07-13-2011, 06:16 PM
62 MCQs mostly new
bad luck for me that from 35 to 55 i got all calculated questions
and my mostly answers were wrong!
for example
xyz gross salary is 00000 and they got xyz 00000 find the taxable income ....so please must prepare the chapter related to the taxable income!
7 subjective questions ...
i got just one old question rest all were new n lengthy because they all are theoretical !
69: 5 cases where deduction not allowed 5 marks
Deductions not Allowed – Sec. 21
1) Any cess, rate or tax paid or payable by a person in Pakistan or a foreign country under PTR/Final Tax Regime.
2). Any amount of tax deducted at source.
3) If payer/employer does not deduct tax from payments/disbursement of salary, then payments made, salaries paid by such payer/employer shall not be allowed for deduction of these expenses.
4) Any entertainment expenditure in excess of such limits [or in violation of such conditions] as may be prescribed;
5) Any contribution made by the person to a fund that is not a recognized provident fund* [approved pension fund] approved superannuation fund, or approved gratuity fund;
68:
Under what conditions a commissioner of Income Tax may ask for the filing of returns by notice?
67: define Royalty Sec. 2 (54)
Royalty Defined Sec. 2 (54)
Royalty means any amount paid or payable however described or computed, whether periodical or lump sum, as a consideration for:
a) The use of, or right to use any patent, invention, design or model, secret formula or process, trade mark or other like property or right;
b) The use of, or right to use any copy right of a literary, artistic or scientific work, including films or video tapes for use in connection with television or tapes in connection with radio broadcasting, but shall not include consideration for the sale, distribution or exhibition of cinematography films.
66: Pension Granted to Injured or Disabled: (shaeed)
Pension granted to a public servant or personnel of Armed Forces on injuries or body disability and to families and dependents of ‘Shaheeds’ belonging to civil or Pakistan Armed Forces; or public servant or member of Armed Forces, who dies during service is exempt as provided in part I of Second Schedule. Any payment in the nature of commutation of pension [Clause (12), Part I, 2nd Schedule] is Exempt from
tax: Any payment in the nature of commutation of pension received from the government or under any pension scheme approved by the Central Board of Revenue under clause (12), Part I, Second Schedule is exempt from tax.
65: xyz purchase 100,000 shares at 150 share price and sold at 250 share price calculate the capital gain on shares?
64: Levy of tax on Capital Value of certain assets
========================================================
Shared by Mr. Usman
Hello Body,
Aoa
Paper was average mean not much easy and not much tough....
Times allow is 89 Mint
Total Question was 69
MCQ 62
Long Quiz 4 ( 5 Marks)
Long Quiz 3 (3 Marks)
Plzz main nay attachment main joo paers send kiye hain inh ko achi tarhaa kar laay…
Bcoz 60% mcq was in these papers….and 10% from tax table in which asking what tax rate will be apply on this income???
And 2 long Question mujy yaad hain....
1) What is pension and tax treatment of this?
2 ) And what is zero rated supply explain it….
Aur baaki main boolh gaya hoon…….....Plzzzzzz Remember me in ur prayers
Regards,
bad luck for me that from 35 to 55 i got all calculated questions
and my mostly answers were wrong!
for example
xyz gross salary is 00000 and they got xyz 00000 find the taxable income ....so please must prepare the chapter related to the taxable income!
7 subjective questions ...
i got just one old question rest all were new n lengthy because they all are theoretical !
69: 5 cases where deduction not allowed 5 marks
Deductions not Allowed – Sec. 21
1) Any cess, rate or tax paid or payable by a person in Pakistan or a foreign country under PTR/Final Tax Regime.
2). Any amount of tax deducted at source.
3) If payer/employer does not deduct tax from payments/disbursement of salary, then payments made, salaries paid by such payer/employer shall not be allowed for deduction of these expenses.
4) Any entertainment expenditure in excess of such limits [or in violation of such conditions] as may be prescribed;
5) Any contribution made by the person to a fund that is not a recognized provident fund* [approved pension fund] approved superannuation fund, or approved gratuity fund;
68:
Under what conditions a commissioner of Income Tax may ask for the filing of returns by notice?
67: define Royalty Sec. 2 (54)
Royalty Defined Sec. 2 (54)
Royalty means any amount paid or payable however described or computed, whether periodical or lump sum, as a consideration for:
a) The use of, or right to use any patent, invention, design or model, secret formula or process, trade mark or other like property or right;
b) The use of, or right to use any copy right of a literary, artistic or scientific work, including films or video tapes for use in connection with television or tapes in connection with radio broadcasting, but shall not include consideration for the sale, distribution or exhibition of cinematography films.
66: Pension Granted to Injured or Disabled: (shaeed)
Pension granted to a public servant or personnel of Armed Forces on injuries or body disability and to families and dependents of ‘Shaheeds’ belonging to civil or Pakistan Armed Forces; or public servant or member of Armed Forces, who dies during service is exempt as provided in part I of Second Schedule. Any payment in the nature of commutation of pension [Clause (12), Part I, 2nd Schedule] is Exempt from
tax: Any payment in the nature of commutation of pension received from the government or under any pension scheme approved by the Central Board of Revenue under clause (12), Part I, Second Schedule is exempt from tax.
65: xyz purchase 100,000 shares at 150 share price and sold at 250 share price calculate the capital gain on shares?
64: Levy of tax on Capital Value of certain assets
========================================================
Shared by Mr. Usman
Hello Body,
Aoa
Paper was average mean not much easy and not much tough....
Times allow is 89 Mint
Total Question was 69
MCQ 62
Long Quiz 4 ( 5 Marks)
Long Quiz 3 (3 Marks)
Plzz main nay attachment main joo paers send kiye hain inh ko achi tarhaa kar laay…
Bcoz 60% mcq was in these papers….and 10% from tax table in which asking what tax rate will be apply on this income???
And 2 long Question mujy yaad hain....
1) What is pension and tax treatment of this?
2 ) And what is zero rated supply explain it….
Aur baaki main boolh gaya hoon…….....Plzzzzzz Remember me in ur prayers
Regards,
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