If a cultivator used its agricultural produce as raw

FIN623-TAXATION MANAGEMENTSpring Semester 2016Marks: 100NOTE: READ AND STRICTLY FOLLOW ALL THESEINSTRUCTIONS BEFORE ATTEMPTING THE QUIZ.INSTRUCTIONS• This quiz covers Lesson # 11- 18.• Do not use red color in your quiz. It is used only for markingpurpose.• Last date for submission of quiz is 27/10/2016. It means you cansubmit your quiz till 27/10/2016• Upload your quiz with in due date and time. No quiz will beaccepted after due date and time via email.• Write down only one option in the answer sheet which you think iscorrect. More than one answer will be marked zero.• Submit your quiz in the word document not as a PDF file & also justify it each 200-300 words.• Please submit your solution files (a word document) as given belowQUIZ # 2 TAXATION MANAGEMENT (FIN623)QUIZ # 21. If a cultivator used its agricultural produce as raw material inits business what will be the tax treatment of such agricultureproduce?a) Market price of such produce will be deducted as businessexpenditureb) The expenses of cultivation will be deducted as expense frombusinessc) The land revenue rent paid will be deducted as expense frombusinessd) All of the given options2. Which of the following is similar to the concept of clubbing ofIncomes?a) Unification only two heads of Incomeb) Association of two or more heads of Incomec) Splitting up of only two heads of Incomed) Division of two or more than two heads of Income3. The process of clubbing of income results in which of thefollowing?a) Lower Bracket rate of tax is chargedb) Higher Bracket rate of tax is chargedc) Moderate Bracket rate of tax is chargedd) No change occur due to clubbing4. What is the tax treatment of the salary of an employee of foreigngovernment but citizen of Pakistan?a) Exempt form taxb) Wholly Taxablec) Partly Taxabled) No Tax treatment given in IT Ordinance 20015. Any Pakistan-source income which Pakistan is not permitted totax under a tax treaty shall be _______.a) Wholly Taxableb) Wholly Exemptc) Partly Exemptd) Not mention in Ordinance6. An Individual will be termed as Short Term Resident undersection 50 of the IT Ordinance 2001 on which of the followingcondition meet?a) His period of stay equal to 183 daysb) The employee of Federal Governmentc) The citizen of Pakistand) Resident solely by reason of the individual’s employment7. Income chargeable under the head “Income from Business”derived by a Provincial Government or local authority from abusiness carried on outside its jurisdictional area, how it will betreated under sec (49) IT Ordinance 2001?a) Wholly taxableb) Wholly exemptc) Partially exemptd) Section is silent about it8. In Income Tax Ordinance 2001 tax concessions meant for whichof the following?a) Reduction in tax liabilityb) Reduction in tax ratec) Reduction in taxable Incomed) All of the given options9. Senior citizen-age 60 years & above where taxable income notexceeding ________ tax liability reduced by 50% under Part 3of second schedule.a) Rs. 200,000b) Rs. 300,000c) Rs. 400,000d) Rs. 500,00010. The age of senior citizen was 65years and now amended to60years which of the following finance act substituted 65 to60years?a) Finance Act 2005b) Finance Act 2006c) Finance Act 2007d) Finance Act 200811. M/s ABC & Co. has been incorporated under PakistanCompanies Ordinance 1984. However its most of the branchedare operated out of Pakistan? What will be the residential statusof M/s ABC & Co.?a) Resident Companyb) Non- Resident Companyc) Resident Individuald) Resident AOP12.Mr. Joseph is an employee of Foreign Government posted inPakistan? What will be the residential status of Mr. Joseph?a) Resident Individualb) Non- Resident Individualc) Resident HUFd) Resident AOP13.What is the residential status of Provincial Government ofPakistan?a) Resident Individualb) Resident Companyc) Resident AOPd) Resident HUF14.What is the residential status of Federal Government ofPakistan?a) Resident Personb) Resident Companyc) Resident AOPd) Resident HUF15.For a resident AOP which of the following condition must besatisfied?a) Control and management of affairs of AOP is situated partly inPakistanb) Control and management of affairs of AOP is situated wholly inPakistanc) Control and management of affairs of AOP is situated wholly orpartly in Pakistand) None of the given options16.Which of the following days shall be counted as whole day forthe computation of residential status of an individual?a) A public holidayb) A day of sick leavec) Any strike dayd) All of the given options17.Which part of income is charged to tax of non-resident personunder the income tax ordinance 2001?a) Pakistani source of incomeb) Foreign source of incomec) Both Pakistan and foreign source of incomed) None of the given option18.Rental income shall be Pakistan-source income if it is derivedfrom:a) The lease of immovable Property in Pakistanb) The lease of immovable Property outside Pakistanc) The lease of immovable Property both in and out of Pakistand) None of the given options19.Any gain arising on the disposal of shares in a non-residentcompany belongs to which of the following?a) Pakistan- source incomeb) Foreign source of incomec) Both Pakistan and foreign source of incomed) None of the given option20. What is the tax treatment of losses from the foreignsource under section 104 of the ordinance?a) Wholly taxableb) Partly Taxablec) Deductible expenditured) None of the given options

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