Taxation Officer Definition Quiz

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What is the purpose of Super tax for rehabilitation of temporary displaced persons?

To provide additional funds for the rehabilitation of temporary displaced persons.

Under which head of income would Employee share schemes be classified?

Salary

What is the focus of Chapter III of the Income Tax Ordinance related to taxable income?

Computation of taxable income.

What is the tax imposed on dividends called?

Tax on dividends Signup and view all the answers

What is the tax on profit on debt intended for?

Tax on profit on debt Signup and view all the answers

What is the meaning of 'Ordinance to override other laws'?

The Income Tax Ordinance takes precedence over other laws. Signup and view all the answers

How is the income tax payable by a taxpayer for a tax year computed?

By applying the rate or rates of tax applicable to the taxpayer to the taxable income for the year and subtracting any tax credits allowed. Signup and view all the answers

In what order should multiple tax credits be applied if a taxpayer is allowed more than one tax credit for a tax year?

First any foreign tax credit allowed, then any tax credit allowed under Part X of Chapter III, and finally any tax credit allowed under specific sections. Signup and view all the answers

What classes of income may be subject to separate taxation?

Certain classes of income (including the income of certain classes of persons) may be subject to separate taxation. Signup and view all the answers

What is the purpose of subtracting any tax credits allowed to the taxpayer from the computed income tax payable?

To reduce the final amount of income tax payable by the taxpayer. Signup and view all the answers

Under what circumstances can tax be collected as a final tax on the income of a person?

Tax can be collected as a final tax on the income of a person under Division II of Part V of Chapter X or through deduction of tax under Division III of Part V of Chapter X. Signup and view all the answers

When were specific amendments made to the income tax ordinance according to the text?

Various amendments were made through Finance Acts in different years like 2002, 2004, 2005, 2010, 2015, 2019, and 2020. Signup and view all the answers

What is the definition of 'taxation officer' as per the Income Tax Ordinance?

Any Additional Commissioner of Income Tax, Deputy Commissioner of Income Tax, Assistant Commissioner of Income Tax, Income Tax Officer, Special Officer, or any other officer appointed by the Board for the purposes of the Ordinance. Signup and view all the answers

What is the meaning of 'unspecified jurisdiction' as per the Income Tax Ordinance?

A jurisdiction that is not a specified jurisdiction. Signup and view all the answers

How are 'Venture Capital Company' and 'Venture Capital Fund' defined in the Income Tax Ordinance?

They have the same meanings as assigned to them under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. Signup and view all the answers

What is the definition of 'whistleblower' according to the Income Tax Ordinance?

A whistleblower as defined in section 227B. Signup and view all the answers

What does the Income Tax Ordinance state about overriding other laws?

The provisions of the Ordinance shall apply despite anything contrary in any other law currently in force. Signup and view all the answers

How is the tax on taxable income imposed according to the Income Tax Ordinance?

Income tax is imposed for each tax year at the specified rate mentioned in Division I or II of Part I of the First Schedule, on individuals with taxable income. Signup and view all the answers