Accumulated profits include any reserve made up wholly or partly of any allowance, deduction, or exemption admissible under ITO, 2001

1. FALSE

2. correct

3. partialy correct

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Answer: B
Explanation:
• N/A
1 1 Complains

Approved gratuity fund means a gratuity fund approved by the Commissioner Inland Revenue in accordance with Part III of:

1. Sixth Schedule.
2. second schedule
3. Third Schedule.
4. First Schedule
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Answer: A
Explanation:
• N/A
1 1 Complains

Approved superannuation fund means a superannuation fund, or any part of a superannuation fund, approved by the Commissioner Inland Revenue in accordance with Part II of:

1. Sixth Schedule.
2. First Schedule.
3. Second Schedule.
4. None of the above
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Answer: A
Explanation:
• N/A
1 1 Complains

An asset management company means a company as defined:

1. In Banking Companies Ordinance, 1962
2. In Companies Act, 2017
3. In Non-Banking Finance Companies and Notified Entities Regulations, 2007
4. In Income Tax Ordinance, 2001
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Answer: C
Explanation:
• N/A
1 1 Complains

AOP does not include:

1. Firm
2. Company
3. Hindu undivided family
4. Artificial juridical person.
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Answer: B
Explanation:
• N/A
4 1 Complains

Business includes:

1. Trade.
2. Commerce
3. Manufacture
4. All of the above.
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Answer: D
Explanation:
• N/A
1 1 Complains

Which of the following is not a capital asset?

1. Painting
2. Stock in trade.
3. Shares of private company
4. Book
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Answer: B
Explanation:
• N/A
1 1 Complains

Charitable purpose includes:

1. Relief of the poor
2. Education
3. Medica
4. All of the above
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Answer: D
Explanation:
• N/A
1 1 Complains

Company includes:

1. Firm.
2. Hindu undivided family
3. Artificial juridical person
4. None of the above.
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Answer: D
Explanation:
• N/A
1 1 Complains

Contribution to an Approved Pension Fund means contribution as defined in:

1. Voluntary Pension System Rules, 2005
2. Income Tax Rules
3. Companies Ordinance, 1984
4. Sales Tax Act, 1990.
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Answer:
Explanation:
• N/A
1 1 Complains