One year.

Q.15 Depreciable asset is an asset which is used by a person:

(a) In deriving income from salary.

(b) For personal use.

(c) Income from business.

(d) Income from property.