Preparation of Inspector Inland Revenue: MCQ Test from Sales Tax Act 1990, amended upto July 2014

[samiiqbal]

A 100 MCQs test will be given by me. You will have to solve it within 100 minutes and submit the same at my e-mail address at prescribed time: Results will be announced very next day Inshallah!
To join the test just e-mail me at : sami.iqbal88@gmail.com
Test Date: 15th February, 2015 Inshallah! Timing 6.00 PM to 7.40 PM
Best Wishes
Sheikh Sami Iqbal

[JavedDogar]

dear can we use this forum?? Will you upload paper here?

[samiiqbal]

dear can we use this forum?? Will you upload paper here?

Yes. Sure dear bro. Same paper will be uploaded here on Forum.

[malikzafar]

Dear Sami, AoA. Have you series of papers which could cover the whole syllabus of the said post or you have only one paper mentioned by you on this forum?

[capri84]

Dear Sami Brother, great effort and please also include income tax ordinance and other parts of the syllabus. JazakAllah

[Abdulrauf123]

Dear members,
Mere se treasury receipt gum ho gai hai....
Preparation achi ja rai thi but ab ye tention pr gai hai..
Kindly mje is ka solution bta dain...

[NOUMAN]

Dear members,
Mere se treasury receipt gum ho gai hai....
Preparation achi ja rai thi but ab ye tention pr gai hai..
Kindly mje is ka solution bta dain...

Dear Abdul Rauf, visit your concerned Bank alongwith original CNIC copy and inform them about the date of deposit., hope they reproduce u a copy of your challan....

[NOUMAN]

A 100 MCQs test will be given by me. You will have to solve it within 100 minutes and submit the same at my e-mail address at prescribed time: Results will be announced very next day Inshallah!
To join the test just e-mail me at : sami.iqbal88@gmail.com
Test Date: 15th February, 2015 Inshallah! Timing 6.00 PM to 7.40 PM
Best Wishes
Sheikh Sami Iqbal

Sami bhai, great effor, but i'm not with u.....

ur effect is subject to credibility...

We'll u assist the examiner in preparation of test????

[mnadeemanwar19]

