Tax Book 2023

Taxation System Chapter- 04

(c) Making charitable donation

(d) All of the above

Q.23 "Firm" means the relation between persons who have agreed to:

(a) Establish a non-profit organization

(b) Incorporate a company under Companies Ordinance, 1984.

(c) Share the profits of a business carried on by all or any of them acting for all

(d) None of the above.

Q.24 “Income” include:

(a) any amount chargeable to tax under this Ordinance.

(b) any amount subject to collection or deduction of tax at source covered under final tax regime.

(c) any loss of income

(d) amount of any bonus shares

(e) All of the above

Q.25 “Industrial Undertaking” means an undertaking which is:

(a) Set up in Pakistan

(b) Set up outside Pakistan

(c) Subsidiary of a foreign company

Q.26 Number of employees in an industrial undertaking which involves the use of electrical energy or any
other form of energy which is mechanically transmitted is:
(a) Less than 5
(b) 10 or more
(c) Less than 10
(d) 5 or more

Q.27 Number of employees in an industrial undertaking which does not involve the use of electrical energy
or any other form of energy which is mechanically transmitted is:
(a) 20 or more
(b) 10 or more
(c) Less than 20
(d) 40

Q.28 Which of the following is not an intangible asset under Income Tax Ordinance, 2001?

(a) Computer software

(b) License

(c) Expenditure that provides an advantage or benefit for a period of more than one year

(d) Expenditure incurred to acquire a depreciable asset

Q.29 KIBOR means Karachi Interbank Offered Rate applicable:

(a) On first day of each quarter

(b) On first day of each month

(c) On first day of each Year

(d) All of the above