A. fully exempted
B. partly exempted
C. fully taxable
D. exempted up to rs:1,00,000
✅ The correct answer is option A.
Income Tax MCQs
Residential status is determined for………………….
A. previous year
B. assessment year
C. accounting year
D. financial year.
✅ The correct answer is option A.
Income Tax Authorities are grouped into two main wings; Administrative and……………..
A. judicial.
B. managerial.
C. executives.
D. clerical.
✅ The correct answer is option A.
Section……………… of the Income Tax Act deals with exempted incomes.
A. 2
B. 7
C. 10
D. 80
✅ The correct answer is option C.
Unabsorbed depreciation can be carried forward for set off…………………..
A. for a period of four years only.
B. for a period of eight years only.
C. for an unlimited number of years.
D. for a period of eighteen years only.
✅ The correct answer is option C.
Section 10 0f Income Tax Act deals with _________.
A. deductions
B. exempted incomes
C. income from salary
D. casual incomes
✅ The correct answer is option B.
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.
Under the income- tax act, the incidence of taxation depends on………………….
A. the citizenship of the tax-payer.
B. the age of the taxpayer
C. the residential status of the tax-payer.
D. the gender of the taxpayer
✅ The correct answer is option C.
Agriculture Income is __________.
A. taxable
B. not taxable
C. partly taxable
D. none of this above
✅ 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.