Following Mcqs are for the preparation of inspector inland revenue




Taxation Management
Question No: 1
Mrs. Sara received a basic salary of Rs. 280,000 during the year ended 30.06.2009. She received gratuity from the government of Sindh of Rs. 21,600. What would be her tax payable?
A Rs. 1,938
B Rs. 2,262
C Rs. 140
D Rs. 1,980
Question No: 2
Which of the following canon of taxation suggests that there should not be any arbitrariness or ambiguity in respect of amount of tax paid?
Capacity to Pay
Certainty
Simplicity
Convenience
Question No: 5
Any Income entitled to be received by a Company then entry of such amount will only be made in the books of accounts if:
Company maintaining its books of account on Cash basis
Company maintaining its books of account on Accrual basis
Company maintaining its books of account on Both Accrual and Cash basis
None of the given options
Question No: 6
Income Tax is charged on which of the following?
Income of the current tax year
Income of the previous year
Income of the coming year
Any Receipt of money
Question No: 8
Pension is defined in which of the following schedule of the Income Tax Ordinance 2001?
2nd Schedule Part 1 Cl. (8)
2nd Schedule Part 1 Cl. (24)
2nd Schedule Part 2 Cl. (22)
1st Schedule of Part 2 Cl. (20)
Question No: 9
Resident Person (Section 81) includes which of the following?
Resident Individual & Association of Persons
Resident Company
Federal Government
All of the given options
Question No: 10
Which part of income is charged to tax of resident person under the income tax ordinance 2001?
Pakistani source of income
Foreign source of income
Both Pakistan and foreign source of income
None of the given option
Question No: 11
____________ means a fixed place of business through which the business of an enterprise is wholly or partly carried on.
Franchise
Permanent establishment
Small Business Units SBU
Venture
Question No: 12
Which of the following is the general definition of tax?
Compulsory contribution of wealth by persons
Optional contribution of wealth by persons
Compulsory contribution of wealth by state
Optional contribution of wealth by state
Question No: 13
Which one of the following section defines ‘Income’ under the head Income from Business section 18?
Section 2(9)
Section 2(29)
Section 75
Section 2(15)
Question No: 14
'Income is recorded when received and expenditure when paid', which one of the following accounting systems describe this statement?
Cash basis accounting system
Accrual basis accounting system
Both cash and accrual basis
None of the given options
Question No: 15
On Building (all types) the depreciation rate specified for the purposes of section 22 shall be:
10%
12%
5%
20%
Question No: 16
Section 22(15) defines depreciable asset means:
Any tangible movable property
Any tangible immovable property (other than unimproved land)
Structural improvement to immovable property
All of the given options
Question No: 18
The salary received from the UK Government by Mr. Amir resident of Pakistan. Which section of the income tax ordinance explains his tax treatment of such salary?
Section 110
Section 101
Section 102
Section 50
Question No: 19 Revision of return can be made on an application made by the tax payer relating to issuance of an exemption, by which of the following authorities?
Income Tax Officer
Assistant Controller of Income tax
Deputy Controller of Income tax
Regional Commissioner of Income tax
Question No: 20
Appeal to CIT (appeals) shall be filed in which of the following manner?
On prescribed form
On plane paper
On stamped paper
Legal documents
Question No: 23
Which of the following is included in the assessment order by commissioner?
Taxable Income
Tax Due
Amount of Tax Paid
All of the given options
Question No: 24 In Sales Tax Act "Zero - rated supply" means a taxable supply which is charged to tax at the rate of zero per cent define under
Section 4
Section 5
Section 6
Section 22
Question No: 25
Mr. Kishan Kumar during his yearly tour in Pakistan spends 155 working days, 26 off-working days 1 strike day and 1 Public Holiday in a tax year 2008-09? What will be the status of the individual?
Resident Individual
Non Resident Individual
Resident Person
Resident HUF
Question # 14
Mr. Kishan Kumar during his yearly tour in Pakistan spends 156 working days, 26 offworking days and 1 Public Holiday in a tax year 2009-2010? Which of the following is his residential status?
