Income Tax Act was passed in the year_____________.
A. 1955
B. 1961
C. 1956
D. 1962
✅ The correct answer is option B.
Section……………… of the Income Tax Act deals with exempted incomes.
A. 2
B. 7
C. 10
D. 80
✅ The correct answer is option C.
The following is not taxable as income under the head Salaries.
A. commission received by a full time director
B. remuneration received by a partner
C. allowances received by an employee
D. free accommodation given to an employee
✅ The correct answer is option B.
Agricultural income in Pakistan is assessable for……………………
A. resident
B. not ordinarily resident
C. non-resident
D. not taxable
✅ The correct answer is option A.
Who among the following may be “not ordinarily resident”
A. partnership firm.
B. company.
C. association of persons.
D. hindu undivided family.
✅ The correct answer is option D.
Which of the following is not a capital receipt?
A. ‘salami’ for settlement of tenancy.
B. insurance claim received on machinery lost by fire.
C. lump sum received on sale of shares.
D. goods sold for cash.
✅ The correct answer is option D.
Which of the following is an anti-knocking compound that has been phased out in many countries so far?
A. Lead tetrachloride
B. Tetra Ethyl Lead
C. Ethyl acetate
D. None of the above
✅ The correct answer is option B.
Which among the following is a Noble Gas?
A. Nitrogen
B. Hydrogen
C. Oxygen
D. Helium
✅ The correct answer is option D.
Which among the following is popularly called Hypo?
A. Silver bromide
B. Silver nitrate
C. Sodium thiosulphate
D. Sodium phosphate
✅ The correct answer is option C.
Highest percentage of nitrogen is found in which among the following fertilizers among the given options?
A. Calcium ammonium nitrate
B. Ammonium nitrate
C. Calcium nitrate
D. Urea
✅ The correct answer is option D.