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

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

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3. The rate of depreciation allowed on machinery is:

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

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

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6. The total income of an individual does not include

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

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

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

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

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

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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. The speculation business shall be treated as:

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

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

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

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

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

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

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20. Capital assets include:

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

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22. A person shall be allowed deductions for:

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

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

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25. Medical bills reimbursed are exempt:

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26. Non-monetary salary includes:

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27. The maximum number of members In FBR is:

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

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29. In HRA, Salary includes:

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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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