Select correct option:
Resident Individual
Non Resident Individual
Resident Person
Resident HUF
Question No: 26
Mr. Zeeshan during his yearly tour in Pakistan spends 180 working days and in a tax year 2008-
09? What will be the status of individual?
Resident Individual
Non-Resident Individual
Resident Person
Resident HUF
His total stay in Pakistan is less than 183 days , so he is non resident individual as per income tax ordinance section 81.
Question No: 27
Which of the following is the rate of tax for AOP for tax year 2009, where the taxable income exceeds Rs. 100,000 but does not exceed Rs. 110,000?
0%
0.25%
0.50%
0.75%
Question No: 28
Which of the following is the rate of tax for AOP for tax year 2009, where the taxable income exceeds Rs. 125,000 but does not exceed Rs. 150,000?
0.50%
0.75%
1.00%
2.00%
Question No: 29
Which of the following is the Rate of Tax for dividend received from power Generation Company for Tax Year 2009?
Nil
2.50%
5%
7.50%
Question No: 30
Which one of the following is not the feature of Sales Tax?
Indirect tax
Broad based
Elastic/ Flexible
None of the given options
Question No: 31
Mr. Ali received a basic salary of Rs. 20,000 per month during the year ended 30.06.2009. During the year domestic bills of water, telephone and electricity amounting to Rs. 6,000, 12,000, and 9,600 were paid by his employer respectively. What would be his taxable income?
Rs. 240,000
Rs. 267,600
Rs. 270,000
Rs. 289,800
Question No: 32
Mr. Saleem received a basic salary of Rs. 10,000 per month during the year ended 30.06.2009. During the year his employer provided the services of a driver and a housekeeper. The company paid Rs. 4,000 per month to each of these employees. What would be his taxable income?
Rs. 120,000
Rs. 186,000
Rs. 216,000
Rs. 244,500
Question No: 33
The basic salary of Mr. Ghauri (a salaried person) during the year 30.06.2009 is Rs. 445,000. He paid Zakat under Zakat Ordinance of Rs. 8,000 and received commission of Rs. 24,000. What will be his taxable income?
Rs. 429,000
Rs. 437,000
Rs. 461,000
Rs. 469,000
Question No: 38
Mr. Sadiq received a salary of Rs. 200,000 during the year ended 30.06.2009. His MTS is (Rs. 200,000-5,000-300,000). He has received medical allowance and facility of interest free loan from his employer of Rs. 10,000 per month and Rs. 900,000 respectively. What would be his tax payable?
Rs. 1,987.5
Rs. 2,535
Rs. 107,500
Rs. 134,200
Question No: 39
Mr. Shafqat received a basic salary of Rs. 350,000 during the year ended 30.06.2009. His company maintained car for personal and official use. The cost of the vehicle is Rs. 880,000.What would be his tax payable?
Rs. 1,030
Rs. 5,910
Rs. 10,950
Rs. 135,300
Question No: 34
Mr. Shafqat received a basic salary of Rs. 200,000 during the year ended 30.06.2009. He has received lunch facility, cost of living allowance and adhoc relief of Rs. 6,000, 50,000, and 7,800 respectively. What would be his tax payable?
Rs. 1,030
Rs. 1,039
Rs. 1,069
Rs. 1,978.5
Question No: 40
A retailer whose value of supplies in any period during the last twelve months ending any tax period exceeds_______ are required to be registered under the Sales Tax Act 1990;
Forty million rupees
Twenty million rupees
Ten million rupees
Five million rupees
Question No: 42 Statutory Provident Fund is governed by which one of the following?
Finance Act 2006
Insurance Act 1969
Provident Funds Act 1925
Finance Bill 2007
Question No: 44
Mrs. Waseem has rented out her house at Rs. 15,000 per month. As per rent deed she has received an amount of Rs. 75,000 as advance, which is non adjustable against rent. What would be the amount of rent chargeable to tax where the fair market rent is Rs. 100,000?
Rs. 90,000
Rs. 1,87500
Rs. 92,400
Rs. 1,200
Question No: 45 Mr. Waqas is a practicing chartered accountant. He has received audit fees of Rs. 300,000 and the examiner’s fees of Rs. 2,000. During tax year 2009 he has made membership and certificate expenses of Rs. 500. What will be his income from profession?
Rs. 198,834
Rs. 301,500
Rs. 297,500
Rs. 298,500
300,000+2000-500=301,500
Question No: 46 M/s. RST filed tax return for tax year 2009, declaring taxable income as Rs. 1,135,000 made payments in execution of a contract for purchase of office appliances Rs. 250,000. What will be the tax payable of the company?
Rs. 100,000
Rs. 150,000
Rs. 300,000
Rs. 484,750
Calculation: Tax Liability
1135000+250,000=1,385000*35%=484,750




