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Choose the best right option.

1. Under the head “Income from Property” any rental income received from a trust or
welfare institution as provided in sub clause (2) and (3) of clause (58) is:
a. Wholly exempted
b. Partly exempted
c. Wholly Taxable
d. None of the given options

2. _____________ on account of cancellation of sale agreement of building shall be


treated as rental income and fully taxable.
a. Fair market rent
b. Forfeited amount
c. Rent collection charges
d. Penalty

3. If income of an individual received under the head income from property, is Rs.
470,000, then his tax liability is:
a. Rs. 23,500
b. Rs. 47,000
c. Rs. 70,500
d. Rs. 94,000

4. Rates of Tax for Banking Companies for Tax Year 2007 is:
1. 44%
2. 41%
3. 38%
4. 35%

5. ____________ means a fixed place of business through which the business of an


enterprise is wholly or partly carried on.
a. Franchise
b. Permanent establishment
c. Small Business Units SBU
d. Venture

6. Which of the following is the tax treatment for Income from property received as a
rent for the year 2007?
a. 1 /4 of the rent is deduct able as repairs allowance
b. 1 /2 of the rent is deduct able as repairs allowance
c. 1 /5 of the rent is deduct able as repairs allowance
d. No deduction is allowed

7. In case of non adjustable advance received from a building as income from property.
Such rent will be spread in how much of the following years?
a. 5 years
b. 6years
c. 8 years
d. 10 years
8. Suppose non-adjustable advance received from a building as income from property is
Rs. 500,000 in the year 2006. The amount adjustable for each coming year will be?
a. Rs. 100,000
b. Rs. 62,500
c. Rs. 50,000
d. Rs. 500,000
9. Mr. A had constructed a property after availing loan from a commercial bank and paid
mark-up amounting Rs 40,000 during the tax year 2006. What is the treatment of this
mark-up in calculating the total taxable income from property as per Income Tax
Ordinance 2001?
a. Mark-up is allowed as admissible deduction in the year 2006
b. Mark-up is not allowed as admissible deduction in the year 2006
c. Mark-up is allowed as admissible deduction in the year 2007
d. Half amount of mark up is allowed as admissible deduction in the year 2006
10. Mr. Ali let out a building to M/S XYZ and received gross total rent amounting Rs
1,600,000 during the tax year 2006. He has also hired staff for the collection of rent the
salary paid to employees in this context is Rs 120,000 in the tax year 2006. What is the
treatment of this collection charges in calculating the total taxable income from property
as per Income Tax Ordinance 2001?
a. 60,000
b. 80,000
c. 96,000
d. 120,000

11. Under clause (93 A) of the Part 1 of second schedule of Income Tax Ordinance 2001
which of the following’s Business income is exempted from tax?
a. Income of a Text-Book Board.
b. University or Educational Institution established not for profit purpose.
c. Recognized Vocational Institute.
d. Income of Recognized Sports Board.

12. A loss sustained under the head Capital Gain can be carried forward for the following
period:
a. Up to 8 years
b. Up to 10 years
c. Up to 7 years
d. Up to 6 years

13. Capital gain shall be treated a gain:


a. On international transaction
b. On domestic transaction
c. On disposal by way of gift of an asset
d. On disposal of a capital asset

14. A person shall be entitled to a tax credit in respect of any sum given as a donation
in a tax year shall be computed according to which of the following formula:
a. (A/B) x C
b. (A/C) x B
c. (A + B) x C
d. (A - B) x C
15. Members of income tax appellate tribunal are appointed by:
a. Collector of Income Tax
b. Commissioner of Income Tax
c. Federal Government
d. Judicial Commission

Fill in the Blanks


1. Section 17 of the income Tax Ordinance 2001 has been omitted by__________.
2. Section 17 of Income Tax Ordinance 2001, Income from property the rent collection
charges should not to exceed _______ of gross rental income.
3. In case of discontinuance of business, return to be file within _______ of
discontinuance.
4. Pension from Pakistan Government but received outside in Pakistan, is _______ in
case of resident individual.
5. Income of a woman tax payer is not taxable income if it does not exceed
___________.