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(solution) Total Marks= 10 1. Agriculture income means an income derived by


I need some help with my accounting homework. I have attached the file.THANKS!


Total Marks= 10

 

1. Agriculture income means an income derived by a person from:

 

a. Agri-business

 

b. land situated in Pakistan and used for any purpose

 

c. land situated outside Pakistan

 

d. land situated in Pakistan and used for agriculture purpose

 

2. Which of the following is the best treatment of any ?Pakistan Source Income? of a

 

resident of Pakistan?

 

a. Wholly Taxable

 

b. Wholly Exempt

 

c. Partially exempt

 

d. None of the given options

 

3. Which one of the following condition must be satisfied for a resident AOP?

 

a. AOP must be registered in Pakistan

 

b. Owners of AOP must be resident of Pakistan

 

c. Control and management of AOP is situated wholly or partly in Pakistan

 

d. Control and management of AOP lies outside Pakistan

 

4. Which one of the following sources of income of a Non-resident is taxable in

 

Pakistan?

 

a. Pakistan Source Income only

 

b. Foreign Source Income only

 

c. Both Pakistan and Foreign Source Income

 

d. Receipt of any Income in Pakistan

 

5. Mr. Kamran is a pilot in air force; his salary will be taxed from a separate block, which

 

one of the following rates will be applied to him?

 

1. 2.0%

 

2. 2.5%

 

3. 3.0%

 

4. 3.5%

 

6. Which one of the following conditions must be fulfilled by XYZ Co. in order to become

 

Pakistan Resident Company under Income Tax Ordinance 2001?

 

a. Most of it?s branches located in Pakistan

 

b. Control and management is situated wholly in Pakistan

 

c. Control and management is situated partly in Pakistan

 

d. Owners of the company must be resident of Pakistan 7. For the calculation of residential status of an individual, which of the

 

following day is

 

considered as whole day?

 

a. Day of arrival

 

b. Day of departure

 

c. Day of leave including sick leave

 

d. All of the given options

 

8. Under which one of the following conditions a profit can be Pakistan

 

Source Income?

 

a. It is paid by Non-resident Person

 

b. It is received by Resident Person through permanent

 

establishment outside

 

Pakistan

 

c. Borne by Non-resident through permanent establishment in

 

Pakistan

 

d. It is paid to non resident person through permanent establishment

 

out side

 

Pakistan

 

9. Under which one of the following conditions a Business Income can be

 

?Pakistan

 

Source Income??

 

a. Income derived from any business carried on in Pakistan

 

b. Income derived by Non president through permanent

 

establishment in Pakistan

 

c. Any remuneration paid by resident of Pakistan

 

d. All of the given options

 

10. ____________ means a fixed place of business through which the

 

business of an

 

enterprise is wholly or partly carried on.

 

1. Franchise

 

2. Permanent establishment

 

3. Small Business Units (SBU)

 

4. Venture

 


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