For Answer and more Mcqs Please visit , http://paperpkinfo.blogspot.com/2015/02 ... mrs_3.html" onclick="window.open(this.href);return false;

[samiiqbal]

Written Test for the post of Inspector Inland Revenue (BS-16) in Revenue Division, Federal Board of Revenue, Govt. of Pakistan



Time Allowed: 100 Minutes Total Marks: 100







(PART-I)

ENGLISH PROFICIENCY



A- Which of these words is closest in meaning to the word provided?

1- remote

(a) automatic (b) distant

(c) savage (d) mean



2- detest

(a) argue (b) hate

(c) discover (d) reveal



3- gracious

(a) pretty (b) clever

(c) pleasant (d) present



4- predict

(a) foretell (b) decide

(c) prevent (d) discover



5- kin

(a) exult (b) twist

(c) friend (d) relative



B- Which of these words is most nearly the opposite of the word provided?



6- withdraw

(a) reduce (b) need

(c) advance (d) want



7- secret

(a) friendly (b) covert

(c) hidden (d) overt



8- heartfelt

(a) loving (b) insincere

(c) unhealthy (d) humorous



9- impartial

(a) hostile (b) biased

(c) dislike (d) worried



10- luminous

(a) clear (b) dim

(c) brittle (d) clever

C- Which is the correction option:-



11- Ali is afraid ___ spiders.

(a) from (b) in

(c) about (d) of



12- I am worried ______ the exam

(a) in (b) about

(c) on (d) of



13- He looks upset, I think he took the criticism ____ heart.

(a) to (b) in

(c) about (d) of



14- I am envious _____ them.

(a) of (b) in

(c) about (d) on



15- He confided ____ me.

(a) about (b) in

(c) on (d) of



16- They decided ____ the pink sofa.

(a) about (b) on

(c) of (d) in



17- She suffers ____ a heart disease.

(a) about (b) in

(c) from (d) on



18- The teacher set some homework _____ the end of the lesson.

(a) about (b) in

(c) of (d) at



19- I am good ____ tennis.

(a) about (b) in

(c) at (d) of



20- We arrived _____ the station an hour late.

(a) about (b) in

(c) at (d) of





(PART-II)

PROFESSIONAL TEST

(Comprising Sales Tax Act, 1990 amended upto July, 2014)



21- Tax fraction means the amount worked out in accordance with the following formula:

(a) (b)
(c) (d) None of these.



22- Taxable goods means all goods other than those which have been exempted under section:-

(a) 12 (b) 15

(c) 13 (d) 11



23- The goods specified in the Fifth Schedule shall be charged to tax at the rate of:

(a) 17% (b) 16%

(c) 19% (d) 0%



24- If the amount shown in the tax invoice or the return needs to be modified the registered person shall issue a:

(a) Debit Note (b) Credit Note

(c) (a) or (b) above (d) None of these



25- If the input tax paid by a registered person exceeds the output tax on account of zero rated local supplies or exports made during the tax period; the excess amount of input tax shall be refunded not later than _____ days.

(a) 40 (b) 45

(c) 50 (d) 60



26- No penalty under section 33 of this Act shall be imposed on a registered person unless a ____________ is given to such person.

(a) Summon (b) Arrest warrant

(c) Show Cause Notice(d) Warning



27- De-registration, blacklisting and suspension of registration are dealt under section ____ of Sales Tax Act, 1990.

(a) 31 (b) 32

(c) 21 (d) 22

28- A registered person making a taxable supply shall issue a serially numbered tax invoice in compliance to Section ___________?

(a) 21 (b) 23

(c) 25 (d) 26



29- A person who is required to maintain any record or documents under this act shall retain the record and documents for a period of _____ years.

(a) Five (b) Six

(c) Eight (d) Three



30- Section ____ empowers an authorized Officer of Inland Revenue to take a sample of any good or raw material for determining their liability to sales tax.

(a) 25 (b) 25-A

(c) 25-AA (d) 26



31- A person who applies for de-registration shall require to furnish a final return under Section ___ of Sales Tax Act, 1990.

(a) 27 (b) 28

(c) 29 (d) 30



32- Section 30 of Sales Tax Act, 1990 deals with:

(a) De-Registration (b) Delegation of Powers

(c) Appointment of Officers & Their Powers

(d) None of the above.



33- A Directorate General of Training and Research is established under Section:

(a) 30A (b) 30B

(c) 30C (d) 30D



34- Special Audit of a registered person may be conducted under section____

(a) 31 (b) 32

(c) 32A (d) 28



35- In case a person files a return within fifteen days of the due date. He shall pay a penalty of ___________ Rupees for each day of default.

