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Income Tax Ordinance 2001 MCQs with Answers

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Your search is going over for Income Tax Ordinance 2001 MCQs with Answers on this site. Here you will be able to get the important MCQs related to the Income Tax Ordinance 2001. If you are going to attempt any job test like FBR, PTS, NTS, FPSC, or any other then these questions may be asked. This ordinance is very important because the laws regarding income tax are defined in it. The application of this ordinance is very vast. It defines the percentages of the taxes on income or any exemption from the taxes knows. You must have knowledge about these taxes if you are going for any top government jobs. For this, we have provided the important MCQs here. You can prepare for the tests through the online quiz below.

Income Tax Ordinance 2001 MCQs with Answers

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Income Tax Ordinance 2001 MCQs

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1. The income of foreign diplomats, and individuals having privileges under the United Nations is ______ from the tax.

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2. The tax rate under FTR on the lottery is:

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3. Accelerated depreciation allowance is available for installing any plan, machinery and equipment for the generation of:

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4. In HRA, Salary includes:

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5. What shall be the cost of a depreciable asset being a passenger transport vehicle not plying for hire?

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6. Non-monetary salary includes:

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7. A person shall be allowed deductions for:

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8. The maximum number of members In FBR is:

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9. Loss from speculated business can be carried forward for:

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10. What type of methods of accounting has been provided in the income tax ordinance?

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11. A person is entitled to a deductible allowance in a tax year in case he has paid:

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12. The value of a right or option to acquire shares under an employee share scheme granted to an employee shall______.

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13. Taxation regarding income from the property is provided in which of the following sections of the income tax ordinance?

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14. Standard deduction as repair allowance from annual rental value is allowed as:

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15. Section 18 of the income tax ordinance deals with:

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16. Medical bills reimbursed are exempt:

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17. An “Agriculture Income” is _______ from tax under the income tax ordinance.

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18. The speculation business shall be treated as:

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19. The total income of an individual does not include

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20. Initial allowance is provided under which of the following sections of the Income Tax Ordinance?

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21. Capital assets include:

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22. The deduction shall only be against the leased rental income regarding the assets of:

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23. Section 19 of the income tax ordinance deals with:

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24. The deduction shall only be against the leased rental income regarding the assets of:

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25. The time limit for an appeal to CIR (Appeals is):

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26. Who is authorized to make the recovery of tax out of the property and through the arrest of the taxpayer?

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27. Which of the following sections is related to depreciation?

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28. The rate of depreciation allowed on machinery is:

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29. What will be the status of a depreciable asset that has been exported out of Pakistan?

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30. A better way of reducing tax liability is:

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For the sake of the important MCQs, this post is very beneficial for you. The above-given MCQs quiz will help you to learn different sections of this ordinance. Although there are many chapters in it, you need to prepare for the important ones that are given here. So, this Income Tax Ordinance Quiz is very beneficial. Therefore we made this post for the preparation of these MCQs.

In short, these MCQs will help you if you prepare well for the test. So, this is all about the Income Tax Ordinance 2001 MCQs with Answers. Keep following us if you want to get the important MCQs for other tests.

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