Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable

1 Answer

Answer :

A) Resident

Related questions

Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions

Last Answer : B) One Basic Condition and Both Additional Conditions

Description : Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these

Last Answer : A) Fully Exempted Allowance

Description : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : A) Fully Taxable

Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : B) Partly Taxable

Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : A) Fully Taxable

Description : Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : C) Fully Exempted

Description : A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least ............................. days to become a resident A) 90 days B) 162 days C) 180 days D) 182 days

Last Answer : D) 182 days

Description : The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.

Last Answer : B) CBDT

Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26

Last Answer : B) 15 to 17

Description : Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8

Last Answer : B) 10

Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these

Last Answer : C) Not Allowed

Description : As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above

Last Answer : D) All of the above

Description : Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore

Last Answer : C) 1 Crore

Description : When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above

Last Answer : C) Accelerated Assessment 

Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year

Last Answer : D) Assessment Year

Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C

Last Answer : B) 87A

Description : The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000

Last Answer : C) 300,000

Description : A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85

Last Answer : C) 80

Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2 

Last Answer : C) 5

Description : Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules 

Last Answer : B) Finance Act

Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax

Last Answer : B) Direct tax

Description : Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956

Last Answer : C) 1st April 1962

Description : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972

Last Answer : C) 1961

Description : Transport allowance given by the employer to the employee is exempt up to ……….. A) Rs.1000p.m B) Rs.1600p.m C) Rs.1000p.a D) Rs.1600p.a

Last Answer : B) Rs.1600p.m

Description : Children hostel allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.200 C) Rs.250 D) Rs.300

Last Answer : D) Rs.300

Description : Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250

Last Answer : A) Rs.100

Description : Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance

Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what

Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)

Last Answer : C) 16(ii)

Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB

Last Answer : 2A

Description : Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these

Last Answer : B) Allowances

Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A

Last Answer : C) 10(10) 

Description : When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance

Last Answer : C) Transferred Balance

Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)

Last Answer : D)17(1)

Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these 

Last Answer : A) Karta

Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4

Last Answer : A) 2

Description : CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above

Last Answer : A) Central Government

Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes

Last Answer : B) Central Board of Direct Taxes

Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%

Last Answer : C) 3%

Description : Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April

Last Answer : C) 1st April

Description : Accountants: In what year is the income taxable when an option is written in December, and expires in January?

Last Answer : answer:Check out IRS Pub. 550 - This seems like the most relevant section - it looks like you have a short term gain but not at receipt: Writers of puts and calls. If you write (grant) a put or a ... amount you pay and the amount you receive for the put or call is a short-term capital gain or loss.

Last Answer : The following are some of the areas of tax-free income of an individual taxpayer: (a) If a government-employed taxpayer receives a special allowance, benefit or perquisite for performing his job duties ; ( ... . It should be displayed in the tax-free income column in the 18th sequence of the return.

Last Answer : If the income limit of individual taxpayer (including non-resident Bangladeshi) , Hindu Undivided Family , Partnership Firm , Individual Association and Artificial Person created by law from the following sectors is ... of husband / wife or minor child 6. Capital profit 9. Income from other sources.

Last Answer : If your income falls below the income taxable threshold and if you do not think that in the near future Aisima will not be able to pay the minimum income tax, then you can apply with the ... cancel the activities of your TIN either through Inspection or Hearing or on the basis of the application.

Description : Is the employer required by law (specifically § 38j para. 3 of Act No. 586/1992 Coll., on income taxes) to issue a certificate of taxable income for the months worked during the year upon request? . The agency now does not want to issue a certificate. Where to get it?

Last Answer : Need Answer

Description : Where is the best definition of taxable income?

Last Answer : What is the answer ?

Description : How can I determine my taxable income?

Last Answer : Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income

Description : In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has ... that occurred during the accounting period. d. Determining if taxable income has been calculated correctly

Last Answer : economic events that occurred during the accounting period.

Description : Income left over after an individual pays taxes and purchases the basic necessities of food, clothing and shelter is called : 1. disposable income 2. taxable income 3. accounting income 4. discretionary income 5. credit

Last Answer : discretionary income

Description : The target group for credit cards is _________ 1. All card Holders 2. All existing borrowers 3. Individuals, with taxable income 4. All of these 5. None of these

Last Answer : All of these

Description : Under the Income Tax Act 1961, “Notional profit” from speculative business is: a) taxable under the head income from “Profits and Gains from Business and Profession” b) taxable under the head “Income from other sources” c) either A or B d) not taxable

Last Answer : d) not taxable