(a) One Hundred (b) Five Hundred

(c) Five Thousand (d) Three Hundred



36- Any person who fails to issue an invoice when required under this act, he shall pay a penalty of

(a) Rs.5,000/-

(b) 3% of the amount of tax involved

(c) (a) or (b) whichever is higher.

(d) None of the above.



37- Where a registered person fails to produce the record on receipt of 3rd Notice in non-compliance with Section 25; such person shall pay a penalty of:-

(a) Rs.5,000/- (b) Rs.10,000/-

(c) Rs.50,000/- (d) Rs.30,000/-



38- A person who obstructs the authorized officer in the performance of his official duties, he shall pay a penalty of:-

(a) Rs.25,000/-

(b) 100% of the amount of tax involved.

(c) (a) or (b) whichever is higher

(d) None of the above.





39- Where any person repeats an offence for which a penalty is provided under this act.

(a) He shall pay twice the amount of penalty provided under the act for the said offence.

(b) He shall pay thrice the amount of penalty provided under the act for the said offence.

(c) Rs.50,000/-

(d) None of the above.



40- Any Office of Inland Revenue shall have power to summon any person under section:

(a) 38 (b) 39

(c) 37 (d) None of the above



41- All arrests made under this act shall be carried out in accordance with the relevant provisions of:

(a) Sales Tax Act, 1990.

(b) Federal Excise Act, 2005

(c) Code of Criminal Produced, 1898.

(d) Income Tax Ordinance, 2001



42- Procedure to be followed on arrest of a person is laid down under section ___ of Sales Tax Act, 1990.

(a) 37 (b) 37A

(b) 37B (d) 37C



43- It is necessary to produce an arrested person before the Special Judge or the nearest Judicial Magistrate, within __ hours of such arrest.

(a) 36 (b) 48

(c) 72 (d) 24



44- The Sales Tax Officer authorized to hold inquiry shall maintain a register to be called:-

(a) Register of arrests (b) Register of detention

(c) Register of Arrests and Detention

(d) None of the above.



45- A Special Judge is appointed by the Federal Government under Section:

(a) 37A (b) 37B

(c) 37C (d) 37D



46- A Special Judge may hold sitting at any other place according to section:

(a) 37D (b) 37G

(c) 37H (d) 38



47- According to Section _____, the Commissioner may, by notice in writing, require any person, including a banking company to furnish such information or such statement in connection with any investigation or inquiry in cases of tax fraud.

(a) 37A (b) 37B

(c) 38A (d) 38B



48- The Officer of Inland Revenue may enter a place to search any documents or things useful for any proceedings, after obtaining a warrant from the magistrate, under section ____:

(a) 40 (b) 40A

(c) 40B (d) None of the above.



49- Clause ___ of Section 45A empowers the Commissioner to take suo moto and examine the record of any proceeding.

(a) 1 (b) 2

(c) 3 (d) 4

50- An appeal shall be accompanied by a fee of Rs.

(a) Rs.5,000/- (b) Rs.1,000/-

(c) Rs.2,000/- (d) Rs.10,000/-



51- Appeal to the Appellate Tribunal can be made under section:-

(a) 45A (b) 45B

(c) 46 (d) 47



52- Reference to the High Court can be send within ____ days of communication of the order of the Appellate Tribunal:

(a) 120 (b) 90

(c) 70 (d) 60



53- A reference to the High Court under this Section shall be head by a Bench of not less than ____ Judges of the High Court.

(a) 02 (b) 03

(c) 04 (d) 05



54- An application to the High Court by a person other than the Additional Commissioner authorized by the Commissioner shall be accompanied by a fee of :-

(a) One Hundred Rupees

(b) Five Hundred Rupees

(c) One Thousand Rupees

(d) Five Thousand Rupees



55- Section ____ of the Limitation Act, 1908 shall apply to an application made to the High Court under sub-section:-

(a) 7 (b) 1

(c) 9 (d) 10



56- According to Section 48, Sub-Section 1, Clause (c); the Officer of Inland Revenue may take following action for recovery of arrears of tax:

(a) Seal the business premises.

