(A) 20 percent of income tax
(B) half Exempt from income tax
(C) fully exempted
(D) None of these
Answer: Fully exempted
Any income which is derived from the source of agriculture is fully exempted from income tax.
Category: Federal Board Revenue (FBR) Past Papers Solved MCQs Questions
Federal Board Revenue (FBR) Past Papers Solved MCQs Questions with Answers. Federal Board Revenue (FBR) Test Preparation Material. The screening test for various jobs in FBR consists of 100 multiple choice questions from English grammar and Vocabulary, Functions of Federal Board of Revenue (FBR), Fiscal Policy of Pakistan
Tax Administration/Reforms in Pakistan, Sales Tax Act 1990 as amended upto July 2021, Federal Excise Act 2005 as amended upto July 2021, Income Tax Ordinance 2001 as amended upto June 2021 (Chapter-III & Part IV of Chapter-X only).
Tax concession and exemptions are discussed under _______ schedule of Income Tax Ordinance 2001?
(A) 1st
(B) 2nd
(C) 3rd
(D) 4rth
Answer: (B) 2nd
Who is the executive head of FBR?
(A) Director General FBR
(B) Finance Minister
(C) Chairman FBR
(D) Chief Commissioner
Answer: (C) Chairman FBR
Salary is taxed on _____ basis:
(A) Charged basis
(B) Receipt basis
(C) Accrual basis
(D) Spending basis
Answer: (B) Receipt basis
Salary Income is exempt upto:
(A) 400,000
(B) 500,000
(C) 600,000
(D) 700,000
Answer: (C) 600,000