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Test 1

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  • 1. Test 1 (From Definitions) Q. No. 1 Fill in the Blanks 1. KIBOR Stands for ____________________________________. 2. “Royalty” is a consideration for transfer or use of an ____________ asset. 3. _________________ means the process through which a company is wound-up. 4. Special Income year of companies manufacturing sugar is from __________ to _____ 5. Assessment year means a period of 12 months ______________ on the 1st day of july next following the income year. 6. The ordinance specifies that ______________________________ shall be the short title of law. 7. _________ means any amount that is payable. 8. NTR stands for ___________________. 9. _____________________ of a person means a fixed place of business through which the business of the person is wholly or partly carried on. 10. The gross receipts excluding any trade discount shown on invoices is known as _________. 11. Any foreited deposit received under a contract for the sale of land or a building is treated as ______ income. 12. ___________ is a reward or recompense for services performed. 13. _______________ means any thing produced, manufactured, purchased or otherwise acquired for manufacture, sale or exchange. 14. ___________ means an obligation attached to the ownership of property. 15. _____________ which has been registered by SECP for the purpose of securitization.
  • 2. Q. No. 2 True or False 1. Two companies shall be associates if a person either alone or together with his associates controls 45% or more of the voting power in both companies. 2. A person and a relative of the individual can l be treated as associates. 3. NTR is a period of 12 months ending on 31st day of July. 4. A company registered on or after July 2005 is known as small company. 5. Any payment on account of income tax has implication on the computation of taxable income. 6. Dividend income shall be Pakistan Source income if it is a remmitance of after tax profit of a branch of a foreign company operating in Pakistan. 7. Minor child means an individual who at the end of a tax year is under the age of twenty one years. 8. Special income year of insurance company starts from 1st January. 9. Amount of Zakat allowed as deduction against profit on debt shall be treated as deductible allowance. 10. Any gain on disposal of shares in a resident company shall be a “Pakistan Source income”. 11. A provincial Government can’t be treated as a resident Company. 12. A foreign company owned by a foreign Government is known as public company. 13. Amalgamated company is a company that is being merged with another company. 14. All the profits of the company including income and gains of a trust up to the date of distribution of dividend is known as accumulated profits. 15. Bonus shares are such shares that are issued by a company to its existing as well as new shareholders.