(b) Stop removal of any goods from business premises

(c) Attach and Sell or Sell without attachment any moveable or

immoveable property of the registered person.

(d) A & B Above.





57- A liquidator is required to give written notice to the Commissioner within ____ days of being appointed.

(a) 14 (b) 15

(c) 30 (d) 60



58- Board has a power to make rules under Section ______:

(a) 50 (b) 49

(c) 49A (d) 50A



59- Board may prescribe the use of computerized system under section ____

(a) 50 (b) 50A

(c) 49 (d) 49A



60- Board establishes bar of suits, prosecution and other legal proceedings under section:-

(a) 50 (b) 51

(c) 52 (d) 52A



61- An authorized representative of a registered person may appear before the Appellate Tribunal as spells section:

(a) 50 (b) 51

(c) 52 (c) 53



62- Board may appoint a person to electronically file return on behalf of a registered person under section:

(a) 50 (b) 52

(c) 52A (d) 53



63- According to Section ____ the tax liability of a deceased registered person under the Act shall be the first charge on his estate in the hands of his successor.

(a) 51 (b) 52

(c) 53 (d) 54



64- Section ___ deals with removal of difficulties:

(a) 53 (b) 54

(c) 55 (d) 56



65- Service of orders, decisions etc are done in accordance with the procedure laid down under section:

(a) 54 (b) 55

(c) 56 (d) 57



66- Any order, Notice or requisition require to be served on a resident individual is sent by a register post or courier service to the individual’s

(a) e-mail address (b) last known address in Pakistan

(c) official address (d) None of the above



67- Rectification of mistake in any order passed by an Officer of Inland Revenue, Commissioner, The Commission (Appeals) or the Appellate Tribunal can be made as envisaged under section:

(a) 53 (b) 55

(c) 57 (d) 59



68- No person shall be declared as the representative of non-resident person unless the person has been given an opportunity by the _____of being heard.

(a) Inspector Inland Revenue

(b) Commissioner

(c) Collector

(d) None of these.



69- Tax paid on goods purchased by a person who get registered within 30 days of purchase of goods, shall be treated as:-

(a) Input Tax (b) Output Tax

(c) Ad Velorum Tax (d) Both (a) and (b)



70- When a person imports goods, the tax paid by him thereon during a period of ______ days before making an application of registration shall be treated as:

(a) Output Tax (b) Input Tax

(c) Progressive Tax (d) None of these



71- Section ___ provides powers to deliver certain goods, without payment of tax:

(a) 52 (b) 54

(c) 60 (d) 62



72- Board may authorize the repayment in whole or in part of the tax paid on goods of such class or description as it may determine under section __

(a) 60 (b) 61

(c) 62 (d) 64





73- According to Section _____ repayment of tax to person registered in Azad Jammu & Kashmir can be made in whole or in part of the input tax, on any goods acquired in or imported into Pakistan by person registered in Azad Jammu & Kashmir and are engaged in making zero rated supplies.

(a) 59 (b) 60

(c) 61 (d) 61A



74- Drawback is allowed on re-export but not such drawback is repaid unless the re-export is made within a period of ___ years from date of importation as per record of Custom House.

(a) 03 (b) 02

(c) 01 (d) 04



75- Section ___ deals with drawback on goods taken into use between importation & re-exportation period.

(a) 61 (b) 62

(c) 63 (d) 64



76- Federal Government may prohibit the payment of drawback on the exportation of goods or any specified goods or class of goods to any specified foreign port or territory in compliance with Section ___

(a) 64 (b) 65

(c) 66 (d) 67



77- Federal Government may by a notification direct that the tax not levied or short levied as a result of inadvertent practice shall not be required to be paid for the period prior to the discovery of such inadvertent practice, as per section :

(a) 64 (b) 65

(c) 66 (d) 67



78- All refunds have to be claimed within ____ year(s)

(a) 1 (b) 2

(c) 3 (d) 4



79- Application or claim filed under section 66 shall be disposed off within ____ days from date of filing of claim

(a) 60 (b) 90

(c) 120 (d) 160



80- According to section _____ liability of the acts of agent solely lies upon a registered person.

