Under the head “Income from Property

Choose the best right option.1. Under the head “Income from Property” any rental income received from a trust orwelfare institution as provided in sub clause (2) and (3) of clause (58) is:a. Wholly exemptedb. Partly exemptedc. Wholly Taxabled. None of the given options2. _____________ on account of cancellation of sale agreement of building shall betreated as rental income and fully taxable.a. Fair market rentb. Forfeited amountc. Rent collection chargesd. Penalty3. If income of an individual received under the head income from property, is Rs.470,000, then his tax liability is:a. Rs. 23,500b. Rs. 47,000c. Rs. 70,500d. Rs. 94,0004. 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 anenterprise is wholly or partly carried on.a. Franchiseb. Permanent establishmentc. Small Business Units SBUd. Venture6. Which of the following is the tax treatment for Income from property received as arent for the year 2007?a. 1 /4 of the rent is deduct able as repairs allowanceb. 1 /2 of the rent is deduct able as repairs allowancec. 1 /5 of the rent is deduct able as repairs allowanced. No deduction is allowed7. 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 yearsb. 6yearsc. 8 yearsd. 10 years8. Suppose non-adjustable advance received from a building as income from property isRs. 500,000 in the year 2006. The amount adjustable for each coming year will be?a. Rs. 100,000b. Rs. 62,500c. Rs. 50,000d. Rs. 500,0009. Mr. A had constructed a property after availing loan from a commercial bank and paidmark-up amounting Rs 40,000 during the tax year 2006. What is the treatment of thismark-up in calculating the total taxable income from property as per Income TaxOrdinance 2001?a. Mark-up is allowed as admissible deduction in the year 2006b. Mark-up is not allowed as admissible deduction in the year 2006c. Mark-up is allowed as admissible deduction in the year 2007d. Half amount of mark up is allowed as admissible deduction in the year 200610. Mr. Ali let out a building to M/S XYZ and received gross total rent amounting Rs1,600,000 during the tax year 2006. He has also hired staff for the collection of rent thesalary paid to employees in this context is Rs 120,000 in the tax year 2006. What is thetreatment of this collection charges in calculating the total taxable income from propertyas per Income Tax Ordinance 2001?a. 60,000b. 80,000c. 96,000d. 120,00011. Under clause (93 A) of the Part 1 of second schedule of Income Tax Ordinance 2001which 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 followingperiod:a. Up to 8 yearsb. Up to 10 yearsc. Up to 7 yearsd. Up to 6 years13. Capital gain shall be treated a gain:a. On international transactionb. On domestic transactionc. On disposal by way of gift of an assetd. On disposal of a capital asset14. A person shall be entitled to a tax credit in respect of any sum given as a donationin a tax year shall be computed according to which of the following formula:a. (A/B) x Cb. (A/C) x Bc. (A + B) x Cd. (A – B) x C15. Members of income tax appellate tribunal are appointed by:a. Collector of Income Taxb. Commissioner of Income Taxc. Federal Governmentd. Judicial CommissionFill in the Blanks1. Section 17 of the income Tax Ordinance 2001 has been omittedby__________.2. Section 17 of Income Tax Ordinance 2001, Income from property therent collectioncharges should not to exceed _______ of gross rental income.3. In case of discontinuance of business, return to be file within _______ofdiscontinuance.4. Pension from Pakistan Government but received outside in Pakistan, is_______ incase of resident individual.5. Income of a woman tax payer is not taxable income if it does notexceed___________.

 

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