(a) 66 (b) 67

(c) 68 (d) 69



81- Duplicate copy of sales tax documents may be issued to a registered person on the payment of Rs.___

(a) One Hundred (b) Two Hundred

(c) Three Hundred (d) Five Hundred



82- All Officers of Inland Revenue and other persons employed in the execution of this Act shall observe and follow the order, instructions and direction of the Board under section ---- :

(a) 71 (b) 72

(c) 72A (d) 72B



83- Board may select persons or classes of persons for audit of tax affairs through ____

(a) Random Selection (b) Computer Ballot

(c) Manual Entry (d) None of the above.





84- According to Section 72C, Board may give ________ to Inland Revenue Officer/Officials in cases involving concealment or evasion of sales tax and other taxes, on their meritorious conduct in such cases.

(a) Promotion (b) Cash Reward

(c) Certificate of Appreciation

(d) None of these



85- Payment of the amount for a transaction exceeding value of _______, excluding payment against a utility bill, shall be made by a crossed banking instrument showing transfer of the amount of the sales tax invoice in favour of supplier.

(a) Rs.1,00,000/- (b) Rs.50,000/-

(c) Rs.2,00,000/- (d) Rs. 25,000/-



86- Retailer means a person supplying goods to general public for the purpose of:

(a) Sale (b) Purchase

(c) Consumption (d) Demand



87- _________ means a person who is registered or is liable to be registered under this act.

(a) Manufacturer (b) Supplier

(c) Registered Person (d) Retailer



88- Special Audit means an audit conducted under section ____

(a) 31 (b) 32

(c) 32A (d) 33



89- Taxable activity means any _________ activity carried on by a person whether or not for profit.

(a) Financial (b) Fiscal

(c) Monetary (d) Economic



90- Taxable goods means all goods other than those which have been exempted under section:-

(a) 11 (b) 12

(c) 13 (d) 15





91- Tax period means a period of ____ month(s) or such other period as specified by the Federal Govt.

(a) one (b) three

(c) five (d) twelve



92- Tax invoice means a document required to be issued under section _____

(a) 21 (b) 23

(c) 25 (d) 26



93- ‘Open Market Price’ means the consideration in money which that supply or ___________ would generally fetch in an open market.

(a) Demand (b) different supply

(c) similar supply (d) None of these



94- Appellate Tribunal means the Appellate Tribunal Inland Revenue established under Section ____ of Income Tax Ordinance, 2001.

(a) 120 (b) 130

(c) 131 (d) None of the above.



95- Banking Company means a banking company as defined in the Banking Companies Ordinance, ____.

(a) 1990 (b) 1962

(c) 1984 (d) 1969



96- “Common taxpayer identification number” means the registration number or any other number allocated to a _____________.

(a) Wholesaler (b) Retailer

(c) Registered Person (D) Importer



97- CREST is an abbreviation of:-

(a) Computerized Return and E-Filing of Sales Tax

(b) Computerized Risk-Based Evaluation of Sales Tax

(c) Certificated Return E-Filing System

(d) None of these.



98- ‘KIBOR’ stands for:-

(a) Karachi Intra-Bank Offered Rate

(b) Karachi Inter-Bank Offered Rate

(c) Karachi Inter Bank On-Spot Rate

(d) None of the above.



99- Directorate of Post Clearance Audit is established under section;-

(a) 30A (b) 30B

(c) 30D (d) 30DD



100- Delegation of Powers to the Officers of Inland Revenue are conferred under section:-

(a) 31 (b) 32

(c) 33 (d) 34



Best of Luck



Regards:-

Sheikh Sami Iqbal